Turn on C-SPAN2 right now there is a Dem talking about regulating the futures market.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from DmanX:
What's shameful about this far left thinking is that they have this notion that traders conduct "non-productive activites."
That's like saying that a "service economy" is non-productive.
Like a service economy, traders and speculators are a necessary component.
What is more, successful traders garner more disposable income than a 9-to-5-er. More disposable income means more premium products and services purchased - which often carry higher margins - which means more profit for the one selling the product or service.
So much for the notion of "non-productive."
Somebody explain to me where the profit comes from if not from the bagholders? Nothing new is created or am I missing something? Aren't you just substituting one potential purchaser for another for a net unchanged economic stimulus?
Quote from TraDaToR:
Just posted in the NY times columns, do it, guys.
This is scary.
Agreed 100%
People stop preaching to the "choir" here and register on the NY Times website and make a post!
http://community.nytimes.com/article/comments/2009/01/13/opinion/13herbert.html#postComment
Quote from omegapoint:
"
Somebody explain to me where the profit comes from if not from the bagholders? Nothing new is created or am I missing something? Aren't you just substituting one potential purchaser for another for a net unchanged economic stimulus?
I'd be happy to.
For an economy to work efficiently, there needs to be price signals. Price signals allow for capital to be allocated to it's most productive uses. That's one thing speculators do. Provide price signals. If Obama and his team try to tell us where capital should be allocated, we are in for an implosion.
The other thing specs do is provide liquidity so that when price signals give the signal that capital should be moved to a more productive source, it can easily be done. Liquidity is there to do it.
Hope that helps, but I've read some of your posts in p and r, so I know that you will never be convinced.
This is a stupid idea and the idiots proposing this have no clue.
This would destroy financial markets and liquidity and right now in the world we need as much liquidity as we can get.
Trading would halt for more than just the little guys.
I have a Master's in Taxation and have studied Tax Law, spent years in Law libraries, read our Code, Treasury Regs, Court Cases and have seen some ridiculous shit in our code. I hope this doesn't take hold.......But.....
Once this economy turns around Obama is going to Tax the shit out of the wealthy and you can count on BIG CAPITAL GAINS tax increases.
This would destroy financial markets and liquidity and right now in the world we need as much liquidity as we can get.
Trading would halt for more than just the little guys.
I have a Master's in Taxation and have studied Tax Law, spent years in Law libraries, read our Code, Treasury Regs, Court Cases and have seen some ridiculous shit in our code. I hope this doesn't take hold.......But.....
Once this economy turns around Obama is going to Tax the shit out of the wealthy and you can count on BIG CAPITAL GAINS tax increases.
Quote from 1flyfisher:
"... Once this economy turns around Obama is going to Tax the shit out of the wealthy and you can count on BIG CAPITAL GAINS tax increases.
Perhaps there is still hope, then. I think it likely NObama will be out of office by the time the economy "turns around and is healthy" again...