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

This "proposed" tax has about as much reality to it as Santa Claus. This is a bright shinny object that will be nothing but a distraction for now (and later is REALLY later) that no serious follower of legislation can possibly believe would get 30 votes in the Senate in almost any form.

THE VOTES ARE NOT JUST NOT THERE ... NOT ONE SERIOUS LEGISLATOR EVEN THINKS THEY ARE SUPPOSE TO BE THERE. NO ONE IS EVEN LOOKING FOR THE VOTES. THE PARTY WHIP DOES NOT EVEN HAVE IT AS A MINOR AGENDA ITEM.

Chris Dodd (D-CT) can do real damage with an insane approach to regulation. He understands what this economy needs about as well as I understand particle physics -- not at all. I think some regulation is both needed -- at least on credit default swaps -- and inevitable.

But a bill that starts in committee using a horrible template that the FUCKING CHAIRMAN HAS DRAFTED is how poison gets produced in DC. Even after later amendments and an eventual House/Senate conference, a bill that get through a committee as important as Banking and as badly conceptualized as this one is very dangerous. MAYBE EVEN LETHAL FOR THE ECONOMY AS A WHOLE!

BUT THE KEY POINT IS IT CAN HAPPEN. THIS SETUP IS WHAT THEY TRADE.

Children under the age of five can afford to follow the bright shiny object that undulates before their eyes ... not adults. This thread is truly childish and worse, in these serious times, potentially dangerous.

Learn how these legislative bodies actually work. Begin to understand the process as it actually happens. Teach your wife and friends the basics. Talk about real stuff at Thanksgiving and Christmas dinner with your extended family.

Let those around you that engage in childish conversations -- stupid sound bites with no substance -- about the legislative process know that you hold literate people that continue to suck on such pacifiers beneath contempt. Get down to brass tacks and stop being part of the great unwashed. This FUCKING thread goes on and on and it is ludicrous how it corrodes logical thinking.

THERE IS NO REALITY HERE. NO ONE WHO CAN MOVE LEGISLATION WANTS ANYTHING THAT RESEMBLES THIS. HOW HARD IS THAT TO UNDERSTAND.

This country is falling apart before our eyes. In the last 30 years it has been degraded to the point that essential parts of our society barely function. I asked a really smart guy that I know that is hip deep in this "health care fiasco" and he compared it to giving a million people bus passes but not taking into account that there are only three buses.

Forget his politics ... they are very different than my own. The important thing is that this is a smart man who is not a whore ass lobbyist who has been involved in health care legislation for over 30 years.

If you talk to guys who truly understand the criminal justice system they say similar things. It's broken and crumbling.

The prisons are post graduate crime courses. We put people in jail in NY for tiny amounts of grass and let child molesters walk with a suspended sentence. Are we fucking kidding?

Homeland Security? It is a fucking joke. Virtually every time a media outlet "tests" the airports they get everything through. These assholes couldn't stop Castro coming through with an Iron Lung and an Uzi.

Think about it: The fucking media can fool them. How bad is that?

It is every support beam that a society needs to survive rotting through. The food supply of this country is contaminated in so many ways it is hard to know where to start. The amount of antibiotics needed just to keep the nearly dead livestock alive till we can kill'em is frightening.

They feed cattle corn and the bacteria level goes up 600% because their digestive tracts are not made for corn.

Farm raised Salmon are now being fed corn. The poor (not the absolute bottom but the working poor) in third world countries have healthier diets than most Americans.

Does anyone remember when we had borders? No country can survive if it does not forcefully protect its borders.

Talk to commercial fisherman. They don't even want their sons to step foot on the boat. They don't believe the industry will exist in 15 years.

We pass a clean air and water act and then don't enforce it. Forget crude from the Middle East. In less than 20 years it will be water from Canada.

We have rating agencies that do not view it as their job to downgrade credits that are deteriorating. There is NO FUCKING WAY that Japan can be a AAA credit unless you are using Martians to look at the numbers. Every serious Japan watcher knows that rating should have been taken down five, if not ten, years ago. Good chance it will come down in 2010 and they'll pretend the elections made them less fiscally reliable.

They make us look like a nearly debt free society. Rolling over that debt starting in just a few years is going to be harder and harder and maybe impossible. It is a joke to think that the ratings have a meaning.

Legislation passes in this country every month that does serious damage to the heart and soul of America. It winds its way through in the standard ways with the backing of committee chairmen and coalitions fashioned by lobbyists. Poisonous shit that sucks the life blood of this nation while the great unwashed get to look at the the shiny object the "distraction of the day".

We passed a bill to give seniors prescriptions that will cost a trillion +++ over a decade and made NO ATTEMPT TO PAY FOR IT ... NONE!

We now have over 200,000 violent and potentially violent gang members in the US and no effective way to combat their growth. These are not petty criminals. They have structure and leaders. What happens when one of the big gangs (one Mexican gang has tens of thousands of members between here and Mexico) gets a twisted genius at the top. It can happen. And left unchecked odds are it someday will happen.

Please ... no more 300 page threads on bills that are fantasy. The real stuff is burying us. Yes this is a country with real strengths but no nation can allow the foundation to rot year after year without having the collapse of the entire structure become more likely over time. It really has gone this far. Unless one proposes an armed insurrection (and I do not) then the only chance is to learn how the system is being gamed by powerful people on both sides of the aisle and teach two or three or ten others -- friends, family, neighbors -- how it really works. And ask them to teach their friends ... their co-workers.

I do not know how many will actually read a long and rambling diatribe like this but, if you have, take what I say as sincere. I might be wrong, I might be crazy ... but I honestly believe we are at or even past the 11th hour. I believe there is little time left for us to get a grip. And I do not believe this fantasy thread is a grip. It is a piece of shit
 
Quote from drukes1234:

So far there has been no comments from anyone other than socialist Euro's..

Yeah let's keep it that way. I really hope the US comes out against this at the G20 and puts it to rest....

Here is an interesting letter someone received from Democratic congressman Joe Sestak (PA)...

Found towards the bottom of this link:


http://wizetradestocksblog.com/page/4/


Subject: A message from the office of Congressman Joe Sestak



Thank you for writing to me about H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act of 2009. I greatly appreciate your input on this matter, and I apologize for the delay in my reply.


As a Member of Congress, it is my responsibility to represent my constituents' concerns and interests and to provide them the honorable and enthusiastic service they deserve. I truly value your thoughts and suggestions on issues before the House. In a representative government such as ours, it is essential that I know what your views are on these issues.


Like you, I am concerned about the state and future of our economy, and the current and long term affects on all American families. A strong economy is the backbone of our healthcare, education, and national security. As you may know, recent economic data confirm that we are in an economic recession, and have been for some time. The combination of declining real income, coupled with rising unemployment, high energy costs, the housing crisis, and skyrocketing healthcare prices is devastating our hard-working middle class. I think that stimulating economic growth is a priority for our country and I support tax policies that benefit hard-working Americans and provide more opportunities for their success. I firmly believe that tax policies should help those who need it most, and I have worked hard to do so.


As you may know, H.R. 1068 calls for a tax on any securities transaction to be paid by the trading facility conducting the transaction. The tax rate to be imposed would be the lesser of 0.25 percent or a specified amount as determined by the Secretary of the Treasury. This transaction tax would apply to all securities transactions, including commodities and futures trading.


I do not support H.R. 1068 because I believe imposing a transaction tax on all securities transaction will not support our current efforts to stimulate an economic recovery, and also because this tax will have negative affects far beyond the Wall Street financial institutions who have received government funding. Last October, I voted for, and the House passed by a 263-171 vote, the Emergency Economic Stabilization Act of 2008 (HR 1424). The President immediately signed the bill into law. One of the primary objectives of this law was to provide liquidity and confidence to financial markets. Provisions in the law were included to protect the interests of American taxpayers from an impact on the economy, their jobs, personal savings and pensions.


Imposing a transaction tax such as the one called for in H.R. 1068 could have the positive effect of limiting speculative derivatives and futures trading; however, it could also have a dramatic impact on overall trade volume for all securities. This could results in even more downward pressure on stock prices, which are already in steep decline due to the current economic recession. Promoting liquidity and confidence in financial markets is essential to the economic recovery efforts. Additionally, according to the Congressional Research Service, imposing a transaction tax in the financial markets could possibly cause a significant loss of trading volume to competing overseas markets. As a result of a transaction tax, trading activity might flee the U.S. in favor of other sites. Furthermore, attracting back once-lost activity may be extremely difficult after alternative trading sites emerge.


Additionally, I do not support this legislation because the added cost imposed on trading institutions from this tax could be passed on to the individual customer. Since this tax applies to all traded stocks and commodities, and institution involve in these markets would have to account for this added expense. Many small businesses involved in securities trading would not be able to absorb this added expense, and would be forced to accept lower profit margins, or pass the added expense imposed by this tax on to the customer. The end result could be a tax on small businesses, and American families who invest in our markets, neither of which were directly involved in causing the Wall Street financial crisis, or recipients of government funds from the Troubled Asset Relief Program (TARP).


Thank you again for your letter. If I can be of any additional assistance, please do not hesitate to contact me. I look forward to our future correspondence.
 
everybody send a copy of this letter to your congressman.preferably with an example of the effects of the tax.

Minimum annual transaction tax with one turnover per day ( 1 buy and 1 sell) and $100,000 of capital is:

$100,000 * 0.001 * 2 * 250 days = $50,000
rate is .1%
 
AFL-CIO head coming on CNBC within minutes talking about his union's push for financial reform. (They want the transaction tax in addition to other things.)

He will also be giving a speech from Wall Street today on the same topic.
 
Quote from seasideheights:

AFL-CIO head coming on CNBC within minutes talking about his union's push for financial reform. (They want the transaction tax in addition to other things.)

He will also be giving a speech from Wall Street today on the same topic.

Puke!!!
 
Quote from seasideheights:

AFL-CIO head coming on CNBC within minutes talking about his union's push for financial reform. (They want the transaction tax in addition to other things.)

He will also be giving a speech from Wall Street today on the same topic.

Why the hell does CNBC keep bringing this up? Also this afl cio is really ticking me off. They have no business picking on Wall Street. Just leave us alone already....


-Guru

P.S. Sorry for the rant I'm just really upset with the direction of our country:(
 
Hey, its better they TRY to make their case with Kudlow or the Right Wing lunch team then the pacifist Burnett. It would be interesting to see if they push back or tow the company line.
 
This aflo-cio loser fat bastard pointing his finger right into the camera makes me sick!!

Switching back to ESPN for the day and lowering my blood pressure :D
 
Back
Top