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

since the beginning I've thought the transaction tax had little chance to happen.

But I've looked at the language coming out of the administration lately and it looks like they are whipping up a populist revolt against financial entities. Look at the demonization of hedge funds over Chrysler. Hedge funds are painted as causing the BK due to their greed, and not acting in the "national interest".

Far from passing this tax costing them in the election, if they whip up a populist frenzy, "punishing" Wall Street with this tax will help them in the next election.
 
Quote from jordanf:



Far from passing this tax costing them in the election, if they whip up a populist frenzy, "punishing" Wall Street with this tax will help them in the next election. [/B]
More...



I don't think it would help them at all, as they won't pick up any additional support in their ranks come election time. I can only see them losing support from many in their own party. There are no doubt many people who voted for Obama that are day traders, and if his administration were to implement this tax, it would be a major kick in the balls to all the fools that voted for this clown in the first place. Just look at when Obama was a Senator in IL. He had big support from all the financial exchanges there, like the (CME) (CBOT). All support from these exchanges will be history if the tax takes place. If you want to talk about a revolt, and people whipping up a frenzy, there will be, and it will come against Obama and the Democrats. Just wait and see! If it tax happens, then the Democratic Senators in IL, and NY are toast, as these financial exchanges are a rather large constituent base for them.
 
This tax will not pass nor be slipped onto another spending bill. If it did, it would devastate this market (think 1970's) and would make it virtually impossible to fund our debt at anything less than near or above double digit rates.

Aint gonna happen.
 
It should be pretty obvious to most by now what Obama thinks of speculators and activities that lead to phantom "paper wealth". He will actively push for this tax when the right moment comes.
 
skylr33 stated:
<b><i>Agreed, but if the Democrats pass a financial transaction tax to pay for this health care proposal, or even TARP, then they will no doubt lose some seats in 2010.</i></b>

I wish you were right. The financial transaction tax is insane and unfair.

But don't forget that it is currently very popular to bash Wall Street and Joe Sixpack has no clue what Wall Street is other than something evil. So, the average Joe out there may actually applaud the tax while at the same time having little no clue the repercussions.

A lot of key Democrats, such as Schumer of NY, have close ties to the financial industry. With that in mind, I hope that they will talk Obama into not passing any bill with this tax in it.
 
Quote from jj69:

It should be pretty obvious to most by now what Obama thinks of speculators and activities that lead to phantom "paper wealth". He will actively push for this tax when the right moment comes.
More...

Yes. If you listen to the speech he gave about Chrysler, he didn't just blame hedge funds, he used the term speculators several times. And he has said before that America needs to move towards an ecomony driven by "real" jobs and production, and not one where we sit at computers and sell pieces of paper to each other.

Government is going to extract its pound of flesh from people who make a living from speculation. And that includes just about everyone posting on this site. It may not be this particular tax - it may be something else - but it seems to me like it is coming.
 
Quote from jordanf:

Yes. If you listen to the speech he gave about Chrysler, he didn't just blame hedge funds, he used the term speculators several times. And he has said before that America needs to move towards an ecomony driven by "real" jobs and production, and not one where we sit at computers and sell pieces of paper to each other.
More...

Is that what it is? The people at ET are actually driving the US economy?
 
More bullhit and hype on this board. the board keeps saying punishing wall street?Thats a crock of shit. This punishes 50million americans who have mutual funds or even trade 5-10 times a month.. This will destory liquidity and take returns of funds down 5% or more a year.It will cause 100-200k layoffs from brokerages to banks to discounters.it won't happen
 
Quote from jordanf:

"... America needs to move towards an ecomony driven by "real" jobs and production, and not one where we sit at computers and sell pieces of paper to each other....
More...

Should have thought about that before NAFTA and developing Asia as a cheap labor source... too late now.
 
You must log in or register to reply here.
Back
Top