Thanks, Sweeney from the AFL-CIO has pushed the transaction tax since atleast 1998. The fact that the Financial Services Roundtable strongly opposes such a tax is something to take comfort in, after all they are the most powerful lobbying group in Washington. This doesn't mean that you shouldn't make your voice heard and categorically oppose such a tax. I would also encourage many of us in the US to start to push back against the stamp tax in the UK, especially with a conservative government coming into power. I know the head of the LSE has pushed for this since 2001. By their studies, the tax depresses stock values by £146bn and increase equity capital cost by 12% compared to other nations. http://www.efinancialnews.com/tradingandtechnology/index/content/1053495033
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
And that's really the point. If the tax had any actual merit at all, if it was an issue that could be debated seriously, we would be in trouble. But it's not. It's a looney-tunes leftist completely ignorant piece of tripe that has no value whatsoever and helps just about nobody. It's destructive to the country as a whole, and we can be fairly certain it will not be passed any time soon, especially without international co-operation. As I said though, it still doesn't hurt to fight it when some stupid moron gives it attention in the press.
Guys ... this is a non-starter for all but the most left leaning DC Pols. If it is left alone it will die a fairly quiet death.
Frankly, I am appalled at the ignorance of the political process many posts in this thread illustrate.
If you want some clout learn a little about real world politics not eight grade civics. The $$$ lined up against a bill like this would become huge at the point it became a real issue in committee. The only reason for it to get that far is to cause that spigot to open.
Frankly, it is VERY unlikely this "bill" (I use the term very loosely ... even incorrectly some might point out) ever gets used as a cash machine because it violates some basic courtesies on the Hill. It is considered in bad form to cause the $$$s/powers that be to spend any of their time or money when there is no real constituency on the other side. It is the roughly as rude as using your sleeve to wipe the snot off your nose.
Notice I am not saying it won't rear its ugly head (it really is atrocious policy from virtually and angle) as headline fodder but that is not what DC takes seriously.
Grow up guys. Much of this thread is ridiculous ... inane even. If you are so bored with reality that you need this fantasy it is scary. Get yourself a mistress, a sports car, a new rod or gun, a favorite charity or even an education. The charity or the education will be better for the long term than the mistress. But ... in the short run ....
Use this as a wake up call. You can't win wars fighting imaginary battles and you can never win a real battle without some understanding of the way the game is played.
Wanna play? Pick a real issue where the battle is about to begin and engage the opposition like an adult. Ask someone who understands your district what can get your voice heard ... even as a whisper. Take what you learn in that fight to the next real battle and in fairly short order you'll be ready to pony up $500 (if you live in a small town or rural) or $1000 to your congressman's campaign (big city). Then you sit down with him and explain your concerns, what ammunition you think will be effective for him to fire and that when he needs a few envelopes stuffed or someone to work a phone bank you are there for him 'cause he's your idea of what is good for America. Try not to barf but if you must ... make it to the bathroom before you do.
When you shave the next morning you will have the satisfaction of knowing that facial hair is not the only evidence that you have reached adulthood.
Hey ... I could have said puberty but I really am trying to be polite.
Frankly, I am appalled at the ignorance of the political process many posts in this thread illustrate.
If you want some clout learn a little about real world politics not eight grade civics. The $$$ lined up against a bill like this would become huge at the point it became a real issue in committee. The only reason for it to get that far is to cause that spigot to open.
Frankly, it is VERY unlikely this "bill" (I use the term very loosely ... even incorrectly some might point out) ever gets used as a cash machine because it violates some basic courtesies on the Hill. It is considered in bad form to cause the $$$s/powers that be to spend any of their time or money when there is no real constituency on the other side. It is the roughly as rude as using your sleeve to wipe the snot off your nose.
Notice I am not saying it won't rear its ugly head (it really is atrocious policy from virtually and angle) as headline fodder but that is not what DC takes seriously.
Grow up guys. Much of this thread is ridiculous ... inane even. If you are so bored with reality that you need this fantasy it is scary. Get yourself a mistress, a sports car, a new rod or gun, a favorite charity or even an education. The charity or the education will be better for the long term than the mistress. But ... in the short run ....
Use this as a wake up call. You can't win wars fighting imaginary battles and you can never win a real battle without some understanding of the way the game is played.
Wanna play? Pick a real issue where the battle is about to begin and engage the opposition like an adult. Ask someone who understands your district what can get your voice heard ... even as a whisper. Take what you learn in that fight to the next real battle and in fairly short order you'll be ready to pony up $500 (if you live in a small town or rural) or $1000 to your congressman's campaign (big city). Then you sit down with him and explain your concerns, what ammunition you think will be effective for him to fire and that when he needs a few envelopes stuffed or someone to work a phone bank you are there for him 'cause he's your idea of what is good for America. Try not to barf but if you must ... make it to the bathroom before you do.
When you shave the next morning you will have the satisfaction of knowing that facial hair is not the only evidence that you have reached adulthood.
Hey ... I could have said puberty but I really am trying to be polite.
They are irrational, emotional, ignorant, refuse the facts and that makes them dangerous - witch hunt. Politicians at times like to pick up on that as a cause, if it is in the pols' best interest. History shows it can only take a few, and snowball to an avalanche.
The extreme Left cite nearly only ecommunist Dean Baker, one of only a few ecommunists calling for this trans tax. Baker calls for shrinking the financial sector back to where it was in the early 80's (1880's?) "Financial Sector is Too Big" has been a common phrase of the media. Seven percent of GDP is too high to them. What do they expect when most everything else has been outsourced to other countries. Their logic wants to destroy an industry, not allow other industries to flourish.
I still think this is highly unlikely to happen, but if there is any chance...Much worse things have happened in history and you wonder how the people could have let it happen. The markets mean everything to most of us here, but a lot of people with investments are passive investors, get mad when they are losing money and need to blame it on someone, beats the hell out of thinking.
Nonetheless, proponents need to be stifled and reeducated at every moment they open their mouths. It's a good stop-loss.
The discussion here can not be any more irrelevant.
a) We have absolutely no voice. The tax is on US. Nobody will listen to us.
b) This is a democracy. We have next to no votes.
c) They actually are right for a lot of reasons. HFT, in many ways, does nothing for society. In fact, manipulation is anti productive. (However, in other ways, HFT is highly productive when done right.)
So you're all wasting your time. If you have any desire to help move the situation, you need to pony up.
Pay some lobbyists in the US to help our cause. This only makes sense if you are making a lot of money off of HFT.
What might be an interesting discussion is what a REAL bill might look like.
- Anti manipulation clauses
- Ban flash trading (though really, is flash trading all that bad? Still this has a lot of traction lately.
- Ban on guaranteed bonuses that encourage risk free risk taking.
More government regulation is likely. The NFA and CFTC are already cramming it down the throats of forex brokers, so we can assume more of the same.
So there.. if you want to discuss something, discuss what might REALLY happen.
Arguing against some improbable tax is pointless because it'll happen and you can't stop it, or it just won't happen.
a) We have absolutely no voice. The tax is on US. Nobody will listen to us.
b) This is a democracy. We have next to no votes.
c) They actually are right for a lot of reasons. HFT, in many ways, does nothing for society. In fact, manipulation is anti productive. (However, in other ways, HFT is highly productive when done right.)
So you're all wasting your time. If you have any desire to help move the situation, you need to pony up.
Pay some lobbyists in the US to help our cause. This only makes sense if you are making a lot of money off of HFT.
What might be an interesting discussion is what a REAL bill might look like.
- Anti manipulation clauses
- Ban flash trading (though really, is flash trading all that bad? Still this has a lot of traction lately.
- Ban on guaranteed bonuses that encourage risk free risk taking.
More government regulation is likely. The NFA and CFTC are already cramming it down the throats of forex brokers, so we can assume more of the same.
So there.. if you want to discuss something, discuss what might REALLY happen.
Arguing against some improbable tax is pointless because it'll happen and you can't stop it, or it just won't happen.
I trade Forex, and acutally the regulation is a good thing for all of us, despite all the wrong hype a few months ago about what it did or didnt entail, its business is usual plus we are that much closer to better regulation on the fx markets in our favor. There are plenty of lobbies against this tax, but they are not coming out of the woodwork yet becuase this bill which was referred to committe 8 months ago has no traction with anyone significant and has been ignored. Once and a big if it come to fruition if someone with some real authority looks at it then we will see the lobbies come out, no need to waste their money at this time. Or our money, the ones that are proactive for the cause.
FightThe Future has a point. Those on the left, who happen to be in power, "are irrational, emotional, ignorant, refuse the facts, and that makes them dangerous"
Much like the snake handling Pentacostals in Appalachia, it's a dangerous religion.
Unfortunately, they're dangerous to us, not just themselves.
Much like the snake handling Pentacostals in Appalachia, it's a dangerous religion.
Unfortunately, they're dangerous to us, not just themselves.