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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
"It's not just the regular retail investor that's been marginalized in this rise of the machines -- a generation of traders, mostly of my generation, have been slowly and literally nickeled and dimed out of a career that used to allow their wits and courage to generate a living - now all of their historic advantages are instead delivered inexorably to those diabolical black boxes, leaving nothing -- not a crumb -- for a smart kid looking to work hard and be his own boss as a trader, a job I was lucky enough to have for more than two decades. "
Does this guy mean that people are entitled to make a living stock trading? What an incredible stupid article. Should we stop using machines in manufacturing so that "people should get their jobs back"?
Does this guy mean that people are entitled to make a living stock trading? What an incredible stupid article. Should we stop using machines in manufacturing so that "people should get their jobs back"?
Quote from Pasternak:
"It's not just the regular retail investor that's been marginalized in this rise of the machines -- a generation of traders, mostly of my generation, have been slowly and literally nickeled and dimed out of a career that used to allow their wits and courage to generate a living - now all of their historic advantages are instead delivered inexorably to those diabolical black boxes, leaving nothing -- not a crumb -- for a smart kid looking to work hard and be his own boss as a trader, a job I was lucky enough to have for more than two decades. "
Does this guy mean that people are entitled to make a living stock trading? What an incredible stupid article. Should we stop using machines in manufacturing so that "people should get their jobs back"?
you are way too pessimistic. good stock traders adjusted and are still making a good living.of course the proposed ftt will put them out of business and the thieving market makers like knight and goldman, who will be exempted from the tax, will be kings of the mountain.
Quote from zdreg:
you are way too pessimistic. good stock traders adjusted and are still making a good living.of course the proposed ftt will put them out of business and the thieving market makers like knight and goldman, who will be exempted from the tax, will be kings of the mountain.
Yes, that's what I meant. I've been trading since the early nineties and I'm still around trading for a living. But this guy is making a case that machines have "stole" their craft and want a FTT because of that. An incredible remark. Just like saying: "I think all the shoe manufacturers should be levied a fee of 10 USD per shoe so I can go compete with my one man shoe factory."
Dan Dicker is replying to posts.
Keep posting at the link below.
He has a big mouth & having him rant all over cnbc & the general media about this garbage is something we don't need.
Let's convince him now that's he wrong before he continues his rant.
Keep posting at the link below.
He has a big mouth & having him rant all over cnbc & the general media about this garbage is something we don't need.
Let's convince him now that's he wrong before he continues his rant.
Quote from seasideheights:
Knight Capital Debacle Screams for Transaction Tax Now
http://www.huffingtonpost.com/daniel-dicker/knight-capital-crash_b_1751938.html
IMPORTANT TO RESPOND AT THE BOTTOM OF THAT ARTICLE ASAP.
Quote from seasideheights:
Dan Dicker is replying to posts.
Keep posting at the link below.
He has a big mouth & having him rant all over cnbc & the general media about this garbage is something we don't need.
Let's convince him now that's he wrong before he continues his rant.
Unfortunately, guys like that can never be convinced that they're wrong. Now that he's staked out his position, he'll continue to defend the FTT no matter how much evidence is presented against him.
Quote from vicirek:
Credentials of this Huffington article guy:
Daniel Dicker.
Oil trader; CNBC Contributor and TheStreet.com columnist; Author, 'Oilâs Endless Bid'
The Street and Cramer are Goldman media outlet so JPGoldmans are behind FTT drive in the US I guess. Not good.
You're thinking too much into it.
Dan Dicker is just spouting off the cuff.
Quote from seasideheights:
You're thinking too much into it.
Dan Dicker is just spouting off the cuff.
He is coming from financial community and oil traders are the best market manipulators; so good that Enron wanted to copy this gig in another market. He is not Nurses of America healthy eating contributor so he must know more than what he wrote in this ideologically driven article with so many contradictions and lack of basic logic.
France also introduced a financial non-transactions tax last month
It's not just a 0.2 per cent Robin Hood tax which Hollande introduced.
The high frequency tax applies to traders that (1) use computer algorithms to determine the price, quantity, and timing of their orders (2) use a device to process these orders automatically, and (3) transmit, modify, or cancel their orders within half a second (the half a second has been set by draft administrative guidance). The high frequency tax is .01% on the amount of stock orders modified or cancelled that exceeds 80% of all orders transmitted in a month (under the draft administrative guidance). In effect, France now may tax orders that are not filled. It has created a ânon-transactionâ tax.
Just found it: http://www.newstatesman.com/. I do not know more details about it.
It's not just a 0.2 per cent Robin Hood tax which Hollande introduced.
The high frequency tax applies to traders that (1) use computer algorithms to determine the price, quantity, and timing of their orders (2) use a device to process these orders automatically, and (3) transmit, modify, or cancel their orders within half a second (the half a second has been set by draft administrative guidance). The high frequency tax is .01% on the amount of stock orders modified or cancelled that exceeds 80% of all orders transmitted in a month (under the draft administrative guidance). In effect, France now may tax orders that are not filled. It has created a ânon-transactionâ tax.
Just found it: http://www.newstatesman.com/. I do not know more details about it.