Hey, if they are going to slap a transaction tax to "pay for this package" even tho it appears repayment is already underway, how about they also slap a "road use tax" on the cars coming our of Detroit to help pay for the loans that they are in no position to repay anytime soon or at all? Fair is fair.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Thats the problem with the general question of this tax - kind of like asking those 8 bankers what they thought about it. The only banker who really had heard of it was John Mack from Morgan and he was cautious about the tax in his answer. Even Welch probably doesn't understand the ramifications of this tax (same goes for the general public). Liquidity is paramount these days and this tax would kill it. But Joe Blow has no fundamental understanding of how markets work.
Those who do understand (Mr. Summers) this know this would be very harmful (I'm sure Geithner knows this as well) and they won't let this happen. Mark my words...
-Guru
-Guru
That guy Baker is in idiot. He thinks speculators and daytraders cause more volatility, when in reality the opposite is true. The reason speculation is allowed in futures is to increase liquidity to shrink the bid and ask spread and to smooth out voalitility. If there weren't speculators then it would only be a few farmers bidding and offering, This few amount of buyers and sellers would mean there would be huge spreads and tremendous volatility. The same is true for stocks. If you get rid of the speculators, hedgefunds and daytraders then the bid ask spreads will increase from one penny spread to 50 cent spreads. This will cause people buying stock for their retirement accounts to pay 50 cent spreads and immediately lose 50 cents per share on the purchase. It would also cause larger volatility swings.
I am tired of people in governemnt being put in charge of running something they have no clue about. A great example is the political appointy who was in charge of FEMA during hurricane Katrina. This rampant stupidity in governement needs to come to an end. The government's stupidity caused the less regulation that caused the mortgage crisis. And the SEC to be asleep during all this criminal activity. And Paulson to recommend Bear Sterns not be sold for $20 and should instead be sold for $2 to teach CEO's a lesson at the expense of the publics retirement funds. And to allow Lehman brothers to be shut down. And then have to pay more money to AIG because of Lehamn than they would have had to pay if they had saved Lehman.
OK, I am done with my rant.
I am tired of people in governemnt being put in charge of running something they have no clue about. A great example is the political appointy who was in charge of FEMA during hurricane Katrina. This rampant stupidity in governement needs to come to an end. The government's stupidity caused the less regulation that caused the mortgage crisis. And the SEC to be asleep during all this criminal activity. And Paulson to recommend Bear Sterns not be sold for $20 and should instead be sold for $2 to teach CEO's a lesson at the expense of the publics retirement funds. And to allow Lehman brothers to be shut down. And then have to pay more money to AIG because of Lehamn than they would have had to pay if they had saved Lehman.
OK, I am done with my rant.
it is true in every country. when tax proposals
are made they are made on a static basis not on a dynamic basis they assume that people's behavior will not change to reduce or eliminate the effects of the tax.. this is especially true when there is a class issue involved as in this particular case.ie punish the rich wall street scoundrels.
of course in the end the general public which will suffer
are made they are made on a static basis not on a dynamic basis they assume that people's behavior will not change to reduce or eliminate the effects of the tax.. this is especially true when there is a class issue involved as in this particular case.ie punish the rich wall street scoundrels.
of course in the end the general public which will suffer
"allowed" is the appropriate and operative word.
All the conjecture in this thread makes the assumption, rightly or wrongly, that rules, regulations and taxes are born of and with altruistic interests.
Wake up people!! Barney Frank said overhaul of financial rules and regs is coming by the summer of '09 (no mention of specifics or transaction tax btw) . Rules, regs (and agencies old and new) that require funding and oversight. The public is in favor. 2010 is an election year. Actions taken in 2009 are what matters. Government already has "difficulties" raising money and there remains over 1T slated for debt issuance this year. Whether a transaction "tax" or a transaction "fee" is irrelevant. It is coming and coming much sooner than most on this board want to acknowledge. There is nothing altruistic about it. As the British space-band Hawkwind sang: In case of nuclear attack, think only of yourself.
Barney video claiming financial overhaul by Summer of 09
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He talks like he's gay, which he is.
WTF are you smoking? You need to stop, cause it is obviously affecting your brain capability.
The tranny tax, as you call it, is not meant to be a siginificant revenue generator. The whole tax revenue pitch is just pitch for the morons.
If you cannot grasp that concept, you are truly just wasting your time & energy.