Kiss Your Job GoodBye

[DirkDigler]

I haven't read this thread carefully, I'm sorry if this was already posted.

Looks like the tax is also hidden in a health insurance coverage bill. Look at page 19 line 20 here:
http://www.pnhp.org/docs/nhi_bill_final1.pdf

 

[jem]

Quote from rsikit:

If my math is correct even with 1/8 spreads say u traded a 100 shares of a 100 dollar stock you would need to make atleast 1/2 a point on every trade just to break even on the trade not including commissions and fees just the tax. So every trade you did you would need to make 1/2 point there to break even. Even with wide spreads, which I agree were great back in the day it would still be tough and most people arent capitialized for it god forbid u break even u still lose 500 bucks if you just buuy or sell something at 100,000$ in value.

hey I did not say it would be easy.

your point is solid. I used to risk and 1/8 and we routinely made quarters to halves. Once or twice a day we made 3/4 to a buck.

We did also have a lot of breakevens and a few losses. I probably averaged 1000 to 1500 hundred a day in commission.

One of the reasons I opened my own office was to get my commissions down.

When I started I paid 25 bucks a trade and we had 1/8 spreads or more.

 

[rsikit]

I remember those days and u actually new which way the stock was going to move on the level 2! U knew it was gonna move a few levels and your gonna make! Ahh the good old days! The old green instinet box!

 

[Landis82]

Quote from truehawk:

Agree, they have NOT read the bill.


This bill is aimed at ICE and the possible ping-pong trading between MS and GS that "may have" driven up the price of oil. It is NOT aimed at the small trader. It is to rein in the Market Makers.

The Madoff exemption will which allowed MM to roll over fails to deliver will be gone and there will be a serious attempt to level the playing field.

Remember the SOES rules?

Agreed 100%

Within 90 seconds of reading the Bill, you could see that it had to do with reigning in ICE and WTI trading without position limits over in Dubai and London, not too mention how the big banks have "gamed" the oil trading swap markets; characterized as commercials and hedgers, etc. - - - not too mention the CDS OTC issues.

Why is it that people are TOO FREAKING LAZY to actually read the Bill?

 

[teasinggtara]

I always wait until the sensible people pile in and make sense of a thread like this.

Thanks guys

 

[ranger64]

what is the soonest date that this new financial transaction tax could come into force?

 

[gnome]

Quote from Landis82:

"... Why is it that people are TOO FREAKING LAZY to actually read the Bill?

This stimulus bill is 1400 pages. How many legislators do you think read it? Probably not "light" reading, either. Much to ponder over, much to have explained. Yet, becomes "law" anyway.

With the size of bills and as many as Congress passes, what time would they have to do anything BUT read...?

Bottom line... the legislative process is really a ruse to disguise that Congress is simply going to do whatever the Hell it wants...

 

[Cutten]

Quote from cstfx:

"We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again." - President Barack Obama 2/14/2009

http://www.whitehouse.gov/blog/09/02/14/A-major-milestone/

"When I picked up my newspaper yesterday, I thought I woke up in France." - Senator Jim Bunning

 

[AlpineTrout]

Quote from Banff01:

You and Lucrum are complete ignorant morons. Who do you think will people vote for after 8 years of a total disaster dumbass president like Bush in a TWO party system? Don't you realize that it was under his and republican party watch that the financial system came to the brink of a complete meltdown? And I don't even have to mention the idiotic war in Iraq where trillions were wasted and hundreds of thousands people killed. I just hate name calling but when you call someone a communist because they voted for democrats then I have a problem with that and I don't even live in the US. Yes, I also hate taxes but when a president spends like a drunken sailor on an unnecessary war and pays more attention to Iraq then to America then you can't be surprised that it's going to take a lot of money to fix the damage that he's done. Wake up. This is a democratic system and if you don't want the transaction tax you have to fight it through all the political means that are at your disposal but not through name calling.

You might want to do a little more reading about Obama and what his agenda might possibly be. I think I'm right on target with my statement and the kind of people he attracts.


Barack Obama admitted that he was drawn to Marxists during his college days.
He wrote about it:

"To avoid being mistaken for a sellout, I chose my friends carefully. The more politically active black students. The foreign students. The Chicanos. The Marxist professors and structural feminists."

 

[gkishot]

Every time the guy speaks the market sells off.