I want to add that there has been a strong push for an all-encompassing financial transaction tax in the EU in the years following the financial crisis. Traders worried. But except for a watered-down limited version in France and Italy, it never happened.
financial transaction tax is on the table for real
- Thread starter zdreg
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Quit bitching here, and take a minute to post your comments to Bloomberg's candidate site:
https://www.mikebloomberg.com/contact-us
https://www.mikebloomberg.com/contact-us
I meant Lew and Geithner. The idea has been popular in the EU, but most establishment Democrats have been against it.
Good? Banks should stick to being banks. I don't see a problem with making it hard-to-impossible for banks to take any risk. The sooner we do away with the behind the curtain cowboy trading the quicker we can make a more stable market. I'd like to be absolutely certain when I deposit money into bank they aren't handing it to degenerate gamblers chasing commissions. You say this almost like we should trust banks to do anything but hold cash in vaults after 2007-2009. Or do you not remember it? Taxpayer money should not have gone to help these degenerates, and it should not go to help them again. Legislate it such that they are so overburdened by laws they can't do anything but bank.
Was a quote from the article, I agree with you.
Exclusive Details on Michael Bloomberg’s Plan to Rein In Wall Street
Mike BloombergCredit...Jeff Kowalsky/Agence France-Presse — Getty Images
Feb. 18, 2020Updated 8:45 a.m. ET
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Bloomberg leans left and takes aim at Wall Street
Exclusive: We’re the first to report Mike Bloomberg’s proposals for changing how the financial industry is regulated, which he is planning to announce this morning. The plan features ideas that wouldn’t be out of place for Senators Bernie Sanders and Elizabeth Warren.
Among Mr. Bloomberg’s proposals:
• A financial transactions tax of 0.1 percent
• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses
• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”
• Merging Fannie Mae and Freddie Mac
• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”
Continue reading the main story
• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping payments
Many of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.
It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.
Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.
Bloomberg’s campaign insists he isn’t flip-flopping: On the Volcker Rule, for instance, a spokeswoman said: “When it was introduced, as now, Mike was skeptical of regulators’ ability to divine traders’ intent.” His new plan would focus “on the outcome of speculative trading — big gains and losses — rather than on traders’ intent.”
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Continue reading the main story
We’ll have more soon on nytimes.com/dealbook.
Mike BloombergCredit...Jeff Kowalsky/Agence France-Presse — Getty Images
Feb. 18, 2020Updated 8:45 a.m. ET
Want this in your inbox each morning? Sign up here.
Bloomberg leans left and takes aim at Wall Street
Exclusive: We’re the first to report Mike Bloomberg’s proposals for changing how the financial industry is regulated, which he is planning to announce this morning. The plan features ideas that wouldn’t be out of place for Senators Bernie Sanders and Elizabeth Warren.
Among Mr. Bloomberg’s proposals:
• A financial transactions tax of 0.1 percent
• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses
• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”
• Merging Fannie Mae and Freddie Mac
• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”
Continue reading the main story
• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping payments
Many of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.
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It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.
Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.
Bloomberg’s campaign insists he isn’t flip-flopping: On the Volcker Rule, for instance, a spokeswoman said: “When it was introduced, as now, Mike was skeptical of regulators’ ability to divine traders’ intent.” His new plan would focus “on the outcome of speculative trading — big gains and losses — rather than on traders’ intent.”
Never Mind the Internet. Here’s What’s Killing Malls.
Tactics for Expressing Misery in the Office
How Cooking Dinner Can Change Your Life
Continue reading the main story
ADVERTISEMENT
Continue reading the main story
We’ll have more soon on nytimes.com/dealbook.
If this was about 0.1% on profits you would be correct.
Alas, it is on transactions, not on profit, and you are either wrong and uninformed, or wrong and stoopid. Wrong either way.