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

Quote from TPCS:

Here is the member who sent the IMF the ET link. What the hell were you smoking that made you think that was a good idea?
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Thanks for finding the source! I have asked TimeCorrosion via PM to request to remove the elitetrader reference. Hopefully he is able to remove the reference to elitetrader. Easy mistake to make:cool:
 
Quote from MrPowerBallad:

It sounds like the celebs are going to be throwing a lot of money into their British campaign for the trans tax . . . Movie theaters and billboards? Really???

<b>"Starting soon, in movie theaters, advertisements, and billboards, St. Madonna will appear, like a vision, and explain that there should be a transaction tax on the banks."</b>

http://trueslant.com/laurieessig/2010/01/22/st-madonna-saves-us-from-greed/
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I'm thinking we need to try a different approach with celebrities. Assuming that no-one is willing to stalk Madonna:D I think we have a couple of options. Either we:

(1) Write individually to Madonna, Paltrow, Mr Curtis in a not too technical manner, explaining how their actions would destroy our livelihoods, how their proposal is misguided and not an attack on bankers but is an attack on savers, hedger, investors and traders (th 'SHIT tax'), another attack on main street by the wealthy fat cats. If they want to fight poverty they should donate to the Robin Hood Foundation, founded by speculator Paul Tudor Jones.

(2) We go on the attack. We make our own proposal for a 'celeb tax' on those that that derive money from 'economically useless' activities such as personal entertainment. We boycott all movies, records and products sold and endorsed by the celebs involved.

(3) We ignore it completely. They will live in blissful ignorance and feel they are 'giving something back to society'. We do not react with anger, but politely point out that we should not be taking advice on the economy from celebs, we keep faith in the public's ability to see through their BS.

I get particularly disappointed with celebs attacking capitalism, the system that enabled them to make their riches...go to North Korea and Cuba and good luck finding any millionaire celebs...
 
Quote from ZeroSigma:

Point taken. But you see, the IMF editors/moderators turned out to be rather selective...
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ZeroSigma, did you provide your details to the IMF, they did not accept anonymous comments?

IMF: "The comments, inputs and suggestions received will be treated in a confidential manner. Anonymous comments cannot be considered. All participants need to provide the following information: name, last name, organization, e-mail and phone number."

You should try again if your comments were not accepted, perhaps send your email from a company email not hotmail/yahoo etc. Perhaps ask some family member to help out.

It is funny that the 'what the fcuk' comment was accepted and not your very technical arguments that you clearly worked on for several hours or days even:D
 
Quote from Robert A. Green:

Darling is right on in times online. There is no magic too big too fail amount, activity or concept. It's the connectivity. Little AIG Financial Products was the corner stone that cracked and crashed the castle. Trading is used by banks to reduce risk as much as take risk.

Does anyone really think that Obama who never spent anytime in financial services or business or even economics understands one iota about how wall street works. Obama does know acorn and Chicago-style corruption. So he automatically thinks that wall street must be a bunch of Chicago-style political crooks too.

Obama panicked with Scott Brown and rolled out the volcker rule without proper coordination with the UK and G20 as was previously agreed too. Geithner was in line and leading us well. Certainly the US was supposed to wait for the IMF April report and the G20 was supposed to decide on issues together. Darling and others including banks are probably all fuming at Obama. Geithner must be embarrassed and cut off at the knees after his hard work to forge cooperation. The Obama financial bombshell was faster than bush jumping ahead of the UN in Iraq and certainly as unilateral. Has Obama fallen so hard and so fast that he could lose it in just a month's time? It's clear from news today about Axelrod's all political hands on deck that the white house is panicking about the midterms. Too bad this has reopened the FTT on all forums in the UK. Still think the IMF will say insurance levy over fee or tax and they may want to hold some of those premiums not trusting governments to safeguard the cash. Boycott celebrities that call for a FTT saying you need to redirect that socially useless money for their entertainment to these new taxes. iPhone
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Even if the FTT was endorsed by the IMF, which it won't, with Scott Brown now in the Senate, the Republicans can block it from happening, so long as they all stick together. On something as catastrophic as a FTT, I cannot see one GOP senator supporting that. Obama is definitely in major panic mode because of Brown's win in MA. Once the Republicans take the House majority, and win at least 5-6 senate seats in November, we will be able to breathe a little easier on this FTT garbage.
It appears as though Obama has mentioned many proposals to hit the banks with, but has not mentioned the FTT idea. Is it possible that even a liberal radical like him understands that a FTT is not feasible? I'm thinking that deep down maybe he knows this, and that these type of taxes will end up harming main street more than it will wall street. In addition, I'm thinking that he would not go along with this tax unless it was a global proposal that the IMF gave it's stamp of approval on. That April IMF report will be very important.
 
Quote from seasideheights:

Senator McConnell on Meet the Press says Deficit Reduction Committee details this week. Debating various proposals on how it will be set up.
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I'm getting kinda of mixed feelings about this deficit reduction panel being set up. In some ways, I think it may benefit us in that it will require at least two votes from Republicans for any proposals to move forward. Plus, I thought I had read something that said Treasury Secretary Geithner would be one of the Democrats on this panel. Also, I'm thinking that having this panel would really diminish the power of idiots like Defazio, who keep drafting one useless FTT bill after another. I also think it's highly unlikely Defazio would ever be chosen as one of the Democrats on this panel, since he is very much in Obama's doghouse.
On the other side, I had read that if the panel approves a tax proposal, then it would go to congress for a straight up and down vote, with filibusters not being permitted. So it would basically be a simple majority vote to enact tax legislation.
 
Celebrity FTT promoters. Good last post on this and we should do all three suggestions. Write to them and explain our problems with FTT. Also tell them they should refrain as we are starting a boycott. Why charge a tax on us when people can donate their ticket money to charity. Why aren't celebs donating entire pay packages to charity? How about donating all product income one month after their huge free promotion on aide shows?

Aren't celebs big tax cheaters and avoiders? Some never pay their taxes - there is a long list - and others move to tax havens like Monte Carlo. Should an industry of super rich fat cats who are known tax evaders be leading the charge to tax America's and Europe's middle-class? Celebs have little regard for ticket prices with their greedy salaries jacking up prices. Please get us email, thread and media links to bombard with these messages. Hollywood reporter, vanity and others. We have no time to waste these promos have probably already been produced and loaded into trailers. Part of Haiti aide. That huge TV special Fri was oxfam the big FTT pusher. iPhone
 
We need some celebs on our no tax increase on the middle class side too like comedian dennis miller who does fox news alot. Same list from the presidential election. They can block and tackle the socialist-celebs on their own stomping grounds.
 
Again, I think it's pretty much pointless to rant and rave about how this tax will effect us traders. As soon as they hear that, they tune out our message. The same goes for trying to argue (using math) that this tax isn't small, etc. They don't care if it puts us out of business, they associate us with Wall St. and being part of the problem.

IMO, instead of focusing on how this would be detrimental to small traders, or how we provide liquidity and didn't cause the crisis, we need to focus on how this would be detrimental to the entire middle class. Either the big guys will be exempt, or they will pass on any additional costs to us, their customers. Either way, the middle class gets hurt, not "Wall St". That message is our best chance to get more people on our side.
 
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