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

Nice letter Tom Davis to send to Congressmen, thanks.

I suggest one more bullet point about how FTT damages markets, jobs and economic activity, when government is supposed to be stimulating such activity.

Studies indicate (cite them) that FTT disrupts financial markets in a negative way. Rather than reduce volatility, FTT reduces liquidity and fosters conditions for a flash crash. FTT kills jobs, hurts profits and reduces finance in general. It's the reverse of stimulus.

Many financial transactions will move to foreign exchanges that don't have FTT, and New York City and Chicago will lose their top spot among global financial exchanges. If you want to destroy American leadership in finance, FTT is the ticket. What Congressman wants that on their resume? If you want to tax banks, consider President Obama's financial-crisis responsibility fee.
 
Fresh headache for Francois Hollande as figures show French business suffered worst month for over three years

Business activity took a sharp turn for the worse in September, shrinking at its fastest pace since April 2009

Mr Hollande, a Socialist, swept to power in May promising to reverse austerity, but his popularity has tumbled as the economy has flatlined. The government is due to outline spending cuts and tax rises worth around £25billion next week.
These are likely to include a 75 per cent rate of tax on those earning more than £800,000 – a move that threatens to drive many French wealth creators overseas.
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Not that I am contributing the above to there financial transaction tax, things there seem to be taking a turn for the worst though, I wonder how shinning there example shall become..
 
Quote from Robert A. Green:


Many financial transactions will move to foreign exchanges that don't have FTT, and New York City and Chicago will lose their top spot among global financial exchanges. If you want to destroy American leadership in finance, FTT is the ticket. What Congressman wants that on their resume? If you want to tax banks, consider President Obama's financial-crisis responsibility fee.
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I agree with you, but... I'm very careful about how I use that argument.

In a discussion I had with a congressional staff member I pointed out that the FTT would drive our financial sector (and thousands of jobs) out of the country. He quickly responded: "Good riddance! They can't leave fast enough as far as I'm concerned."

I usually focus my discussions on the vast evidence showing how the man-in-the street gets hurt by the FTT.
 
Quote from tomdavis:


In a discussion I had with a congressional staff member I pointed out that the FTT would drive our financial sector (and thousands of jobs) out of the country. He quickly responded: "Good riddance! They can't leave fast enough as far as I'm concerned."
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Explain to them that they elect themselves by printing bonds and paying their supporters with this inflationary money. The financial sector is a middleman trying hard to hide this mountain of paper by playing the shell game for them (for a fee).

Maybe they will understand it when you talk their money.
 
Quote from tomdavis:

I agree with you, but... I'm very careful about how I use that argument.

In a discussion I had with a congressional staff member I pointed out that the FTT would drive our financial sector (and thousands of jobs) out of the country. He quickly responded: "Good riddance! They can't leave fast enough as far as I'm concerned."

I usually focus my discussions on the vast evidence showing how the man-in-the street gets hurt by the FTT.
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Thanks Tom. Wow, that's scary.

Main Street is hurt when financial markets are in disarray, liquidity dries up, and prices are distorted against their favor. Proponents claim FTT improves markets, but the unintended consequence is it makes markets worse, which hurts all users of financial markets.

Are these Congressmen willing to go on record wishing a deathnell to New York City and Chicago - home to Democratic politics?
 
Quote from vicirek:

Explain to them that they elect themselves by printing bonds and paying their supporters with this inflationary money. The financial sector is a middleman trying hard to hide this mountain of paper by playing the shell game for them (for a fee).

Maybe they will understand it when you talk their money.
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If you tried to explain it to them they would stick their fingers in their ears. They don't want to hear it.
 
Quote from Robert A. Green:

Thanks Tom. Wow, that's scary.

Main Street is hurt when financial markets are in disarray, liquidity dries up, and prices are distorted against their favor. Proponents claim FTT improves markets, but the unintended consequence is it makes markets worse, which hurts all users of financial markets.

Are these Congressmen willing to go on record wishing a deathnell to New York City and Chicago - home to Democratic politics?
More...

They guy I spoke to was just a mid-level congressional staffer, but he made it clear that his beliefs are shared by many including numerous members of congress.
 
Quote from tomdavis:

They guy I spoke to was just a mid-level congressional staffer, but he made it clear that his beliefs are shared by many including numerous members of congress.
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This is the exact reason I have been saying that this is about destroying free/financial markets. It is such a dumb and destructive tax but is being pushed all over the world by people who want it gone.
 
we have to bypass reason -- because the imprint is now deep in the public's (unconscious) minds

a good rational argument is not going to work once the propaganda is stuck in the brain

I live in a foreign culture and can observe this directly...that propaganda is seen as truth and is IMPOSSIBLE to undo with rational arguments. I have tried here to talk with locals about some of the irrational cultural beliefs they hold...and you can see that their brain simply cannot take in an opposing argument. This is human nature, and it is conditioned into most people by TV, etc.

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remember, the public is very uninformed about how the financial systems work...an argument about loss of jobs in the financial industry is not going to work.....

what is going to work is to show them, in various ways, that main street is going to pay the full tax

this does not have to be a heavy topic, it could even be done in a video cartoon, with humor, and it would have more affect on them than a one hour conversation....because US citizens are conditioned to accept information through movies, tv, et cetera, as truth, without even challenging the material.

This is HOW the FTT got to this point...not by rational presentation, but by giving the public a candy of emotional gratification .... that the bankers can be punished by this tax...this is the emotional anchor...really....this is the problem....the public believes this is going to punish the bankers, and THIS MAKES THEM FEEL BETTER ABOUT THE BAD SITUATION THE USA IS IN....so the FTT is a relief valve for these bad feelings.

This is my personal evaluation and it signals where the most effective rebuttal lies...
 
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