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

TraDaToR · Nov 4, 2011

http://www.reuters.com/article/2011/11/03/financial-regulation-exchanges-idUSN1E7A21BR20111103

TraDaToR · Nov 4, 2011

Quote from drukes1234:

SARKOZY: OBAMA DOESN'T ACCEPT FINANCIAL TRANSACTION TAX

Perhaps if he had properly learned english at school he would have understood it first hand at the meeting:

http://blogs.wsj.com/economics/2011...t-wont-join-eu-on-financial-transactions-tax/

It's a really nice political way to say "no". I can't see how the EU can counterattack.

TraDaToR · Nov 4, 2011

http://www.ft.com/intl/cms/s/0/4ecd469e-062a-11e1-a079-00144feabdc0.html#axzz1cJpxjOBz

Explorer · Nov 4, 2011

There is just a single sentence about the FTT in the final G20 communique:

"We acknowledge the initiatives in some of our countries to tax the financial sector for various purposes, including a financial transaction tax, inter alia to support development."

http://www.reuters.com/article/2011/11/04/g20-communique-idUSP6E7K902Z20111104

bjw · Nov 4, 2011

lot of you here seem pretty con-obama to say the least, but as a european i'm very happy (and relieved) about the way he handled this. a clear no was all i could have hoped for and apparently he delivered.

JamesL · Nov 4, 2011

Liked the back-handed slap by Obama when he said we did TARP and no one from Europe helped us.

Got to give him props for that little smackdown.

Explorer · Nov 4, 2011

Quote from TraDaToR:

And Sarkozy was trying to make us believe that Obama endorsed the FTT...LOL.

Check out the UK reaction: "We prefer the US way of making finance contribute and we have already been doing it for some time, so no FTT thanks"

And today Sarkozy is claiming he has the support of Brazil and Argentina,but both countries quickly qualified their support:

Argentina on Friday cooled the expectations of French President Nicolas Sarkozy that it would join the European Union in going forward with proposals for a financial transaction tax.

Argentinian Foreign Minister Hector Timerman said his country would back the tax - often referred to as a Tobin tax - only if it was applied at a global level and if it included countries qualifying as 'tax havens.'

http://www.monstersandcritics.com/n...lifies-support-for-EU-sponsored-financial-tax

Brazil: The president also said Brazil would be open to implementing a global financial transaction tax as proposed by French President Nicolas Sarkozy, but said the country would only participate if there was broad consensus on the measure.

http://www.nasdaq.com/aspx/stock-ma...en-to-eu-aid-via-imfmore-time-needed-rousseff

Koros · Nov 4, 2011

They cry because the euro is too high, and now they want to make it even less attractive with a FTT. How can they be that stupid ?
Oh wait I know, it's called ideology.

tomdavis · Nov 4, 2011

Merkel and Sarkozy are left in an awkward position. They've lost the G20 as a "partner" in their FTT scheme; and they also don't have a unanimous vote for the FTT either as EU or EZ.

Will they go ahead and implement a limited FTT just among cooperating countries in the EU?

Stok · Nov 4, 2011

Quote from tomdavis:

Merkel and Sarkozy are left in an awkward position. They've lost the G20 as a "partner" in their FTT scheme; and they also don't have a unanimous vote for the FTT either as EU or EZ.

Will they go ahead and implement a limited FTT just among cooperating countries in the EU?

I actually hope they do and we can witness first hand the disaster this is....then and only then, maybe the lefty socialists can be convinced to drop this FTT nonsense at least until the next generation