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

Obama faces bill to introduce trasaction tax:

http://www.gfsnews.com/article/3374/1/Obama_faces_bill_to_introduce_transaction_tax

US opposition to a financial transaction tax will be tested with a draft bill likely to be proposed as early as next week, according to reports.

Senator Tom Harkin and representative Peter DeFazio have reportedly joined forces in a second bid to establish a US version of the tax on instruments such as stocks, bonds and derivatives.

However, with government debt in the spotlight and gains made by the tax's proponents in Europe - not to mention the public outcry against the financial sector epitomised by the Occupy Wall Street movement - the congressman are hoping to stir a change in support.

Quoting an aide, Investment News says that Harkin has yet to decide the rate of the tax, but has decided to put forward the bill when the Senate comes back into session next week.

The move will coincide with the G20's November summit in Cannes between 3 and 4 November, where European leaders will push Obama to accede to a worldwide transaction tax.

However the White House and US Treasury are believed to oppose introducing the tax. Treasury secretary Timothy Geithner has previously hit out at the levy, which he believes would only harm the spluttering recovery from the financial crisis.

The White House has yet to return a request for comment from Global Financial Strategy on its view.
 
Anyone who thinks the FTT can't happen here should pay close attention to what just happened in the Netherlands. For over a year Jan Kees de Jager, the Dutch Finance Minister, has said that the FTT would be a financial disaster and would drive jobs and capital out of Europe. He was absolutely adamant that the Netherlands would only support the FTT if it was global. The last time he said this was less than two weeks ago. Eleven days later he whimpers his support for the FTT with his tail between his legs.

This is how quickly things can change. Eleven days.

Call, write, fax and email your congressional representatives. Tell them where you stand on this issue. The US Congress is all that stands between you and the FTT.


Quote from listedguru:

De Jager Says The Netherlands Won't Block a Transaction Tax:

http://www.bloomberg.com/news/2011-...etherlands-won-t-block-a-transaction-tax.html

Dutch Finance Minister Jan Kees de Jager said the Netherlands won’t block the introduction of a European financial-transaction tax, while “acknowledging” a worldwide introduction would be more effective.
De Jager was speaking to members of the Dutch parliament in The Hague today.
More...
 
Our comments on media boards, and petitions to Congress may not be enough. Why don't we match the opposition by protesting with our own signs in the streets, at well planned events and locations? Let's protest across the street from them. Let's start with that 10/29 Robin Hood event.

Signs:
OWS lies - they are the 1% - perennial hippie protesters.
OWS wants to fire 200,000 small-business traders by taxing trades.
OWS wants us to lose our homes and families.
Nurses should fix healthcare, they don't know finance.
Unions are bankrupting America.
Wall Street Tax will cause a Flash Crash
Occupy a Job, this is not Woodstock

What's your sign?

Join www.tradersadvocacy.org . I set up this new Web site so it's separate from greentradertax. It's time for us to step it up and play hard ball.

I saw OWS in Columbus Circle NYC Fri night and it's the same hippies I've seen my whole life. For them it's a party. They love protesting. Save the dolphins, Greenpeace, anti-globalization and G-20, and now OWS and FTT. To lose to these losers is ridiculous. Let's hit the streets and awaken the Tea Party to join us.
 
This should help to a degree.



http://www.newsmax.com/InsideCover/occupy-wall-street-/2011/10/25/id/415698


Mainstream Media Losing Interest In Occupy Wall St.
Tuesday, 25 Oct 2011 05:00 PM


"Occupy Wall Street" is occupying less space in TV broadcasts, newspapers and social media as the story settles into a familiar pattern and protesters dig in for what could be a protracted fight.

While the movement's reliance on Twitter and Facebook to spread its message is well established, it has also benefited from becoming a media curiosity, at times drawing legions of TV crews and reporters to its encampments. Coverage fed on itself, as more people joined in more cities.

But experts say the protests are now making a natural -- yet challenging -- progression off the front page and cable news, as new events like the death of Muammar Gaddafi take prominence.

Any loss of the limelight, especially when the onset of cold weather has already started to reduce the ranks of protesters prepared to camp out overnight in lower Manhattan, could dampen the momentum of the movement.

"Without the oxygen to fuel their fire they're very much at risk of losing relevance," said Daniel Tisch, chairman of the Global Alliance of Public Relations & Communication Management, a confederation of national PR societies.

To some extent, even the protesters agree they are likely to get less attention as time goes by.

"People know what the general storyline is," said Senia Barragan, a protester from New Jersey acting as a spokeswoman for the occupation when not working on a doctorate at Columbia University. "I think they're moving on to other stories."

The loss of media interest is the latest roadblock to Occupy's momentum.

Experts on social movements have said the protesters need a "second act" of sorts as fatigue sets in and as cold weather starts to descend on New York and other protest sites.

In the days leading up to a series of worldwide protests on Oct. 15, there were practically as many reporters as occupiers at Zuccotti Park in lower Manhattan -- to the consternation of some protesters, who started charging to have their pictures taken.

But with more than five weeks gone since the concrete plaza was first taken, the media's fascination with the story has started to wane.



DOWN SHARPLY LAST WEEK

The Pew Research Center produces a weekly News Coverage Index, which charts what percentage of total news coverage across dozens of outlets is taken up by a variety of topics. In the week ended Oct. 16, coverage of Occupy Wall Street peaked at 10 percent of the total "newshole."

But last week it fell sharply to just 4 percent of news coverage, according to the latest version of the index, about the same as the mass release of exotic animals in Ohio.

Other data also support the finding. The Factiva news database shows 18,341 mentions of "Occupy Wall Street" in the week ended Oct. 23, down 19 percent from the week prior.

While mentions rose daily during the week ended Oct. 16, the numbers declined steadily the following week. From Oct. 17 to 23, the number of daily uses of the phrase fell by more than half.

Even on those social media platforms that have been a backbone of the Occupy protests, there is less attention now.

Trendistic, a website that lets people monitor Twitter trends, shows clearly that the "#OccupyWallSt" hashtag has been declining as a percentage of overall hashtag use worldwide since Oct. 15.

The same holds for other popular tags of the movement like "OWS" and simply "Occupy."

TV data is harder to come by, but anyone who has spent any time at Zuccotti Park over the last month can tell there are fewer TV operations than there were before. On Monday morning, there was just one satellite truck and a small handful of foreign camera crews.

Media watchers said all of these changes were to be expected in the context of what has been an extremely busy news year thus far.

"There's a lot of other things going on. This could just, instead of being front page news, be relegated ... further in the newspaper than the front page," said Brad Adgate, senior vice president of research at Horizon Media. (Reporting by Ben Berkowitz; editing by Edward Tobin)

© 2011 Thomson/Reuters. All rights reserved.
 
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I also think it would be a good idea for everyone on ET to call their brokers, talk to management and find out what they're doing to fight the FTT. After all, they have as much at stake here (or more) than we do.

I called two of my three brokers about a year ago. One was only vaguely familiar with the FTT. The other seemed remarkably unconcerned, saying the FTT wasn't going to happen in the US. I think it's time to turn up the heat on our brokers and express our concerns.

If large numbers of clients call (emails are too easy to ignore) their brokers, maybe we can:

(a) Educate them, if necessary.
(b) Put some pressure on them to fight the FTT. (e.g., contribute to political candidates who oppose the FTT, particularly if they're running against a pro-FTT candidate.)

I'm not sure what else the brokers can do, but we need to enlist them in this fight with us.


Quote from Robert A. Green:

Our comments on media boards, and petitions to Congress may not be enough. Why don't we match the opposition by protesting with our own signs in the streets, at well planned events and locations? Let's protest across the street from them. Let's start with that 10/29 Robin Hood event.

Signs:
OWS lies - they are the 1% - perennial hippie protesters.
OWS wants to fire 200,000 small-business traders by taxing trades.
OWS wants us to lose our homes and families.
Nurses should fix healthcare, they don't know finance.
Unions are bankrupting America.
Wall Street Tax will cause a Flash Crash
Occupy a Job, this is not Woodstock

What's your sign?

Join www.tradersadvocacy.org . I set up this new Web site so it's separate from greentradertax. It's time for us to step it up and play hard ball.

I saw OWS in Columbus Circle NYC Fri night and it's the same hippies I've seen my whole life. For them it's a party. They love protesting. Save the dolphins, Greenpeace, anti-globalization and G-20, and now OWS and FTT. To lose to these losers is ridiculous. Let's hit the streets and awaken the Tea Party to join us.
More...
 
Quote from FightTheFuture:

The Robin Hood Tax: Occupy Movement now Marching Straight Off the Globalist Cliff

"The Robin Hood Tax - where the 99% end up giving the 1% even more of their hard-earned cash."

http://www.globalresearch.ca/index.php?context=va&aid=27322
More...

Great read. Unfortunately, these OWS wackos will never understand this....the liberal global socialist machine is in full force & control behind the curtain. I'm just amazed I am seeing this in my lifetime.
 
Here is some color on the upcoming Defazio ftt bill although it doesn't name the rate. The info comes from the Huff post:

The big threat that the Wall Street apologists have always used is, 'My God, all of our firms will move to Europe,'" Rep. Peter DeFazio (D-Ore.), the House sponsor, told HuffPost. He noted that London already has a small fee on some transactions, yet "I haven't noticed the people fleeing Fleet Street."

DeFazio has introduced a version of the transaction tax in the past, but said this year's bill will be different. Previous proposals set a considerably higher rate, but included carve-outs for small investors and pensions funds. The new tax will be flat.

"We've decided to go with a substantially lower rate, agreed upon by a number economists who we are consulting with, that would both raise the significant amount of revenue but would not be a burden on legitimate long-term value investors, but would be a real burden for people who trade" in extremely high volume," he said. "It would be problematic for them."

"If the EU were to implement a tax, then [Wall Street traders] basically would ... have nowhere to go but Third World countries. Or maybe they want to go live in China," said DeFazio.

While the Wall Street tax would raise a significant amount of revenue, its primary goals are to make lightning-speed speculation less attractive and to help stabilize the markets.


Any guesses on what the rates going to be? He says it's substantially lower than before. I think it's most likely going to match the 0.1% that the EU is pressing for...

-Guru
 
"If the EU were to implement a tax, then [Wall Street traders] basically would ... have nowhere to go but Third World countries. Or maybe they want to go live in Canada," said DeFazio.
More...
 
I hate to say this, but if these ftt people where smart, they would make the tax about the same as a commission. It wouldn't destroy liquidity like the proposed rates and be revenue net negative, but still bring in their hooker money. So for a $100,000 purchase, a $10 tax....not this $200 tax in and out shit that would kill every market in the world.

I absolutely hate Defagio....just a picture of him reeks of liberal socialism. He is a loser from the NW in la la land.

All of this might lead to another revolution, but it will be the Constitutional conservatives verses the whacked out liberals. It will be the middle 80% of the Country against the entire west coast and the north east coast. I bet I see this in my lifetime. Liberals are hijacking and destroying America and a war is quietly brewing.
 
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