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

[TraDaToR]

Quote from gkishot:

Source please. I hope France doesn't speak with one voice.

France had a transaction tax called "l'impot de bourse" until something like 3 years ago. It was , like the one proposed, a quite heavy one and the reason why I and other french traders are trading US markets, Eurex, Asia or Matif which was not subject to this tax...

It was created by Chirac which was a strong opponent to speculation. One of the first thing Sarko did when getting into office was to remove this tax. But this was in 2006 after an extended bull market, and Sarko is like every other moron in office, he just" buy at the top and sell at the bottom "fiscally... If the market had been in rally mode for the last few years, nobody would even consider it...

 

[Swan Noir]

Quote from IanMacQuaide:

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.

Ian:

Yes the left is dangerous but the industry can be as well. When investment banks lobbied to margin past the point of reason and bought Phil Graham to insure that Credit Default Swaps were deemed neither insurance contracts (taking out state regulation) nor gambling (pretty amazing to have to specify that an instrument is not a pure gamble) they sealed the economic fate of this nation.

To have the fate of this nation decided by imbeciles on the left, right and center who understand virtually nothing about how economies and financial markets actually work is the central problem.

The fact is the "financial lobby" will easily squash this bill if it decides it needs to be squashed but they won't squash the bill(s) that are short term good for them yet long term horrendous for the country. Their is no point ringing the fire bell if the danger is not fire but instead Ebola. Why call on everyone to fight the man eating tiger when he is not within a hundred miles yet ignore the flood weaters that threaten the village.

To say we must fight each threat as it is born is absurd. History shows that institutional power is what carries the day legislatively. And to believe that talking here to the converted is fighting in an effective way is even more absurd.

If you want a seat at the table -- even at the children's table off to the side -- do those things that are done to get yourself an invite. It is not that hard.

 

[gkishot]

Quote from TraDaToR:

France had a transaction tax called "l'impot de bourse" until something like 3 years ago. It was , like the one proposed, a quite heavy one and the reason why I and other french traders are trading US markets, Eurex, Asia or Matif which was not subject to this tax...

It was created by Chirac which was a strong opponent to speculation. One of the first thing Sarko did when getting into office was to remove this tax. But this was in 2006 after an extended bull market, and Sarko is like every other moron in office, he just" buy at the top and sell at the bottom "fiscally... If the market had been in rally mode for the last few years, nobody would even consider it...

Help me make something clear: transaction tax means no capital gains tax, right?

 

[Swan Noir]

Quote from gkishot:

Help me make something clear: transaction tax means no capital gains tax, right?

Incorrect. Transaction tax does not replace capital gains tax it is in addition to.

 

[drukes1234]

AFL CIO will be pumping this garbage in a few minutes on CNBC

 

[Stok]

Sheeshh....Erin sounds like she really wants this tax...and damn, this tax hurts even a swing trader who trades 2-3 times a MONTH!! It will take up to 50% of profits away. IT'S INSANE!!!!!!!!!!!!!!!!!!!

I had to turn it off.

 

[Midas]

Here is the link to E-mail Street signs again.

http://www.cnbc.com/id/22898571/

 

[rsikit]

About the smartest thing Cramer said this decade, is we dont need that tax!

 

[FB123]

Quote from Stok:

Sheeshh....Erin sounds like she really wants this tax...and damn, this tax hurts even a swing trader who trades 2-3 times a MONTH!! It will take up to 50% of profits away. IT'S INSANE!!!!!!!!!!!!!!!!!!!

I had to turn it off.

Luckily, Airhead Burnett does not set public policy. The vast majority of ignorant citizens who might be in favor of this tax do not trade, and therefore do not watch CNBC. Therefore, everything she is doing is useless, as the only audience that watches her is already dead-set against the tax. If you start to see it discussed in mainstream media (not a financial channel), then you'll know it's getting more traction. Right now she can talk about it all she wants, but it won't make a difference.

 

[Billy Thunder]

Financial Services Roundtable is the most powerful lobbying group out there and they send Scott Talbot Senior Vice President of government affairs to argue against the tax. This tax will not happen, end of story. This interview should put this to rest. This should show you the lobbying power that they have: http://www.fsround.org/about/pdfs/2009.pdf