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

Still more from Cramer

Random musings: I am still being cursed at by traders for saying that I think that a trader tax is a bad idea but others are worse. I truly think that the people who spam me should recognize what I do for a living -- I try to help them make money. My stand on a tax has nothing to do with that. My worries that Congress will do far more than this tax if we are not careful is clearly not being heeded. To which I say, don't be pennywise. Fight everything you want, but recognize that the wrath of Main Street is upon us. Also, for those who are against the government creating jobs, my advice -- go homeless, like I did. Let me know how you feel in six months. Deal?

http://www.thestreet.com/p/rmoney/jimcramerblog/10633136.html?cm_ven=GOOGLEFI
 
Quote from ksharmon:

Still more from Cramer

Random musings: I am still being cursed at by traders for saying that I think that a trader tax is a bad idea but others are worse. I truly think that the people who spam me should recognize what I do for a living -- I try to help them make money. My stand on a tax has nothing to do with that. My worries that Congress will do far more than this tax if we are not careful is clearly not being heeded. To which I say, don't be pennywise. Fight everything you want, but recognize that the wrath of Main Street is upon us. Also, for those who are against the government creating jobs, my advice -- go homeless, like I did. Let me know how you feel in six months. Deal?

http://www.thestreet.com/p/rmoney/jimcramerblog/10633136.html?cm_ven=GOOGLEFI
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"Also, for those who are against the government creating jobs"

When did Cramer become such a TITANIC MORON!!! I can't believe I used to actually like the guy.

Newsflash: Yo Cramer!... other than actual "government" jobs (which are paid from money taken out of the private sector) It's the private sector itself that creates jobs! You MORON!!!
 
Quote from econochrist:



what about all the carriage drivers and horse businesses put under by the model T? same thing, times change [/B]
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The Model T was the invention of a private company and provided consumers with a superior product to what was currently available. A little different than government mandated destruction of individual traders, wouldn't you say?
 
Quote from ksharmon:

Still more from Cramer

Random musings: I am still being cursed at by traders for saying that I think that a trader tax is a bad idea but others are worse. I truly think that the people who spam me should recognize what I do for a living -- I try to help them make money. My stand on a tax has nothing to do with that. My worries that Congress will do far more than this tax if we are not careful is clearly not being heeded. To which I say, don't be pennywise. Fight everything you want, but recognize that the wrath of Main Street is upon us. Also, for those who are against the government creating jobs, my advice -- go homeless, like I did. Let me know how you feel in six months. Deal?

http://www.thestreet.com/p/rmoney/jimcramerblog/10633136.html?cm_ven=GOOGLEFI
More...


Go homeless like he did? That might very well happen to some people if this type of tax is put in place.

This guy is the biggest joke on TV. Anything he says needs to be taken with a grain of salt. Remember his buy Bear Stearns call a week before it imploded.

We should really start a boycott of the his show and Bernett's Street Signs if they keep throwing us under the bus like this.... I have join in if you like.
 
Quote from Anaconda:

This has been discussed to death and so few of you actually understand what is going on.

It's very simple. The major Wall Street banks will get exemptions and the rest of the traders, particularly the small retail daytraders will go bye bye from the industry. That should create more applicants for the Armed Forces and Obama's "volunteer" programs, while Goldman and the gang get to enjoy fat ass margins on market making and prop trading.

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do you feel prop traders who are under the sec will have to pay the tax or do you think prop traders will be treated like the big kids like GSCO? btw GSCO makes a killing on their high commissions and their redi software :)
 
Ironic that the competition for low transaction commission fees that got rid of 50-100 bucks each way expenses, the invention of the net allowing regular means people to play the market, that the big boy playa's never liked, is facing a turn back the clock moment with this tax, as they planned it would.

Look, they use dark pools to gain edges, now this unholy alliance with Washington will allow them to even fool the general public into thinking the same Wall Street they bailed out is being punished by this tax, when in fact GS will get exemptions, and the little guy will be destroyed.

Some argue here "how can they logically justify exemptions?" but they will, simply by saying they and MMs "make" markets, etc. and so they must get special deals, and so on.

People never seem to learn pols do not want to solve problems, they are looking for control, power and re-election, they are not for regular people, they serve elite interests, and do not care what anyone not helping them think, hence the health care bill, stimulus, etc.

But fat cats on Wall Street do not care, they would love to return to the days when piddly day traders and the net are not a factor and to play means you gotta actually have a paid super costly SEAT on the actual exchange floor! LOL.
 
The whole reason this thing got so much airtime this past month was because of the goldman bonuses. Imagine if they get an exemption/ I can see an exemption for market making activity and a strict one at that. I doubt prop firms will be exempt. GS doesn't care to much about them. They are making real trades and need real exemptions for that. Again, we have no idea what exemptions might be other then for pensions and retirements as already stated. Just trade forex or futures in your ira because you can short and utilize margin with both of those products in a retirement account.
 
Quote from cactus_trader:

do you feel prop traders who are under the sec will have to pay the tax or do you think prop traders will be treated like the big kids like GSCO? btw GSCO makes a killing on their high commissions and their redi software :)
More...

http://online.wsj.com/article/SB10001424052748704533904574548171635921470.html?mod=googlenews_wsj

WSJ
Monday, November 23, 2009
By SCOTT PATTERSON

Sen. Ted Kaufman called Friday for the Securities and Exchange Commission to take immediate steps to stop so-called sponsored access, a common practice in the hot area of high-frequency trading.

In a letter to SEC Chairman Mary Schapiro, the Delaware Democrat said sponsored access, in which high-frequency traders use a brokerage firm's computer identification code to trade directly on an exchange, "creates systemic risk today."

Critics of the practice say a high-frequency firm using sponsored access, also known as naked access, without proper risk controls could trigger a destabilizing cascade of trades that result in massive losses for firm as well as the sponsoring broker.

Often the firms paying for sponsored access haven't undergone or paid for the same registration process as regulated brokers.

In an October speech that was delivered before the Securities Industry and Financial Markets Association, Ms. Schapiro said the agency expects to look more closely at sponsored access.

"I liken it to giving your car keys to a friend who doesn't have a license and letting him drive unaccompanied," she said.

SEC spokesman John Nester declined to comment on Sen. Kaufman's letter.

High-frequency trading accounts for more than 50% of stock-trading volume, according to industry estimates.

Earlier this year, the SEC moved to ban flash trading, which gives some high-frequency players an advance look at market flow.

Industry comments on the move are due Monday.

Sen. Kaufman said the agency shouldn't wait for a comprehensive review before suspending sponsored access.

A vocal critic of high-speed trading practices, Sen. Kaufman wrote a letter to the SEC in August calling for a broad review of market structure, which the senator said facilitated widespread unfairness and conflicts of interest.

Write to Scott Patterson at scott.patterson@wsj.com
 
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