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

Quote from seasideheights:

We are working towards the implementation of a Securities-Speculation Tax, a small tax on all financial transactions that would restrain financial gambling and redirect investment towards productive enterprise.

http://citizenworks.org/

http://citizenworks.org/admin/SST Summary.php
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This douche bag socialist group shows Larry Summers supporting the tax. This shows just how out dated their information is. Many years ago, Summers supported it, but he no longer does!!!
Even if this communist organization wants it passed, it "must" have Republican support in order to do so. Guess what???? It ain't happening!!!:D
 
Quote from fhl:

I disagree.

I think the reason behind this is fairly simple. There is a certain class of people who want to be central planners. They want to "run" this country. Speculation is anathema to them. You can't have central planning and speculation at the same time. They contradict one another. Speculation must be done away with if you are to central plan. Everything the gov has done so far is about setting prices for homes, bonds, etc. Specs must be stopped!

simple as that
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Exactly. We are the enemy to these people, and right now they are in the ascendancy and may well be able to rally >50% of the electorates to their cause.

I keep seeing people underestimating the likelihood of this tax passing. This is a bad mistake. If you overestimate the danger, fight hard, and win, then you benefit. If you underestimate the danger, don't fight, and lose, you get shafted and the opportunity cost will be 6, 7, 8 figures over a lifetime, not to mention setting a deadly precedent for speculation and capitalism for future decades.
 
Let's face it; if you have no money to back your displeasure, your displeasure ain't worth a damn. Let the lobbyists fight on you behalf. They know whose palm to grease and ear to tickle.

We live in a republic, not a democracy.
 
Quote from Dr. Zhivodka:

Many "traders" need to go back to their "other." jobs.

I would vote for this.
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Why do these people "need" to go out of business, out of interest? Even losing or breakeven traders provide liquidity for other traders and investors, and they have rights just like anyone else.

I notice you don't discuss any of the economic downsides of the tax. Someone who supports a position while not considering its disadvantages is guilty of either intellectual dishonesty or outright prejudice.

Supporting something that harms others, whilst not having any positive arguments to justify it, seems to me a pretty misanthropic and immoral action. I really don't see any difference in kind between that and the views of communists who would simply ban trading and other capitalist activity outright.
 
I know that sucks but atleast it happened other places to show that even though the people wanted it(how ever misinformed they were) it didnt work and drove business away from Sweden , and its good the IMF and World Bank recognize this
 
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