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

With the UK passing the banker bonus tax and it being absorbed by the banks rather than their employees - which snagged US banks doing big business in the UK - the US probably figured it had to move it's TARP Tax payback program up faster. To get their share of the global banker shakedown and act before the rest of the EU does too. Notice the TARP tax snags foreign banks. Next up will be the other major EU money centers like France or Germany unless they are still holding out for a wider financial transaction tax. Hopefully France and Germany will choose the UK or US approach instead. France said early on it would follow the UK lead. The bank and bonus taxes pay back bailouts. Will the EU still want a financial transaction tax on top - greedy taxmen - to fund global spending plans like poverty? Will increasingly important Asian money centers follow suit too? They may not be in lock step with the West and seek to win rich refuge banker business.
 
Quote from Robert A. Green:

http://www.nytimes.com/2010/01/15/business/global/15views.html

this article contradicts a WSJ blog article of tonight too. This articles says US banks are bank taxed worldwide so they can't escape.

Also says FTT is dead in Congress.

Few other points. 15 basis points is like a minor interest rate surcharge. Current FED lending rates to banks plus this surcharge fee is still at historically low interest rate levels. Explained on my blog.

Kudlow said other moves on banks were much smarter but he is wrong. Raising capital requirements, reducing leverage, and other restrictions would chase biz offshore and reduce bank profits. The government wants high profits and a fee for themselves.
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Robert,

I can't tell you how much I appreciate your postings and your insight. Keep them coming!
 
Quote from TraDaToR:

Strauss-Kahn:“It’s very significant that the part of the world where many commentators said you will have nothing done in the U.S. -- because Wall Street, banks and financial institutions are too strong -- is the first part of the world where a real proposal is made.”

http://www.bloomberg.com/apps/news?pid=20601068&sid=aVBTuR12VTZw
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Very nice quotes from DSK in that Bloomberg piece. It's probably a pretty good bet that the IMF report will closely resemble the US' bank levy plans (or some similar flavor). I would be shocked if the IMF came out in favor of a Tobin tax.

-Guru
 
Quote from TraDaToR:

Strauss-Kahn:“It’s very significant that the part of the world where many commentators said you will have nothing done in the U.S. -- because Wall Street, banks and financial institutions are too strong -- is the first part of the world where a real proposal is made.”

http://www.bloomberg.com/apps/news?pid=20601068&sid=aVBTuR12VTZw
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yeah, f*** off Sarkozy

http://www.telegraph.co.uk/news/wor...colas-Sarkozy-over-dirty-tricks-campaign.html

Don't f*** with DSK and the IMF.
 
why not tax everything at 100%?

... Because they'll still run out of money... why? Bacause Milton Friedman said so.

"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." Milton Friedman
 
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