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

[Landis82]

Quote from themarket:

I'm torn. I really don't know which is more horrifying. The transaction tax or the responses of the people who have posted comments to the NYT in FAVOR of it. Does ANYBODY know how our system is supposed to work anymore?

For the love of GOD...please bring Economics back to the high school classroom!

Agreed 100%.

Our kids and the many Adults have no clue when it comes to basic Economics . . . they need to make this a MANDATORY one-year curriculum at the high school level.

 

[zdreg]

Quote from Corelio:

This tax should be just as effective as the short selling ban.

the goals of the short selling ban were not achieved. stocks affected by the ban went down as much as other stocks.the ban on short selling of financial stocks was achieved.

what is your point?

 

[cowtowner]

You think the CBOT or the CBOE will not be up in arms at thier Chicago based President if this even comes up for a vote?

It won't happen......I'll place a wager on it. Liquidity would dry up and the stock and futures market would crash. You need the speculators to take on the risk in the futures market....who the hell would be buying the contracts?

 

[Lucrum]

Quote from themarket:

I'm torn. I really don't know which is more horrifying. The transaction tax or the responses of the people who have posted comments to the NYT in FAVOR of it. Does ANYBODY know how our system is supposed to work anymore? For the love of GOD...please bring Economics back to the high school classroom!

I noticed that too. As far as I'm concerned the ongoing ignorance and colossal stupidly of the sheeple is as much to blame for our problems as the crooked and inept buffoons in Washington.

 

[Aisone]

The thought of something like this is terrifying.

Heck, I'm terrified enough that they will pass legislation making traders pay self-employment taxes again.

 

[shorty_mcshort]

Assuming this thing DOES pass. I am a S&P 500 futures trader so what other countries stock indices are there that we could go to that don't have this type of tax and is liquid enough to trade?



Germany
Australia (not that liquid)
Japan (hard to find any historical data)
Canada (not that liquid)
Hong Kong (although I think they have a stamp tax)


Anyone think of anything else

 

[NielsenDK]

Quote from shorty_mcshort:

Assuming this thing DOES pass. I am a S&P 500 futures trader so what other countries stock indices are there that we could go to that don't have this type of tax and is liquid enough to trade?



Germany
Australia (not that liquid)
Japan (hard to find any historical data)
Canada (not that liquid)
Hong Kong (although I think they have a stamp tax)


Anyone think of anything else

I would say only Eurex currently...

 

[Anaconda]

Quote from jdeezero05:

lol, give me a break. Another failed trader making excuses.

Yeah I took my profits & capital, then put it into a venture, one that is entering its prime phase as 2009 & Obama Nation is around the corner. It's called being on the right side of the trade.
If that's failure, I'm jizzing my pants about success will be like.

This doesn't have a prayer of ever passing. Maybe you guys haven't noticed that the advantage we have as traders is we are on the right side of who actually runs the country, wall street, not these bogus for show political party shams.

You're delusional and/or stupid. Wall Street does not like you. They consider you like cockroaches, as you impede their maximum leeching ability.

Who cares what the public thinks on this matter..the publics opinion matters not at all. If the TARP passing didn't show you who is boss then there is no hope for you.

Wall Street & politicians care what they can sell the public and this is selling great. No elite Wall Street player & entity will be affected by this while you and the army of daytraders will be to the full extent.

The reality is that there is no hope for you and others who have your attitude. Don't get upset that a few very smart people saw this coming years ago and adapted.

 

[themarket]

Quote from shorty_mcshort:

Assuming this thing DOES pass. I am a S&P 500 futures trader so what other countries stock indices are there that we could go to that don't have this type of tax and is liquid enough to trade?



Germany
Australia (not that liquid)
Japan (hard to find any historical data)
Canada (not that liquid)
Hong Kong (although I think they have a stamp tax)


Anyone think of anything else

What makes you think our new commrades in government are going to allow you to move funds out of the country? They are going to lock us in.

 

[Anaconda]

Quote from zdreg:

it is typical that ET posters don't understand the situation.
Wall Street and goldman are behind it
broker dealers will get an exemption.

zdreg is a smart guy.

It's amazing how few see the real trick. Goldman has been behind almost every regulation which attacked the smaller guy.