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

I'm still more concerned with domestic possibilities than international. I think odds are low for across the board cooperation to get it to work.
 
That article is rehased here, it is just Brown trying to save face, IMF came out today and said they will be atleast looking at everything but we know what they favor and even leaned again toward insurance. The head of the IMF Kahn, well we know how he feels about the Tobin, doesnt like it. Now the actual person in charge of doing the research and the reports, which isnt Kahn, it is John Lipsky, who I posted before also stated tobin is not a good idea and he is focusing on the insurance FDIC model. So no worries there. As for next year elections, yes they are important and we want it to go well! But right now many Dems in the senate have come out against this so its a slim chance to pass there anyways even now. This is not the type of party line legislation. To many senators in too many districts have too much to lose becuase of this.
 
Quote from rsikit:

That article is rehased here, it is just Brown trying to save face, IMF came out today and said they will be atleast looking at everything but we know what they favor and even leaned again toward insurance. The head of the IMF Kahn, well we know how he feels about the Tobin, doesnt like it. Now the actual person in charge of doing the research and the reports, which isnt Kahn, it is John Lipsky, who I posted before also stated tobin is not a good idea and he is focusing on the insurance FDIC model. So no worries there. As for next year elections, yes they are important and we want it to go well! But right now many Dems in the senate have come out against this so its a slim chance to pass there anyways even now. This is not the type of party line legislation. To many senators in too many districts have too much to lose becuase of this.
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so true never cut off the hand that feeds you, this goes for both republicans and democrats. this is not a cigarette tax were talking about here
 
Quote from bears21:

so true never cut off the hand that feeds you, this goes for both republicans and democrats. this is not a cigarette tax were talking about here
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They can have all the lip service they want but the sens from the major financial hubs of this country will not vote for the tax:)
 
Quote from rsikit:

You never know, if the lift the anit gaming law like Barney Frank wants that might help them on their way. There are other alternatives that are not the most ideal but also do work when you know how to trade them. Like binary options, there are several places a us citizen can trade them. I know as of now the cfds are not allow becuase the US doesnt want to lose that business but I bet if this law comes into effect for tranny tax, some firm will find alternatives so we can trade. There always has been. I traded several different ways , when I needed to . Even as a US citizen i found ways to trade here legally and alternatively. [/QUOTE

most traders in the US barely make a living under extremely favorable conditions. Expecting traders to adjust by trading binary options or cfds is an impossibility. it has nothing to do with do with doing your homework. it is the nature of instruments which give creators of the instrument a big edge which will make traders unprofitable. liquidity will be drained away from securities this will be true particularly for smaller cap stocks.. spreads will widen and volume will decline.

just as a reminder the purpose of stock markets is to raise capital for co's and to provide a liquid secondary market for holders of company shares.
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Quote from zdreg:

Quote from rsikit:

You never know, if the lift the anit gaming law like Barney Frank wants that might help them on their way. There are other alternatives that are not the most ideal but also do work when you know how to trade them. Like binary options, there are several places a us citizen can trade them. I know as of now the cfds are not allow becuase the US doesnt want to lose that business but I bet if this law comes into effect for tranny tax, some firm will find alternatives so we can trade. There always has been. I traded several different ways , when I needed to . Even as a US citizen i found ways to trade here legally and alternatively. [/QUOTE

most traders in the US barely make a living under extremely favorable conditions. Expecting traders to adjust by trading binary options or cfds is an impossibility. it has nothing to do with do with doing your homework. it is the nature of instruments which give creators of the instrument a big edge which will make traders unprofitable. liquidity will be drained away from securities this will be true particularly for smaller cap stocks.. spreads will widen and volume will decline.

just as a reminder the purpose of stock markets is to raise capital for co's and to provide a liquid secondary market for holders of company shares.
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The context of what I said was about if the tax came to fruition, we have these alternative plays. I happen to love binary options, and make money at them. But to each there own, some people are lazy and do not want to do the homework. Yes regardeless of the creator of the instrument there is money to be made if you do your homework. Well then if the stock market is just for capital for companies you have no buisness trading it then, your part of the problem. So since your obvioulsy dont want to do your homework and learn about other things that are profitable, maybe you will be screwed if the tax comes. Its a shame someone cannot see or adapt to different things and is a hard headed assholes. If you can trade you can trade , it doesnt matter what you trade.
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Quote from rsikit:

The context of what I said was about if the tax came to fruition, we have these alternative plays. I happen to love binary options, and make money at them. But to each there own, some people are lazy and do not want to do the homework. Yes regardeless of the creator of the instrument there is money to be made if you do your homework. Well then if the stock market is just for capital for companies you have no buisness trading it then, your part of the problem. So since your obvioulsy dont want to do your homework and learn about other things that are profitable, maybe you will be screwed if the tax comes. Its a shame someone cannot see or adapt to different things and is a hard headed assholes. If you can trade you can trade , it doesnt matter what you trade.
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(rskit
"Well then if the stock market is just for capital for companies you have no buisness trading it then, your part of the problem")

read carefully what i wrote.

"just as a reminder the purpose of stock markets is to raise capital for co's and to provide a liquid secondary market for holders of company shares. "
 
Tobin tax gains supporters in the City as lord mayor criticises bonus culture
• Terry Smith and RBS chairman join call for financial levy
• New mayor speaks out on gulf between public and bankers


...
As the new lord mayor of the City of London prepared to use his maiden speech to call on bankers to show their worth to society, the idea of a Tobin-like tax was embraced by outspoken City figure Terry Smith as well as by Sir Philip Hampton, chairman of the Royal Bank of Scotland.
...


http://www.guardian.co.uk/business/2009/nov/16/tobin-tax-gains-city-support
 
I hope they go further in London then just the stamp duty and see what this does to their financial district. Remember its the guardian writing this article, they are heavily in favor of this tax! These are the supposedly big guns they said they were going to pull out in favor of this tax in an article last week, way to go! RBS is what 80 something % owned by Browns government now, no wonder they are cozying up to it after their last injection on money last week.
 
I find it comical that these "officials" seem hell bent on making it appear as though there is some separation between government and banks. These banks will be exempt from whatever transaction tax that comes down the pipe and the burden will be left to Joe Pension Fund Investor.

Quote from seasideheights:

Tobin tax gains supporters in the City as lord mayor criticises bonus culture
• Terry Smith and RBS chairman join call for financial levy
• New mayor speaks out on gulf between public and bankers


...
As the new lord mayor of the City of London prepared to use his maiden speech to call on bankers to show their worth to society, the idea of a Tobin-like tax was embraced by outspoken City figure Terry Smith as well as by Sir Philip Hampton, chairman of the Royal Bank of Scotland.
...


http://www.guardian.co.uk/business/2009/nov/16/tobin-tax-gains-city-support
More...
 
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