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

Explorer · Sep 17, 2011

Italy "not enthusiastic" about FTT fearing that trade would migrate to other locations outside Europe.

(in German)
http://de.reuters.com/article/economicsNews/idDEBEE78G02O20110917

Ethanoid · Sep 17, 2011

When will the last day come?

Quote from zdreg:

the US never got its house in order. it has burdened future generation with debt which will eventually destroy the $US.

more on topic: for the Pollyannas on this thread the FTT is never dead.
http://finance.yahoo.com/news/EU-fi...tml?x=0&sec=topStories&pos=main&asset=&ccode=

tomdavis · Sep 17, 2011

EU Wrestles With Financial Transaction Tax, Bank Stress Tests

http://online.wsj.com/article/BT-CO-20110917-700914.html

...Still, the dialogue on a financial transaction tax has only just begun, said European Internal Market Commissioner Michel Barnier. He called the tax "politically right" and "financially practical."

The Belgian and German finance ministers threw their support behind the commission. "We will use all our strength of persuasion that it will come," said Germany's Wolfgang Schaeuble, who added that the U.K. made its doubts on the tax clear. The U.K. is Europe's biggest financial center and says it would only support such a tax if it is implemented around the world for fear that it could lose businesses key to its economy.

But U.S. Secretary Timothy Geithner, who was in Poland Friday to join the ministers, said the U.S. wouldn't back a financial transaction tax, according to European officials.

listedguru · Sep 17, 2011

http://finance.yahoo.com/news/EU-fi...tml?x=0&sec=topStories&pos=main&asset=&ccode=

"Belgian Finance Minister Didier Reynders indicated that supporters did not make much headway at the meeting but would raise the issue again at next week's meetings of the International Monetary Fund and the Group of 20 rich and developing countries in Washington, DC."

"We tried to put this on the table yesterday and today and it's more difficult, I must confess," Reynders said Saturday.

So let's see here the Europeans can't even agree on a ftt so there going to raise the issue again at next week's meetings of the IMF and G20. What the hell is wrong with these idiots? The IMF and the G20 have repeatedly said no to an ftt. If their so hellbent on introducing one do it on your own turf and watch everything implode. Keep us the hell out of your mess. Heck even Italy who had proposed an ftt on their own and then pulled it isn't on board with this.

Sorry for the rant but this is just getting really old.

-Guru

jackpearson · Sep 17, 2011

Geithner is a trader's best friend.

Any trader who knocks Geithner is ill-informed.

Stok · Sep 17, 2011

Quote from listedguru:

http://finance.yahoo.com/news/EU-fi...tml?x=0&sec=topStories&pos=main&asset=&ccode=

"Belgian Finance Minister Didier Reynders indicated that supporters did not make much headway at the meeting but would raise the issue again at next week's meetings of the International Monetary Fund and the Group of 20 rich and developing countries in Washington, DC."

"We tried to put this on the table yesterday and today and it's more difficult, I must confess," Reynders said Saturday.

So let's see here the Europeans can't even agree on a ftt so there going to raise the issue again at next week's meetings of the IMF and G20. What the hell is wrong with these idiots? The IMF and the G20 have repeatedly said no to an ftt. If their so hellbent on introducing one do it on your own turf and watch everything implode. Keep us the hell out of your mess. Heck even Italy who had proposed an ftt on their own and then pulled it isn't on board with this.

Sorry for the rant but this is just getting really old.

-Guru

Agreed. But we are dealing with liberal socialist who want to do anything and everything in their power to destroy free markets. I said earlier, let them do it...watch the disaster...then they will reverse it and it will never be brought up in our lifetime....it will be the next generations who will try again (we never learn history...i.e. Sweden).

All of the EU is f*cked.

Robert A. Green · Sep 17, 2011

FTT covered 2nd part of this CNBC article below. News today from the EU finance ministers meetings in Poland shows FTT faces a stiff uphill battle.

Germans don't want to pay for PIIGS. They would rather banks pay with FTT. When Geithner said the EU and ECB need quick bailout financing, the Germans said no, they want FTT instead. FTT can't possibly cover the bailout needs in amount or timing. The EU needs to help banks in the bailouts, not tax them more with FTT. The Germans aren't thinking clearly because they are trying to be so protective of their money and not taken to task politically for bailouts. Take FTT off the table it's not a realistic solution to the PIIGS sovereign and bank debt crisis.

Others are on the right track, as in the US 2008 meltdown, the fastest fire truck was capital injections to banks. An FTT will scare off investors into banks - as it's a tax hike that hurts business and profits - so FTT talk is counterproductive to raising capital. Geithner knows this well and I wish the Germans would listen to him. Geithner has been through this before in the 2008 meltdown and he has the experience.
-=========

CNBC.com Article: Europe's Banks Must Be Made Stronger: EU Ministers

EU finance ministers agreed on Saturday that European banks must be strengthened in the follow-up to July stress tests as a report said a "systemic" crisis in sovereign debt now threatened a new credit crunch.

Full Story:
http://www.cnbc.com/id/44560164

BA_Trader · Sep 17, 2011

I thought it was worth putting up this quote from Martin Armstrong here:

"I have said it before and I will say it again â the two words POLITICAL ECONOMY should have been divorced the moment they met. Just as we have SEPARATION OF CHURCH AND STATE to ensure freedom of religion, we now need SEPARATION OF ECONOMICS FROM POLITICS just to survive. This is just NOT working!"

...amen brother

sheda · Sep 17, 2011

What the hell is wrong with these idiots?

One could think that the EU is a seat of experts, but it is not, it is comprised of opportunists, that get appointed, of political people, that have a dream of how something should look, but no economists, no professionals, no managers, or any of the caliber you would find in the business world.

Known criminals from a long line of offenses, fringe political people, hardcore maoist, , old Soviet apparatchnics, and people that married good, and never have held a real job in their life, but always been on the political scene, apointee's and yes sayers is the mob that is the mainbody in Brussels.

The ramrods, Merkel, heads of the socialists parties, Sarkozy , Trichet, and their underlings, are in effect running the show. Will one go, another wobble head will take it's place, as the money squandered is fantastic, these people have made sure they are so overpayed for what they do, that everybody and his brother , wants to leve their country and get a post in Brussels.

ftrtrader · Sep 17, 2011

I couldn't have said it better... So true!

Quote from BA_Trader:

I thought it was worth putting up this quote from Martin Armstrong here:

"I have said it before and I will say it again â the two words POLITICAL ECONOMY should have been divorced the moment they met. Just as we have SEPARATION OF CHURCH AND STATE to ensure freedom of religion, we now need SEPARATION OF ECONOMICS FROM POLITICS just to survive. This is just NOT working!"

...amen brother