Hillary wants financial transaction tax

achilles28 · Aug 12, 2016

Frederick Foresight said:
Read your own link:

Hillary Clinton's plan is short on details, but she says that high frequency trading "has unnecessarily burdened our markets and enabled unfair and abusive trading strategies that often capitalize on a 'two-tiered' market structure with obsolete rules."

She has proposed a tax on cancelled orders only, which is unlikely to generate any revenue. It's also strange because if the goal is to curb spoofing, it's already illegal and was made so under Dodd-Frank.

Would there be any harm to taxing cancellations? It's not clear, but an argument could be made it would lead to higher costs. Presumably, there would be some quota of untaxed allocations that would be permitted. To avoid going over the quota and paying the tax, HFTs would want to avoid paying the tax, so they may not provide bids and offers with the same regularity. That could lead to wider bid-ask spreads.

It's not a firm platform position because it's not on her web site. And in any event, that's not FTT. Know your words; buy a dictionary today.

Hillary wants Financial Transaction Tax
http://www.bloomberg.com/politics/a...rty-s-wall-street-tax-at-flash-boys-not-banks

Hillary floats FTT
http://www.usnews.com/opinion/artic...-financial-transactions-tax-back-on-the-table

Democrats resurrect ‘insane’ financial transaction tax
http://www.ft.com/cms/s/0/fc718e7c-5571-11e6-9664-e0bdc13c3bef.html?siteedition=intl

Clintons FTT 'highly complicated'
http://www.forbes.com/sites/peterjr...ransaction-tax-might-have-merit/#2fd58a504da8

Google is a great tool. I suggest using it in the future

Frederick Foresight · Aug 12, 2016

achilles28 said:
Google is a great tool. I suggest using it in the future

Google is only a great tool if you use it. Read your own links. What she tentatively proposes is fees for large cancelled orders, which HFTers use to manipulate the market. She'd be doing you a favor. That's not a tax on financial transactions; its a tax on spoofing. In any event, it doesn't look like she's married to the idea.

AAAintheBeltway · Aug 12, 2016

Frederick Foresight said:
. In any event, it doesn't look like she's married to the idea.

No you're right again. She will do whatever Goldman and her biggest hedge fund contributors tell her to do. But it will be to protect the little people she has spent her life caring so damn much about.

Frederick Foresight · Aug 12, 2016

AAAintheBeltway said:
No you're right again. She will do whatever Goldman and her biggest hedge fund contributors tell her to do. But it will be to protect the little people she has spent her life caring so damn much about.

Dipstick, if anything she's looking to go after the HFTers who have been screwing the market. And it's not a transaction tax. Why are you being protective of HFT? You think they're doing you any favors?

AAAintheBeltway · Aug 12, 2016

Frederick Foresight said:
Dipstick, if anything she's looking to go after the HFTers who have been screwing the market. And it's not a transaction tax. Why are you being protective of HFT? You think they're doing you any favors?

WTF do I care? Like I said, she will do what Goldman and her big hedge fund bosses tell her to do.

But I will promise you that a tax on cancels is just the camel's nose under the tent. The left can just see these huge transaction volumes every day and drool at the prospect of getting a share of it. That is what they do, leech off other people's money.

fhl · Aug 12, 2016

Frederick Foresight said:
. Why are you being protective of HFT? You think they're doing you any favors?

What are you doing on here every day doing favors for StrapOn? Do you think she's going to do you any favors? You don't even live here.

Frederick Foresight · Aug 12, 2016

AAAintheBeltway said:
WTF do I care? Like I said, she will do what Goldman and her big hedge fund bosses tell her to do.

But I will promise you that a tax on cancels is just the camel's nose under the tent. The left can just see these huge transaction volumes every day and drool at the prospect of getting a share of it. That is what they do, leech off other people's money.

Make up your mind. First you say she's in the pocket of Wall Street, and then you think she's going to rip Wall Street a new one. Which is it? I don't think she's going to hurt the market. But she might go after those who are trying to hurt it. Meanwhile, you're picking a fight with yourself, with each of your comments discrediting the last.

Frederick Foresight · Aug 12, 2016

fhl said:
You don't even live here.

My account is in the US.

CaptainObvious · Aug 12, 2016

Frederick Foresight said:
Google is only a great tool if you use it. Read your own links. What she tentatively proposes is fees for large cancelled orders, which HFTers use to manipulate the market. She'd be doing you a favor. That's not a tax on financial transactions; its a tax on spoofing. In any event, it doesn't look like she's married to the idea.

I agree. HFT should be taxed out of business. Every retail trader should support this. The casino known as Wall Street needs a major overhaul and more, not less regulation. Now that should start a shit-storm here. :wtf:

I am serious though, and if one is old enough you would know that the manipulators have screwed up this market. This is another gift from the Reagan era, a one man wrecking crew whose policies helped destroy the working class. Whoa, I'm on a roll this morning. Better stop now before my friends on the right have their heads explode.