Bernie’s Financial Transaction Tax

ironchef said:
That is a very strong opinion that such a small transaction tax will bring about the demise of trading.

Not too long ago, online commissions were $20-$30 per 100 shares. Before computers and internet, commission for 100 shares used to cost several hundred dollars and commission for options were equal if not more. You also had to call a broker to place your trade. Yet many retails still traded frequently and many retails still made money trading options.

Not saying I support the tax but if he gets elected someone has to pay for all the goodies. Definitely not the poor.
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The old out of workforce & retired with some savings put away has to pay.
 
ironchef said:
That is a very strong opinion that such a small transaction tax will bring about the demise of trading.

Not too long ago, online commissions were $20-$30 per 100 shares. Before computers and internet, commission for 100 shares used to cost several hundred dollars and commission for options were equal if not more. You also had to call a broker to place your trade. Yet many retails still traded frequently and many retails still made money trading options.

Not saying I support the tax but if he gets elected someone has to pay for all the goodies. Definitely not the poor.
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I remember etrade charging something like $19.95 per trade not the number of shares. I remember in 1998 Scottrade launched $7 commission trading. When online commissions were $20-$30 per 100 shares and what broker was that?
 
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gkishot said:
I remember etrade charging something like $19.95 per trade not the number of shares. I remember in 1998 Scottrade launched $7 commission trading. When online commissions were $20-$30 per 100 shares and what broker was that?
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Schwab back when they started and if you called in to trade.
 
gkishot said:
The old out of workforce & retired with some savings put away has to pay.
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No, they can all go on free welfare: Free healthcare for all, free food for all, free housing for all.

He may also borrow from Andrew Yang: Free $1000 a month for all.

Free cars? Not yet, that starts on his second term. :D
 
ironchef said:
No, they can all go on free welfare: Free healthcare for all, free food for all, free housing for all.

He may also borrow from Andrew Yang: Free $1000 a month for all.

Free cars? Not yet, that starts on his second term. :D
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I’m from the U.K. we just had our own election with a crazy Marxist. He got so desperate towards the end he offered something free every day. Offered free broadband, even the other socialists were like ‘err nationalised broadband...I better delete my search history’.

Thankfully he got destroyed at the ballot box so not everyone buys fantasy pledges. Sadly millions still do.
 
ironchef said:
No, they can all go on free welfare: Free healthcare for all, free food for all, free housing for all.

He may also borrow from Andrew Yang: Free $1000 a month for all.

Free cars? Not yet, that starts on his second term. :D
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Transaction tax is a tax on someone who is too old to find a job but saved some money to supplement their income by participating in capital markets. The older people are usually people with money and they will have to pay for Bernie's freebies.
 
IMHO it's going to be about getting it into the democratic platform so that it becomes a party issue. Velocity is in the HFT community and this will be the primary target - retail is small beans compared to HFT and lots of institutions would mind HFT dying and retail getting muted.
 
ajacobson said:
IMHO it's going to be about getting it into the democratic platform so that it becomes a party issue. Velocity is in the HFT community and this will be the primary target - retail is small beans compared to HFT and lots of institutions would mind HFT dying and retail getting muted.
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FFT is per transaction, whether it's one transaction or 10000 transactions in a day. No way to distinguish between them.
 
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