1/4% Tax on all stock trades pushed in NY Times today

[seasideheights]

Treasury Secretary Timothy F. Geithner has said he opposes the transaction tax, though Trumka told reporters today it is picking up interest within the Obama administration. “We talk about it all the time,” Trumka said. “The conversation is getting better and more analytical.”

http://www.businessweek.com/news/20...make-wall-street-pay-at-new-york-protest.html

 

[listedguru]

Quote from seasideheights:

Treasury Secretary Timothy F. Geithner has said he opposes the transaction tax, though Trumka told reporters today it is picking up interest within the Obama administration. “We talk about it all the time,” Trumka said. “The conversation is getting better and more analytical.”

http://www.businessweek.com/news/20...make-wall-street-pay-at-new-york-protest.html

I surely hope Trumka is full of crap here. I mean are we really to believe that he talks to the administration about the FTT all the time? That sounds like bs to me...

LOL - they want a $900B jobs bill?

"The AFL-CIO, the 11-million-member labor federation, is urging Congress to impose a transaction tax on securities trading to help cover the $900 billion cost for a government jobs program they want lawmakers to create."



-Guru

 

[rc8222]

Quote from listedguru:

I surely hope Trumka is full of crap here. I mean are we really to believe that he talks to the administration about the FTT all the time? That sounds like bs to me...

LOL - they want a $900B jobs bill?

"The AFL-CIO, the 11-million-member labor federation, is urging Congress to impose a transaction tax on securities trading to help cover the $900 billion cost for a government jobs program they want lawmakers to create."



-Guru

Trumka is absolutely full of shit. lol So he wants another jobs bill? This one over 900B? lol Once the financial regulation bill is passed, Congress may attempt an energy bill, but that will be it for this year. There will be no immigration or additional jobs bills, especially with the elections in November. And once the new Congress is sworn in, let's see these liberal, asshole unions cry for a FTT then. They won't get anywhere, especially with Republicans being able to stop it in it's tracks after the huge gains they will make in the Nov. elections. Why do you think they are staging these FTT protests now? Because they know their time is running out for any opportunity to get their voices heard on this issue. They know that come Jan. 2011, the unions will be significantly weakened with the GOP gaining 7-8 Senate seats, and possibly taking the majority in the House of Representatives.

 

[Midas]

Quote from seasideheights:

Treasury Secretary Timothy F. Geithner has said he opposes the transaction tax, though Trumka told reporters today it is picking up interest within the Obama administration. “We talk about it all the time,” Trumka said. “The conversation is getting better and more analytical.”

http://www.businessweek.com/news/20...make-wall-street-pay-at-new-york-protest.html

I have no doubt this tax has traction among many within the administration but the Treasury Dept. and key economic advisors are the "ax" in this area. If they turn we are in big trouble.

 

[zdreg]

Quote from Midas:

I have no doubt this tax has traction among many within the administration but the Treasury Dept. and key economic advisors are the "ax" in this area. If they turn we are in big trouble.

this is a realistic assessment compared to the pollyannish prose that is constantly being posted punctuated with imho and the worthless i agree with your post from people who are clueless to the dynamics of Washington DC .

the bottom line is that wall street doesn't give a pittance about the traders outside their firm. wall street and the banks will accept a transaction tax in order to avoid a bank levy or a windfall tax on bonuses,

any FTT will sink the ACTIVE public trader. it is my suspicion that some of the posters are still not familiar with the devastating effect of either the smallest FTT when the capital of the individual trader is turned over possibly thousands of times in a year.

.001 X1000 =1 which is equivalent to a 100 per cent tax on your capital.

 

[tortoise]

Quote from zdreg:



the bottom line is that wall street doesn't give a pittance about the traders outside their firm. wall street and the banks will accept a transaction tax in order to avoid a bank levy or a windfall tax on bonuses,

if so, a most short-sighted strategy. if an ftt is passed, a bank levy and a windfall tax on bonuses will be next. count on it.

that's why i doubt the financial powers-that-be will "accept" an ftt. they may be greedy and corrupt, but they're not stupid.

at least, i don't think they are ...

 

[zdreg]

"if so, a most short-sighted strategy. if an ftt is passed, a bank levy and a windfall tax on bonuses will be next. count on it."

at worst a deal will be made. the bank levy and windfall tax will definitey be postponed for a few years.
who knows what will happen in a few years?

most likely in addition they would try to exempt themselves with the excuse that it is necessary to be exempted in order to maintain orderly markets.

 

[rc8222]

Quote from zdreg:

this is a realistic assessment compared to the pollyannish prose that is constantly being posted punctuated with imho and the worthless i agree with your post from people who are clueless to the dynamics of Washington DC .




Oh okay. I'll then take the opposite position. The FTT is definitely coming!!!!!!! There is no stopping it, because like you said, we are all clueless to the dynamics of Washington DC. A FTT is definitely on the way!!! So just about every day trader will have to start looking for a job, because their trading is about to come to an end. There is nothing we can do to stop this tax from taking place. Day trading is over!!!!! So what are you going to do when this FTT is quickly passed? Jump off a building?

 

[PatternRec]

What's interesting is that Zdreg takes a position of superiority claiming that most do not understand the dynamics of Washington all the while demonstrating a lack of understanding of the dynamics of Wall Street.

 

[zdreg]

Quote from PatternRec:

What's interesting is that Zdreg takes a position of superiority claiming that most do not understand the dynamics of Washington all the while demonstrating a lack of understanding of the dynamics of Wall Street.

I am not taking a position of superiority. show but u have don't have to prove that I don't understand the dynamics of wall street.. you presented nothing to back your remark.