Susannah thanks,
That post has also been submitted to seeking alpha so hopefully they will publish it by tomorrow and there will be a place to comment. I will put the link up if/when that happens
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Susannah thanks,
That post has also been submitted to seeking alpha so hopefully they will publish it by tomorrow and there will be a place to comment. I will put the link up if/when that happens
Here is CNBC video from this morning:
http://www.cnbc.com/id/15840232?video=997978946&play=1
Who would have thought, I totally agree with Kudlow.
http://www.cnbc.com/id/15840232?video=997978946&play=1
Who would have thought, I totally agree with Kudlow.
Aint happenin', some of the most powerful and most influential people in the world will be against this in a big way and they get what they want.
Look at the people bringing this idea up (some idiot from the NY Times) and then look at the people refuting the idea (Larry Summers) and tell me who makes the decisions?
Look at the people bringing this idea up (some idiot from the NY Times) and then look at the people refuting the idea (Larry Summers) and tell me who makes the decisions?
Quote from TM_Direct:
ok...lets take a look at this...
the PDT rule......who did this protect? Nobody...what was the net affect? The DT industry was devoured and the largest Wall St. companies benefited with increased volume and less competition
Decimals......who did this protect? nobdoy....who did this hurt? DTers' and who benefited? Th largest ECN's and MM's on the street...
Short Sales and locates: Who did this protect? The largest firms on the street...Who did it harm? Traders who wanted to go short at small firms
The SEC ban on shorting certain stocks: Protected who??? Investors? nope...who did it benefit? MS, CITI, LEH, GS...who did it hurt?/ Traders
NSCC/DTC batching restriction. was the public protected or helped by this? Nope. Were prop trading frims hurt by this? yup...raised the cost of batching trades...the large firms? Took away another layer of volume they want to get at.
People need to read this over and over till it makes sense.
The tax will do what it is intended to do. Get rid of the daytrader & smaller firms.
The pattern of these regulations was established almost 10 years ago. This is not even surprising to those who pay attention.
Quote from drukes1234:
some of the most powerful and most influential people in the world will be against this in a big way and they get what they want.
100% Wrong! Those people want it in place, to get rid of the masses daytrading the market like they do. You're smoking crack if you think they won't have an exemption to the rule.
Quote from Susannah:
It's not good for anyone, I don't think.
It's great for firms like Goldman. Just like every other regulation.
The financial sector was over 30% of the GDP.
That's a big problem of its own. The economy is running on moving paper around.
They're going to wipe out a big percentage of whatever is left of that away with this if they do it.
Oh please, the market won't miss the daytraders, prop shops or small funds. Just more business for the crooks who run Wall Street. Did the London Stock Exchange just evaporate when this happened?
Really, before you comment, do your research without bias.
Quote from Anaconda:
People need to read this over and over till it makes sense.
The tax will do what it is intended to do. Get rid of the daytrader & smaller firms.
The pattern of these regulations was established almost 10 years ago. This is not even surprising to those who pay attention.
...and yet, tomorrow Mary Shapiro of FINRA will be before the senate as the new SEC commiss......The good ol boy network continues and she will make sure that the elite on Wall street are kept safe all while preaching investor protection
Quote from Anaconda:
It's great for firms like Goldman. Just like every other regulation.
That's a big problem of its own. The economy is running on moving paper around.
Oh please, the market won't miss the daytraders, prop shops or small funds. Just more business for the crooks who run Wall Street. Did the London Stock Exchange just evaporate when this happened?
Really, before you comment, do your research without bias.
the lse is thriving because the prop firms over there are exempt because they are exchange members. same would be the case here in the states. unlicensed traders would have to go for their licenses or become members one way or another. a definate attempt to get rid of the little guy, but like before the smart little guy will find the loopholes.
Quote from bears21:
the lse is thriving because the prop firms over there are exempt because they are exchange members. same would be the case here in the states. unlicensed traders would have to go for their licenses or become members one way or another. a definate attempt to get rid of the little guy, but like before the smart little guy will find the loopholes.
It's not as easy as you think to become stamp duty exempt for LSE. Unless you were one of the big firms pushing for the tax in order to maintain and lock down market share. That's why there are so few prop firms daytrading LSE, they don't just give out exemptions to you just cause you figured out what status to make your firm to get the exemption. And there are additional fixed costs to qualify for that status which allows the exemptions.
This transaction tax will be no different. Seriously, how many prop firms do you think have the funds or the time necessary to go through the process? I would say maybe Bright. And it would all be reflected in higher trading costs. I do know that when Title & Swift were getting into LSE, it's a long long process to get to the finish line.
Quote from Anaconda:
It's not as easy as you think to become stamp duty exempt for LSE. Unless you were one of the big firms pushing for the tax in order to maintain and lock down market share. That's why there are so few prop firms daytrading LSE, they don't just give out exemptions to the smart guys. And there are additional fixed costs to qualify for that status which allows the exemptions.
This transaction tax will be no different.
its very simple hes no genious became a member of the firm trades at will exempt from that garbage tax. not rocket science. if it came to be here in the us same rules would apply. just go back to the pdt rule came out then bang a way around it. the people that do business are alot smarter than the jagoffs who make laws and that is pure fact. where there is money to be made loopholes are created so that the gravy train doesnt stop.