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

Quote from libertad:

..The IMF will never approve it....never....

The IMF understands that Banks would have to be exempt for the market making function....

If there is no market making function ....there is no market....

A Tobin Tax will therefore not tax banks....

This issue will come to the surface sooner or later....
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That would be true if they had a long term view on things.

Unfortunately, their priority is to tap into people current anger, for their own short term ambition/self interest. Just like Brown with the coming elections.

Surfing on this populist wave now is so MUCH rewarding in the short term that they can accept the risk of future criticisms on how it was implemented. They can figure that out later if they haven't already.

History repeats.
 
i am gonna sum it up for everyone to understand. defazio bill in the us is dead i will repeat his version has no chance to pass. reason being he doesnt include any exemptions for the professionals. the international version if it passes here in the us and throughout the world would be identical to that of the stamp duty tax in the uk presently. small retail pays the tax big banks member firms get exemptions. thats the only way it can work. so yes people from gs as well as those who trade with bright etc will be exempt for liquidity providing purposes. nothing to debate here thats it in a nutshell. so if you are asking if theres a way around the tax yes stop trading for yourself and trade professionally.

ps i know somewhere don is smiling brightly no pun
 
Quote from lurefo:

That would be true if they had a long term view on things.

Unfortunately, their priority is to tap into people current anger, for their own short term ambition/self interest. Just like Brown with the coming elections.

Surfing on this populist wave now is so MUCH rewarding in the short term that they can accept the risk of future criticisms on how it was implemented. They can figure that out later if they haven't already.

History repeats.
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One sentence....


The TT tax only will tax retail....and will not tax banks...

If the populists understood that "they only" would be paying the tax and not the banks....they would still want the tax ?

How stupid can it get ?
 
I agree that Defazio's bill would not pass without exemptions, but thats what happens when congress and senate debate the bill they will fine tune it. There will be exemptions, but now as I hear some rumblings there will be exemptions for market making but they will be very strict with it in other words the big banks get what exemptions are needed for market making but prop firms will not get it. For example if goldman has the exemption which we know they ultimately would, it doesnt flow through every aspect of their company. From what I hear those who will offer up exemptions if this bill even makes it that far, will constitue that a market maker make a continuous 2 sided bid and offer as by definiation of a market maker during business hours to get the exemption.
 
Quote from rsikit:

I agree that Defazio's bill would not pass without exemptions, but thats what happens when congress and senate debate the bill they will fine tune it. There will be exemptions, but now as I hear some rumblings there will be exemptions for market making but they will be very strict with it in other words the big banks get what exemptions are needed for market making but prop firms will not get it. For example if goldman has the exemption which we know they ultimately would, it doesnt flow through every aspect of their company. From what I hear those who will offer up exemptions if this bill even makes it that far, will constitue that a market maker make a continuous 2 sided bid and offer as by definiation of a market maker during business hours to get the exemption.
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This type of policy would be very similar to the current govt. policy and interest rates....

Borrow at 0% and loan to the govt. for 2%....

A mms paradise.....

Thus this will give control of the market back to the banks....

Just another "bank" gift.....

The populists want this ?

To give more gifts to banks ?
 
why are we still talking about this? geitner and obama said no way so thats the end for now. all agree it would have to be implemented world wide and thats not happening anytime soon. most big senators have hardly heard of it so far. its a dead deal for now move on.
 
Quote from jnorty:

why are we still talking about this? geitner and obama said no way so thats the end for now. all agree it would have to be implemented world wide and thats not happening anytime soon. most big senators have hardly heard of it so far. its a dead deal for now move on.
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I would not be so sure for now, and to move on and not fight something while it is actually gaining steam worldwide is not the answer. Obama has said nothing, and Geithner has said he has not seen a working tax YET. So there is always an out, and as long as we are in a huge debt hole anything can happen. So we all can agree it has a small chance of happening but any chance of happening no matter how small is a big deal that we need to fight.
 
Quote from jnorty:

why are we still talking about this? geitner and obama said no way so thats the end for now. all agree it would have to be implemented world wide and thats not happening anytime soon. most big senators have hardly heard of it so far. its a dead deal for now move on.
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Geithner never said "No way" and Obama hasn't said a word about it so stop making stuff up. Furthermore, Geithner has zero votes in the house or senate.
 
Quote from cstfx:

Why you will never get a global consensus on a financial tax referendum:

http://www.telegraph.co.uk/finance/...its-hands-with-glee-at-Londons-bonus-tax.html

Granted, the article in in reference to bankers pay, but if attitudes like this exist (taking advantage of another's situation) then this tax will fail.
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Good old Switzerland, what I do not like is how this past year US has started closing off loopholes in tax system to switzerland. I am afraid Swissy might be afraid to take US business or may bow to US when it comes to whatever tax laws we want to pass
 
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