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

[skylr33]

Quote from trader_t870:

Hey Genius,
It would take only 51 votes to pass if the Democrats used a rarely used voting process called "Reconciliation". In that process, you would only need a 51 vote majority, instead of the usual 60. Reconciliation wouldn't be used on this transaction tax bill.
Haven't you heard that one of the tactics the Democrats are considering on this health care bill is using Reconciliation, because they worry they won't have the 60 votes needed in the Senate to pass it???? Do a little google search on that so you can actually get a clue. lol
It's quite obvious you were absent the day your school taught civics.

This is absolutely correct. It takes 60 votes, unless that rarely used procedure called Reconciliation is used. The Democrats are considering using it on the health care bill. In fact, they were discussing that on CNN earlier today. It would be political suicide if the Democrats do this for health care or any other bill. I also agree that reconciliation would not be used on a vote in the Senate for a transaction tax.

 

[bpcnabe]

Quote from trader_t870:

Hey Genius,
It would take only 51 votes to pass if the Democrats used a rarely used voting process called "Reconciliation". In that process, you would only need a 51 vote majority, instead of the usual 60. Reconciliation wouldn't be used on this transaction tax bill.
Haven't you heard that one of the tactics the Democrats are considering on this health care bill is using Reconciliation, because they worry they won't have the 60 votes needed in the Senate to pass it???? Do a little google search on that so you can actually get a clue. lol
It's quite obvious you were absent the day your school taught civics.

http://www.niemanwatchdog.org/index.cfm?fuseaction=background.view&backgroundid=381

http://www.fair.org/blog/2009/03/10/how-many-votes-does-it-take-to-pass-a-senate-bill/


You need 60 votes to prevent a fillibuster but only 51 votes to pass a bill into law (one way is thru reconcilliation)

Read and learn

 

[skylr33]

Quote from bpcnabe:

http://www.niemanwatchdog.org/index.cfm?fuseaction=background.view&backgroundid=381

You need 60 votes to prevent a fillibuster but only 51 votes to pass a bill into law (one way is thru reconcilliation)

Read and learn

In the end, none of that matters, because the Republicans will filibuster the health legislation, so the Democrats would still need 60 votes to break it. So you still need 60, unless Reconciliation is used. The Republicans can just filibuster every bill, and the Democrats would need 60 Senate votes to break the filibuster on all the bills. At the end of the day, it all amounts to basically the same thing, and that is they need 60 votes, because you know that "any" type of controversial legislation will be filibustered.
It's extremely rare for the Senate to pass any meaningful bill with just 51 votes, unless reconciliation is usually involved.

 

[DirkDigler]

Quote from weewilly:

here is the video of the transaction tax segment from this evenings kudlow broadcast on cnbc:

http://www.cnbc.com/id/15840232?video=1238171252&play=1

Is this video hosed or is it on my end? It looks like they cut to a commercial at 0:52. I see nothing beyond that, video stays black the rest of the time(?).

 

[zdreg]

u will be out of business if this tax is passed.

http://www.elitetrader.com/vb/showthread.php?threadid=175217

 

[clacy]

Quote from cstfx:

You are aware that there are those in (and outside of) this administration who would wish to fold private 401k and other retirement plans into a general services fund to be run by the gov't. Why? For starters, social security insolvency comes to mind.

Yes there are those people, however there is a 0% chance that they could do something like confiscate 401k's. Republicans would sweep both houses of congress and the Dems would get crushed for 20 years.

They had greatly overestimated their mandate at the time confiscation was being talked about.

I do agree though, that if they could get away with it, there are plenty of Dems that would take the money and run.

I also believe Obama would support something like this if he knew it would fly with 50.1% of the American electorate.

Unfortunately, at least 35% of your Dems today, are hardcore socialists.

Some would actually be OK with instituting communism.

 

[zdreg]

Quote from clacy:

[
Unfortunately, at least 35% of your Dems today, are hardcore socialists.

Some would actually be OK with instituting communism. [/B]

correct as long as u don't call it communism.

america is more communist than either russia or china. you can argue the pt. but not the direction the US is headed.

surveys have shown that the bill of rights could not pass in the US today if the words of bill of rights are left of it. what does that say about americans?

 

[MohdSalleh]

erin burnett would have to be a hooker if this tax passes

 

[sophiekay]

Thanks Sea! Is this what the Democratic party has become? Do they care more about hurting Billionaires than they do about ordinary people? This guy might just have turned me into a Republican.

Quote from seasideheights:

Comments needed here.

http://tpmcafe.talkingpointsmemo.com/2009/09/02/from_death_panels_to_taxing_your_401k/

 

[OldTrader]

Erin Burnett interviewed a trader just before the opening this AM. He was against the tax. She was saying something favorable about it if I heard right. I came right at the end. Anyone hear the interview or have a link?

OldTrader