1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
IMF Managing Director Dominique Strauss-Kahn:
Strauss-Kahn dismissed the âvery simplisticâ idea of the so-called Tobin tax, a global tax on financial transactions, which he said would be very difficult to implement. Still, money from banks and other financial institutions could be used to create a fund to help poor countries, he said at a Press conference in Istanbul on Friday.
http://www.khaleejtimes.com/Display.../business/2009/October/business_October58.xml
Music to my ears
-Guru
Strauss-Kahn dismissed the âvery simplisticâ idea of the so-called Tobin tax, a global tax on financial transactions, which he said would be very difficult to implement. Still, money from banks and other financial institutions could be used to create a fund to help poor countries, he said at a Press conference in Istanbul on Friday.
http://www.khaleejtimes.com/Display.../business/2009/October/business_October58.xml
Music to my ears
-Guru
Here is some more color on what the IMF has in mind:
"IMF managing director, Dominique Strauss-Kahn, has revealed that the Fund is constructing plans to create an insurance fund into which banks around the world may be forced to pay, to help âmitigate the risks they are creatingâ.
"The plans echo a recent suggestion by Financial Services Authority chairman Lord Turner that he may consider levying a so-called Tobin tax on financial transactions in order to rid the system of excessive speculation. Although Mr Strauss-Kahn said a simple Tobin tax, which its creator, Nobel laureate James Tobin, proposed should be charged on all foreign exchange transactions, would ânot work for many technical reasonsâ, he said the Fund was now working on alternative models."
http://www.telegraph.co.uk/finance/...-international-tax-plan-drawn-up-by-IMF.html#
-Guru
"IMF managing director, Dominique Strauss-Kahn, has revealed that the Fund is constructing plans to create an insurance fund into which banks around the world may be forced to pay, to help âmitigate the risks they are creatingâ.
"The plans echo a recent suggestion by Financial Services Authority chairman Lord Turner that he may consider levying a so-called Tobin tax on financial transactions in order to rid the system of excessive speculation. Although Mr Strauss-Kahn said a simple Tobin tax, which its creator, Nobel laureate James Tobin, proposed should be charged on all foreign exchange transactions, would ânot work for many technical reasonsâ, he said the Fund was now working on alternative models."
http://www.telegraph.co.uk/finance/...-international-tax-plan-drawn-up-by-IMF.html#
-Guru
Seems like maybe somethng along the lines banks pay into the fdic, as long as it doesnt interfere too much with trading. I am sure if banks are charged something they will pass it on to us but in a small manner thats ok. I can deal with it. We shall see. The good thing is the IMF doesnt have power to implement only report it will be up to our government/congress to enact what ever they say if they think its viable or wont hurt the sector
http://www.cbsnews.com/stories/2009/10/02/business/main5358456.shtml
Better spin on it talking about it as an FDIC model, and both people dismissing Tobin!
Better spin on it talking about it as an FDIC model, and both people dismissing Tobin!
If you take a look at U6 - which includes discouraged job seekers and the under-employed (doing sales on commission only, etc), it is 17% or more. In some states and cities, it is over 20%.
http://www.bls.gov/news.release/empsit.t12.htm
http://www.economicpopulist.org/content/u3-and-u6-unemployment-during-great-depression
http://www.bls.gov/news.release/empsit.t12.htm
http://www.economicpopulist.org/content/u3-and-u6-unemployment-during-great-depression
Quote from listedguru:
Music to my ears
[/B]
To all of our ears -- thanks for passing this along and for your diligence on the subject.
