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

listedguru · Oct 31, 2011

Quote from MrPowerBallad:

Sounds like a good opportunity to make the FTT sales pitch to Obama:

Obama to meet Sarkozy, Merkel this week

http://www.reuters.com/article/2011/10/31/us-obama-g-idUSTRE79U40V20111031

It will be very interesting to see if Obama makes a public comment on the ftt or at least is quoted talking about it. I can't ever remember Obama specifically talking about the ftt. In the past he has mentioned taxing the banks but through more of a FAT tax type scenerio. All the US talk regarding it's opposition to the ftt has come from Geither. Hopefully if Obama talks about the ftt he flat out rejects it's and doesn't pussy foot around the issue or put his foot in his mouth (Pull a Biden, lol).

-Guru

Stok · Oct 31, 2011

Quote from listedguru:

It will be very interesting to see if Obama makes a public comment on the ftt or at least is quoted talking about it. I can't ever remember Obama specifically talking about the ftt. In the past he has mentioned taxing the banks but through more of a FAT tax type scenerio. All the US talk regarding it's opposition to the ftt has come from Geither. Hopefully if Obama talks about the ftt he flat out rejects it's and doesn't pussy foot around the issue or put his foot in his mouth (Pull a Biden, lol).

-Guru

My worry is this OWS momentum that the dem's are attaching onto. Obama could score massive kudo points if he hints to a FTT. I also read somewhere that when obama got into office he wanted a FTT, and at the time economic advisor (forgot his name) told him no.

listedguru · Oct 31, 2011

Quote from Stok:

My worry is this OWS momentum that the dem's are attaching onto. Obama could score massive kudo points if he hints to a FTT. I also read somewhere that when obama got into office he wanted a FTT, and at the time economic advisor (forgot his name) told him no.

I think Obama briefly mentioned the ftt at a campaign event long before he actually became president. I really don't think he understand the calamity of the ftt at that time. Since then it seems as though his advisors have steered him in the right direction (that the ftt is bad, lol). Not to mention that he's from Chicago and his former Chief of Staff Rahm Emanual is now the Mayor or Chicago the futures capital of the world. I remain confident that this administration is against the ftt. Not to mention this would be a non starter in both the house and senate. Defazio will find this out soon enough once he introduces his bill.

-Guru

DirkDigler · Oct 31, 2011

Sorry if this site has been posted already but just stumbled across it and thought it may be of interest. In short it's a VERY pro FTT site.

http://www.ubuntu.upc.edu/

tomdavis · Oct 31, 2011

Obama wanted the FTT as did many members of his staff. Larry Summers and Tim Geithner talked him out of it.

The only thing standing between traders like us and the FTT right now is the Republican majority in the House of Representatives. If the GOP hadn't taken the House last year, an FTT would be up for a vote right now. In the next month or so, Defazio is introducing an FTT in the House and Harkin is introducing an FTT in the Senate.

This is going to be a front-burner issue at least through the next election and probably much longer.

Quote from Stok:

My worry is this OWS momentum that the dem's are attaching onto. Obama could score massive kudo points if he hints to a FTT. I also read somewhere that when obama got into office he wanted a FTT, and at the time economic advisor (forgot his name) told him no.

listedguru · Oct 31, 2011

Quote from tomdavis:

Obama wanted the FTT as did many members of his staff. Larry Summers and Tim Geithner talked him out of it.

The only thing standing between traders like us and the FTT right now is the Republican majority in the House of Representatives. If the GOP hadn't taken the House last year, an FTT would be up for a vote right now. In the next month or so, Defazio is introducing an FTT in the House and Harkin is introducing an FTT in the Senate.

This is going to be a front-burner issue at least through the next election and probably much longer.

Well whatever the case I think Obama has been 'educated' so to speak with regards to the ftt. There is no chance this can get through the house not to mention it would be DOA in the Senate.

They had a chance to pass this when things were crashing down in 2008 and 2009 with democratic majorities in the House and Senate and it wasn't even brought up for a vote. That speaks volumes IMHO. Some may say I'm polyannish though (LOL).

I agree we need to remain focused on the ftt but I really don't think it's got much a of a chance here in the US.

-Guru

Stok · Oct 31, 2011

Well, I sure hope obama will once and for all make a statement that kills this FTT nonsense (at least for awhile) and make Germany and France reconsider. But Germany seems to be on a mission.

FightTheFuture · Oct 31, 2011

"Most observers believe the White House doesnât support a transaction tax.

The administration doesnât have to take a strong stand because it remains unclear that the tax will ever be enacted, Gardner added."

http://www.marketwatch.com/story/wh...o-be-pushed-at-g-20-2011-10-31?dist=afterbell

tomdavis · Oct 31, 2011

White House officials said they broadly support âthe goalâ of a tax on financial transactions under debate in Europe, but did not back any of the specifics.

We are always just one election away from an FTT.

Quote from FightTheFuture:

"Most observers believe the White House doesnât support a transaction tax.

The administration doesnât have to take a strong stand because it remains unclear that the tax will ever be enacted, Gardner added."

http://www.marketwatch.com/story/wh...o-be-pushed-at-g-20-2011-10-31?dist=afterbell

Robert A. Green · Oct 31, 2011

Agree with others. Obama would normally be sympathetic to FTT, but his Chicago roots and power base will sway him against any version of FTT that hurts Chicago futures exchanges.

Mayor Emmanuel, Chief of Staff Daley, campaign chiefs and many more all come from Chicago. Senators Durbin IL and Schumer NY, 2 and 3 in the senate would never allow FTT to destroy IL and NY. Leader Reid NV would have to allow FTT on gambling transactions too in that case.

Pelosi is too rich and married to an investment banker. She won't let FTT destroy financial services in the US.

The US passed Dodd Frank and did TARP, so they are done. They want stimulus now and no more pound of flesh from banks. Germans and the EU never did financial reform fully so they are still pushing FTT as part of round one. They don't want short term solutions, they want austerity and long-term medicine now.

Huge differences between Obama and Germans here and Obama won't even listen to German austerity and FTT punishments. Obama's on the gas pedal and Merkel's on the EU bailout breaks.