"Not as Catastrophic" for who??? Jim Cramer who no longer trades for a living?
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
"Not as Catastrophic" for who??? Jim Cramer who no longer trades for a living?
Some Pelosi comments from the Huffington Post:
Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens."
http://www.huffingtonpost.com/2009/11/24/pelosi-well-never-have-de_n_369122.html
-Guru
Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens."
http://www.huffingtonpost.com/2009/11/24/pelosi-well-never-have-de_n_369122.html
-Guru
more from revshark
Rev Shark
Tax on Trading
11/24/2009 3:21 PM EST
I still earn my living by actively trading the market every day so I have a much different perception of the impact of such a tax. It is devastating. It is not unusual for active traders to trade $200,000 per day in stocks which is $50 million during the course of a year. The tax on that would be $250,000.00. That would put many traders out of business completely along with many ancillary services like discount brokers and even sites like RealMoney. Just imagine the impact that the decline in volume would have on much of the market. Real Estate is a great example of what happens in an illiquid market when transaction costs are so high.
I plan on fighting this tax tooth and nail. It is tremendously shortsighted to overlook the impact it will have on the market or traders.
http://www.thestreet.com/p/_columnstconver/dps/cc/columnistconversation1.html
Rev Shark
Tax on Trading
11/24/2009 3:21 PM EST
I still earn my living by actively trading the market every day so I have a much different perception of the impact of such a tax. It is devastating. It is not unusual for active traders to trade $200,000 per day in stocks which is $50 million during the course of a year. The tax on that would be $250,000.00. That would put many traders out of business completely along with many ancillary services like discount brokers and even sites like RealMoney. Just imagine the impact that the decline in volume would have on much of the market. Real Estate is a great example of what happens in an illiquid market when transaction costs are so high.
I plan on fighting this tax tooth and nail. It is tremendously shortsighted to overlook the impact it will have on the market or traders.
http://www.thestreet.com/p/_columnstconver/dps/cc/columnistconversation1.html
I would think its more catastophic now then in the old days, much more volume in the market place with razor thin margins in profit. They always say that most of the volume out there is speculative, which the market would dry up worse now then the old days.More people work in this industry then the old days and with techology and support there are a lot more jobs at stake then the old days! Cramer is an idiot
Quote from listedguru:
Some Pelosi comments from the Huffington Post:
Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens."
http://www.huffingtonpost.com/2009/11/24/pelosi-well-never-have-de_n_369122.html
-Guru
In our comments & emails we must break the association between Wall Street Investment Banks & the general public that has trading accounts. They're two different things & we're getting caught up in the tornado on the banks.
"Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens."
The above from Huffington Post, from the main trader tax thread, shows it is NOT just Difazzio anymore. Simple minded public, and bone head congress, is likely to use Cramer's comments against all of us.
Wake up people.
I can see it now, the Dems will even get Buffet to agree to the tax being "reasonable, you should be long term value investors anyway!" and will point to "everyman" Jimbo Cramer to "prove" they are doing the right thing to provide yet another revenue stream for their election benefit and lies.
Be afraid people, be very afraid and worried, because you should be...
The above from Huffington Post, from the main trader tax thread, shows it is NOT just Difazzio anymore. Simple minded public, and bone head congress, is likely to use Cramer's comments against all of us.
Wake up people.
I can see it now, the Dems will even get Buffet to agree to the tax being "reasonable, you should be long term value investors anyway!" and will point to "everyman" Jimbo Cramer to "prove" they are doing the right thing to provide yet another revenue stream for their election benefit and lies.
Be afraid people, be very afraid and worried, because you should be...
Quote from seasideheights:
In our comments & emails we must break the association between Wall Street Investment Banks & the general public that has trading accounts. They're two different things & we're getting caught up in the tornado on the banks.
Exactly ^^^
We didn't cause this problem and we have to get that across to people.
Well, now you have an "insider" in favor of this tax. I think Cramer knows something and is just going with the flow. This is like when Duke Energy and others came out in favor of cap and trade. There's a saying about regulation.....If you're not at the table when it's written, you'll be on the menu. Maybe Cramer knows something and is just postioning. GS and others will make sure they get some sort of exemption.
Quote from traderbigt:
"Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens."
The above from Huffington Post, from the main trader tax thread, shows it is NOT just Difazzio anymore. Simple minded public, and bone head congress, is likely to use Cramer's comments against all of us.
Wake up people.
I can see it now, the Dems will even get Buffet to agree to the tax being "reasonable, you should be long term value investors anyway!" and will point to "everyman" Jimbo Cramer to "prove" they are doing the right thing to provide yet another revenue stream for their election benefit and lies.
Be afraid people, be very afraid and worried, because you should be...
Buffet already advocated for the tax weeks ago in a letter about short termism
Pelosi, your comment on big coporates who never seem to be punished for losses and big risks is funny, coming from political whores like you who SUPPORT bailouts and bank nationalizations and such as you get money and kickbacks for election purposes from thos big boy playa's.
Intellectually dishonest b*tch!
Intellectually dishonest b*tch!