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

What is gonna happen, is that if this tax seems more and more likely...like right now...the markets will go into free fall...wiping out Billions, if not Trillions of wealth...that is the only way for wall street to make a statement.

Imagine us going down 20% in a few days...seeing more wealth destroyed than this tax would even bring in. It would cause the "main street" folk (who are the ones paying this tax anyways, not the wall street banks) to get PISSED.

Just playing out scenarios in my mind is all...but the sell-off yesterday afternoon and today is related to this tax...period.
 
Quote from SplitFire:

what about the CL oil contract, the CL is 1000 barrels =1 unit so the nominal value of 1 cl contract is around $76,000
is this right?
More...

Yes, so you would pay $30 R/T

But what you are missing is that liquidity in all futures market will dry up big time...making it even more hazardous to trade.

Sheesh, its hard enough to make a profit with $3-4 R/T commish...now we are fighting an uphill battle is trying to recoup tax and the larger spreads.

I think stock trading will be destroyed with 0.25%...seriously. Expect what used to be 1-3 cent spreads to become 10-50 cents. and you won't be able to move a whole lot of stock with big spreads and 50-70% less liquidity.
 
It was Politico that made up a story about Joe Lieberman saying that he wouldn't be filibustering the health care legislation after all, after reaching a deal with Harry Reid. All of which ended up being not true!!!!! Is there any other news source that has a story about Geithner apparently changing his mind on the tax, other than Politico?
 
Quote from bears21:

this is what i hoped all along the only way it gets passed is globally which the chance of that happening is zero nada never will happen. this has never been done to this extreme nor will it. but domestically this had more of a chance because the control factors own the majority as of now. but globally not a chance
More...

................................


1000% correct


Personally .....I hope it all moves to Switzerland....

ALL OF IT !!!!

Away from the idiots.....no longer in the "idiots" jurisdiction....

The US is quickly becoming a giant Haiti because of these fools....

An all out "populist" race to the bottom....

THIS is not about traders....

THIS is about HURTING someone who hurt me.....Making them pay....

Similar to blaming the black man for raping the white farmers daughter....when the black man was not even on the farm....
 
Obama was just talking on the road in PA to mainstreeters, and said there was a lot of funny business going on in Wall Street. That shit doesnt help
 
Quote from rsikit:

Well I was pretty disappointed with how that went, atleast Larry was there to ask some questions. I am not sure if that helped the cause at all. They are pitting a trader against and Economist, thats a tough one.
More...
For sure, but I thought that Scott missed a crucial opprtunity to get it thru to CNBC the math they're not seeing when Melissa asked him why Main St.(loses jobs)? Wished he had said 1000 shares WMT stock = $270 in taxes = END of active investing/short-term trading = end of amtd/etrade/fidelity etc., = million Main St. jobs lost. For some reason as I've said before, NOBODY sees what we see.
 
Quote from bears21:

this is what i hoped all along the only way it gets passed is globally which the chance of that happening is zero nada never will happen. this has never been done to this extreme nor will it. but domestically this had more of a chance because the control factors own the majority as of now. but globally not a chance
More...

Yeah ! That's exactly that ! Globally there isn't a chance as long as a country like Switzerland has the obligation to respect the vote of his people ( it's called direct democracy )... Under big threat now since a vote on religious issue ( not the subject ).

However if they succed in implanting it, it's over for low volume style... But if the goal is to remove the financial power of the market outside of the US it will be a great success for those having this agenda... Don't be fooled they are a lot of people wanting the market at home...

Quote from Stok:

What is gonna happen, is that if this tax seems more and more likely...like right now...the markets will go into free fall...wiping out Billions, if not Trillions of wealth...that is the only way for wall street to make a statement.
More...

As long as they have the printing press in their hand, I don't see how it could happen... I am surely wrong...
 
I see absolutely no other news source whatsoever indicating that Geithner is re-considering his stance on the trader tax. Politico appears to be the only one that says this, and since their reporting seems to be made up half of the time, I wouldn't give much cred. to this. I see a few blog sites that have spread the story from Politico, but again, no other news outlet saying this, not even trader tax loving CNBC. If this were true, CNBC would have this as a breaking news story plastered all over their website, and on T.V.
 
maybe we could all just trade in a retirement account and pretend this never happened...i realize there would be a 10% withdrawal penelty, but that is still better than this tax which will put us out of business.
 
Geithner did not agree on "Politico"...

Did not support it "at all".....

..................................................................................

Getting greater clarity on Treasury’s position is difficult.


“She said that Geithner felt he had been misrepresented,” said House Financial Services Committee Chairman Barney Frank (D—Mass.), who was present in the leadership meeting when Pelosi discussed her conversation with the secretary.


But after promising a quick response Thursday, the department waited more than three hours before saying it would have no comment beyond passing on a month-old transcript of Geithner’s remarks in Scotland Nov. 7.


Those remarks were more nuanced than a truncated but widely quoted excerpt from a Geithner television interview that appears to flatly oppose such a fee. But Treasury refused to provide more clarification of where secretary stands on the issue or whether he felt his views had been mischaracterized.


Going forward, the secretary’s support is vital to the speaker’s vision of applying the fee globally to protect American competitiveness—a concern Geithner is said to share. But the administration has its own self-interest and will need fresh revenue sources as it deals with the deficits projected next year and beyond.



http://www.politico.com/news/stories/1209/30200.html
 
You must log in or register to reply here.
Back
Top