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

Quote from Stok:

Exactly....Asia will NOT do the FTT, then when Europe and whoever else implents it....all trading/liquidity will go to Hong Kong. If they did it here in the USA, again...all trading to Hong Kong.
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EU leadership is oblivious to the world outside itself and the US. The Asian region is quietly expanding their financial operations. As a result of last year's Johnson Report recommendations, the Australian government budgeted substantially towards major financial centre expansion.

Sarkozy suggests that every foreign government comply, adjust and align their entire internal systems to accommodate his and Merkel's fanciful overtures. That is not going to happen.

Placating over-enthusiastic, wildly irrational proponents can be face-saving political strategy, but if this is their style then its reached tedious and possibly highly objectionable proportions.

(Also: rumblings of an early Canadian election, with likely return of Harper.)
 
Climate change fund? What is a Climate change fund doing? Sending more scientists to calculate the height of the snow in Groenland? Giving free money to every fisherman claiming fish have disappeared because of El Nino? rescue white bears in their lost habitat? Seriously...

And watch out, the french G20 will top Toronto in expenses. I am pretty confident Sarko will find a way to spend more than 1B$ on a useless forum where no decision is ever taken.:(
 
Quote from cstfx:

David Stockman (OMB Reagan) just called for a FTT to help close the debt while appearing on Bloomberg.
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It looks like Stockman also called for an FTT in a February 2010 OpEd piece he did for Politico:

http://www.politico.com/news/stories/0210/33412.html

"We could start with a transaction tax on Wall Street’s fevered money-spinning. Add a 3 percent consumption tax on Main Street to go with Obama’s plan to soak the rich. Soon, you have a half-trillion-dollar boost to the nation’s depleted revenue base."

"But none of this has a remote chance of passing."

-Guru
 
The French way (Sarkozy) is to consistently bombard the media with statements that we need to implement a global FTT. This is a moronic way of trying to pressure other countries, notably the U.S., Canada, Sweden, Japan, and I'm sure many more, into agreeing to a FTT. Their idiotic strategy will never come to fruition. Does anyone else notice that at the end of most press releases by these European FTT lovers, they always include something about their willingness to consider other methods besides the FTT? Gee, why would they say that? Because they know their far left ideology and demands for a global FTT won't happen. I can't wait for the G-20 meeting in France, and to see Sarkozy make an absolute jackass out of himself. He believes he can be the liberal savior and have all countries get on board with him. In the end, the G-20 will be Dien Bien Phu all over again for France. Can't wait to see that!!!!!! :D
 
Quote from listedguru:

Stockman was also calling for an FTT in his minyanville blog this morning:

http://www.minyanville.com/business...he-union-economic-recovery/1/26/2011/id/32394

c) "enact major new sources of revenue -- such as a transaction tax on Wall Street. On these tough anti-deficit choices, the president was utterly silent."

Let's hope Stockman's ranting's don't start swaying those in the Republican party (highly doubtful)..

-Guru
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(Extremely Doubtful)
Democrats have had super majorities in Congress for the last two years, and yet not a single FTT proposal was ever taken up for a vote, not even in committee. I would never worry about what someone from Regan's administration would say. Regan, and Bush Sr. had more moderate liberals in their admin. I believe it was Regan/Bush that ended up appointing some liberals to the U.S. Supreme Court during their tenures as President if I'm not mistaken. Stockman is a clown, who's ranting will fall on deaf ears with today's Republican party.
 
It's interesting that France seems to be focusing on calling for an FTT on currency trades. Here's a Dow Jones piece which points out some very good points:

FOCUS: French Currencies Tax Proposal Grates Nerves:

http://online.wsj.com/article/BT-CO-20110126-706173.html?mod=WSJ_Banking_middleHeadlines

"French proposals to impose a new tax on foreign exchange trades pose a serious threat to a market that's crucial to world trade and investment, industry insiders say."

"There is no evidence to suggest that a tax on every currency transaction would offer any economic benefit," said Bill Dodwell, head of tax policy at Deloitte U.K."

"It would be tough for any authority to capture and tax currencies trades, as no single system exists to conduct or process each one. Setting up one such a trading tool would concentrate counterparty risk so intensely that it would create "the mother of all systemic risks," according to one senior currencies banker, who did not wish to be named. "If that system goes down, global trade stops. Simple," he said.

-Guru
 
CNBC lunchtime - Trumpka attacking the street again

One idiot comment from him so far that Reagan back in the 70's put this country on a path of low wage earners
 
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