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

[zdreg]

India has "stuff that made me laugh:
- in the end the elder lady basically said: maybe we should stop talking about all these studies, but just do it. and then after 3 years we evaluate, what's the harm in that? so sad."

the old saying is legislate in haste, repent in leisure.
her comment is extremely dangerous.
e.g.India has been trying for years to get rid of its fttwithout success.

 

[sheda]

The European Commission's decision to rewrite its own damning impact assessment on proposals for a Financial Transaction Tax - so that it is more favourable towards the proposal - is a clear indication it is putting its political agenda above jobs and growth, Dr Kay Swinburne MEP, European Conservatives and Reformists group economics spokesman, warned today.

The commission announced that it would revise its assessment to ensure an overall positive reflection is portrayed - glossing over the warnings that it could reduce GDP by 1.76 per cent and cause companies to leave the EU.

Dr Swinburne asked when the commission was going to learn the lessons of the Greek crisis - originally brought about because the EU massaged figures to show Greece as a country prepared for Euro membership when clearly it was not.

http://www.ecrgroup.eu/EU Commission massages its figures on Financial Transaction Tax-news-497.html

 

[tomdavis]

Quote from bjw:

- the ridiculos overexageration on how succesful the UK stamp tax is. Hardly any avoidance (why didn't a journalist ask if the so-called prof knows what a CFD is and why it's so popular in the UK? Or a spread-bet?)

The ignorance of these people is beyond words, and the journalists who should be keeping them honest have now become co-conspirators.

They promote the FTT as a tax on the financial industry and then hold up the British stamp duty as an example. They have no idea that all UK banks, investment banks and financial intermediaries are exempt and pay no tax. They have no idea that derivatives, currencies, CFDs and off-LSE transactions are exempt and pay no tax. Over 70% of all London Stock Exchange share transactions are exempt and 100% of all other transactions are exempt, yet not a single journalist asks even one question about this elephant in the room.

The FTT promoters don't even possess a basic understanding of the facts, yet millions people believe every word they say. It's tragic.

 

[TraDaToR]

For those who read french, the project of french transaction tax to be adopted soon:

https://docs.google.com/viewer?url=http://www.lefigaro.fr/assets/pdf/plfr_projet.pdf&embedded=true

It's beyond words how stupid this is... A pure tax on retail traders for big CAC40 stocks.

Banks are exempted on MMing and stat arb( hedging of MM activity )= All their prop activity.

 

[listedguru]

Quote from TraDaToR:

For those who read french, the project of french transaction tax to be adopted soon:

https://docs.google.com/viewer?url=http://www.lefigaro.fr/assets/pdf/plfr_projet.pdf&embedded=true

It's beyond words how stupid this is... A pure tax on retail traders for big CAC40 stocks.

Banks are exempted on MMing and stat arb( hedging of MM activity )= All their prop activity.

What are the chances that this french ftt is actually going to happen? Can Sarkozy push this through before the election? Reports seem to indicate he's going to lose (although Hollande seems worse, lol).

-Guru

 

[Stok]

Quote from TraDaToR:

For those who read french, the project of french transaction tax to be adopted soon:

https://docs.google.com/viewer?url=http://www.lefigaro.fr/assets/pdf/plfr_projet.pdf&embedded=true

It's beyond words how stupid this is... A pure tax on retail traders for big CAC40 stocks.

Banks are exempted on MMing and stat arb( hedging of MM activity )= All their prop activity.

Yup, the greedy evil banks will make out like bandits!!

Liberal democrat socialists are the parasites sucking the life out of the world with their lies and class warfare. It's the democratic way and how to get elected and stay in power by selling the same ole bag of shit to their base over and over and over.

 

[TraDaToR]

Quote from listedguru:

What are the chances that this french ftt is actually going to happen? Can Sarkozy push this through before the election? Reports seem to indicate he's going to lose (although Hollande seems worse, lol).

-Guru

I would say 90%. It will be discussed wednesday in " conseil des ministres" and put to a formal vote by the national assembly soon after. It will be passed as a "rectificative budget law for 2012".

 

[Rantany]

It seems that the FTT report, presented at EP today, is not the expected EC report, but 'just' a study presented by the Socialist Group in the European parliament. From them, proposing this report would be no surprise.

(Google translation: )

A European tax on financial transactions would have a positive impact on economic growth. It should be apparent from a new study that Monday was proposed by the Socialist Group in the European parliament. The authors of the study believe that such a fee has the potential of the GDP by 0.25 percent would boost it. They are questioning the negative impact that the European Commission first.

http://www.standaard.be/artikel/detail.aspx?artikelid=DMF20120206_224

full report (en, pdf) here

So the official Semeta fake-report still has to come.

 

[listedguru]

Quote from Rantany:

It seems that the FTT report, presented at EP today, is not the expected EC report, but 'just' a study presented by the Socialist Group in the European parliament. From them, proposing this report would be no surprise.

(Google translation: )



So the official Semeta fake-report still has to come.

I really hope the member states don't fall for this trickery. This is down right sad. Keep changing the data until it suits your needs. How can these idiots have any credibility at all? Unreal.

-Guru

 

[tomdavis]

Quote from listedguru:

I really hope the member states don't fall for this trickery.

-Guru

Some will. It's inevitable. It's hard for politicians to say no to something when 70% of the population wants it, no matter how destructive it might be. Once this new report comes out, the unions and Robbin Hoodies will be posting it on all their websites and using it to pressure the politicians. That's the strategy: get the public riled up into a lynch mob so they scare the politicians -- the truth be damned.

Let's hope some leaders see through the charade and hold their ground.