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

Quote from Robert A. Green:

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.
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I agree with 99% of what Robert says, but if Democrat Senator Dick Durbin of Illinois won't allow a FTT to destroy IL, then why is he leading the charge for a FTT in the Senate, while Defazio does the same in the House???
 
Quote from JamesL:

I believe it is Harkin, not Durbin. Harkin has been co-authoring it for a few cycles now.

http://www.investmentnews.com/article/20111024/BLOG03/111029972
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I know Durbin is very upset with BOA on bank debit card fees and pushed hard on the Durbin Amendment, but I haven't noticed him lately associated with being pro-FTT. Some links come up on Durbin and FTT but its hard to see the connection in digging through a few links. Media and search engines mix FTT with bank transaction fees (debit card).

The quote from the new Suskind book says Obama at first wanted FTT to stop risky trading by banks, and to raise money. Summers said no way on FTT and checked freshman Obama as usual. Obama is no freshman on raising money and he used FTT and threatened repeal of carried interest tax breaks for investment managers to shake down Wall Street political contributions. Hope he doesn't return to that well as I think it's poisoned. Only idiots will be fooled a second time.
 
Quote from jackpearson:

This is a GREATTTT article.

http://www.monstersandcritics.com/n...nes-US-sceptical-of-EU-backed-transaction-tax
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We haven't heard from Obama, Geithner and Company on their financial crisis responsibility fee http://en.wikipedia.org/wiki/Financial_Crisis_Responsibility_Fee for some time. It was in Obama's 2012 budget but not much talked about since. It fell by the wayside to Republicans saying no way on tax hikes, the fight over extending Bush Tax cuts in the lameduck, and then debt-ceiling tax reform efforts recently. But, it was the US position at prior G-20s. Obama rushed it out the week of the G-20 in Toronto to beat Germans to the punch on FTT, and to set precedent with Dodd Frank.

Obama wants to tax banks not retail investors like nurses, retires and charities with FTT.

Germans don't want to tax their banks like Deutsche Bank who wield huge political power. Germans want to rein in hedge funds and kill off speculators attacking their interests with FTT.

This is a HUGE difference of position with Anglo-American and emerging market powers versus Franco-German interests. No way no how will the US, UK and BRIC cave on finance to buttress German manufacturing prowess.

At this G-20, the French and Germans better kiss some A... Get some bailout help. They are not going to change the balance of world financial power. End of story, no FTT brainer here.
 
Quote from jackpearson:

This is a GREATTTT article.

http://www.monstersandcritics.com/n...nes-US-sceptical-of-EU-backed-transaction-tax
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I believe this is the US saying loud and clear that they are opposed to a ftt:

In a briefing for reporters ahead of the summit, the United States made clear its scepticism about putting a tax on every financial transaction at the 'retail' level.

Instead, the US wants the financial industry as a whole to contribute during current crisis times through a financial responsibility fee.

'We're very much in sync with Europe on their goal of ensuring ... that the financial sector, large financial institutions, bear their fair share of the burden,' Lael Brainard, treasury department under secretary for international affairs, said during the briefing.

But she insisted that the US-proposed responsibility fee would better deter the 'kind of risky behaviour' that led to the crisis as well as ensure that large financial institutions 'and not retail investors' bear the burden.

Such a fee would also be more difficult to evade, she said.
 
UK's PM Cameron finally talking somewhat assertively.
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http://www.egovmonitor.com/node/44437

The Prime Minister has vowed to protect the City of London.

"London - the centre of financial services in Europe - is under constant attack through Brussels directives," he said. When questioned whether those attacks were part of a deliberate attack to undermine London’s position as the premier financial centre in Europe – the Prime Minister was candid in his reply....
 
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