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

Quote from rc8222:

This proposal will not go anywhere. If it ever did, within minutes, the CME would hold a news conference to announce their move to another state, which would cause Illinois to lose thousands of jobs almost instantly.
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CME already considering expansion in Texas. That would be a HUGE ostrich feather in Gov. Perry's cap.
 
Quote from keeptradin':

CME already considering expansion in Texas. That would be a HUGE ostrich feather in Gov. Perry's cap.
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It sure would. If these socialist libertard Douchecrats and their shit for brains union followers try to force this tax into implementation, Texas will be ready to take it over. I would love to see the exchanges in Chicago make the move right now. Then let's see these liberal ass wipes try to protest in the state of Texas. lol
 
Reminder: This is a thread read by professional traders & industry executives. It's currently being hosted on a retail trading board in order to raise the awareness of retail traders. Please refrain from personal attacks on others & post as you would if you were talking to leaders in the trading/investing world. ...because, you are.

Thank you.
 
Quote from tomdavis:

A friend of mine in Sweden says the "I'm for the FTT if it's global" statement is a way for politicians to say they're for it, while really being against it.

Here's the situation: In most EU countries, the FTT has 65% popular support. But at the same time, many politicians are smart enough to know that the FTT will destroy their financial centers. They also know it will be virtually impossible to get the entire world to agree to an FTT, so that gives them an out; but at the same time they can pander to the public by saying they support the FTT "if it's global." It's a ridiculous game of "I'm for it, but I'm against it." It's crazy, but that's politics.

Put yourself in Cameron's position. Over 60% of the British public supports the FTT. But he also knows that the FTT will burn London to the ground. So he says that he'll support it if it's implemented across the entire world.

The Swedish and Dutch Finance Ministers recently said the same thing.
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+1
 
[...][Financial secretary to the UK Treasury] Mark Hoban went on to brand European proposals for an EU-wide financial transaction tax as ‘ill thought through’, arguing it would 'weaken and not strengthen the economy'.

'At a time when Europe needs growth and the job it creates, it is hard to see why the EU should try and push ahead with this tax, as even the Commission itself notes the significant potential costs from the tax... a reduction in EU GDP of as much as €216bn,’ he said.

http://citywire.co.uk/new-model-adv...ion-plans-could-distort-advice-market/a531562
 
Merkel and Sarkozy

"...referred to a tax on financial transactions. That was in mid-August. Last Sunday evening they stood there again, and this time they talked about recapitalizing banks. By the start of November, they said, Europe's banks must be stabilized. What happened to the financial transaction tax between those two meetings?"

http://www.spiegel.de/international/europe/0,1518,791151,00.html

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Perhaps Germany and France really don't like the FTT since both countries abolished their FTTs in 1991 and 2008. Or perhaps the European Commission's Impact Statement for FTT released last week reveals, at the proposed introductory rate, admits there will be an annual GDP loss of 0.5 percent. That's €61 billion or 500,000 lost jobs before the tax rate goes up.
 
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