NY wants to try a FTT

Sig · Jul 21, 2020

lindq said:
Well, okay, but I think you just removed your stop loss. So, in your kindness and foolishness, I accept your offer that if Trump remains in office then our bet is null and void. But if he leaves office, the bet remains, and I am betting there will be a vote on a transaction/trading tax.

Accepted?

Yeah, I know but I didn't want to take advantage of you in the spirit of intellectual honesty per our original discussion. Absolutely accepted!

Sig · Jul 21, 2020

bone said:
No way that Schumer and Pelosi give the FTT any more than lip service and your usual lefty platitudes. They will completely support it until it comes time for it to leave committee.

Wall Street has bought and paid for the Democratic Party power brokers, especially the Obama alumni that will become the core of the Biden administration. And the Republicans, as usual, are bought and paid for by the corporate interests for that matter.

Schumer for sure, especially when it comes to the NYC finance industry who he actually represents as a NY senator.

lindq · Jul 21, 2020

Sig said:
Yeah, I know but I didn't want to take advantage of you in the spirit of intellectual honesty per our original discussion. Absolutely accepted!

Well, since you are such a straight-up guy, you may want to consider a side bet regarding our esteemed President. Which is, if the senate goes democrat as per our agreement, and Trump leaves office, there will be both a vote and a PASSAGE of a transaction/trading tax.

I propose this in addition to our basic $1,000 wager of a vote.

I'd put another $500.00 bet on the table based on passage. Think about it. No rush.

gkishot · Jul 21, 2020

Sig said:
Not something Schumer, Pelosi, or Biden have ever indicated an interest in and not in the platform. Care to place a small $10,000 wager to the charity of the other's choice on that, you seem pretty certain?

They will all cave in to pressure of their more radical comrades. You can bet on it and the fact that they will come under heavy pressure. They surely can't be trusted by traders and investors.

Sig · Jul 21, 2020

lindq said:
Well, since you are such a straight-up guy, you may want to consider a side bet regarding our esteemed President. Which is, if the senate goes democrat as per our agreement, and Trump leaves office, there will be both a vote and a PASSAGE of a transaction/trading tax.

I propose this in addition to our basic $1,000 wager of a vote.

I'd put another $500.00 bet on the table based on passage. Think about it. No rush.

Passage, signed by the President and becomes law? If so I'll take it.

lindq · Jul 21, 2020

Sig said:
Passage, signed by the President and becomes law? If so I'll take it.

Okay, bet #1: If Senate and White House go democrat, Lindq bets there will be a house/senate vote on a trading/transaction tax in year 2021. Sig bets no. Bet is $1,000 contribution to charity of choice.

Bet #2: Vote on trading/transaction tax passes, and becomes law during time frame 2021-2022. Bet is $500. contribution to charity of choice. Lindq bets it will happen, Sig bets no.

Of course, if I am unfortunately right, both we and this site will be out of business. But that is another issue altogether.

Sig · Jul 21, 2020

lindq said:
Okay, bet #1: If Senate and White House go democrat, Lindq bets there will be a house/senate vote on a trading/transaction tax in year 2021. Sig bets no. Bet is $1,000 contribution to charity of choice.

Bet #2: Vote on trading/transaction tax passes, and becomes law during time frame 2021-2022. Bet is $500. contribution to charity of choice. Lindq bets it will happen, Sig bets no.

Of course, if I am unfortunately right, both we and this site will be out of business. But that is another issue altogether.

You're on.

And I'm not sure we'll be out of business. Depends on what the tax looks like, what/how frequently you trade, and what the response of the market is as far as developing alternatives or workarounds. If anything past attempts at FTTs (which I generally agree are a bad idea) have either had no real impact on anyone or quickly gone away/been circumvented if they did have a real impact.

gkishot · Jul 21, 2020

Sig said:
You're on.

And I'm not sure we'll be out of business. Depends on what the tax looks like, what/how frequently you trade, and what the response of the market is as far as developing alternatives or workarounds. If anything past attempts at FTTs (which I generally agree are a bad idea) have either had no real impact on anyone or quickly gone away/been circumvented if they did have a real impact.

Small tax and infrequent trading won't bring any revenues. Impossible for both the govt and the traders to be profitable while competing for the same money. Somebody has to give.

ZBZB · Jul 21, 2020

Commissions were $8 a transaction recently. They could just reintroduce that for retail as a tax.

Sig · Nov 15, 2020

lindq said:
Okay, bet #1: If Senate and White House go democrat, Lindq bets there will be a house/senate vote on a trading/transaction tax in year 2021. Sig bets no. Bet is $1,000 contribution to charity of choice.

Bet #2: Vote on trading/transaction tax passes, and becomes law during time frame 2021-2022. Bet is $500. contribution to charity of choice. Lindq bets it will happen, Sig bets no.

Of course, if I am unfortunately right, both we and this site will be out of business. But that is another issue altogether.

Another thread on the FTT reminded me of this. Looks like our wagers might be settle on Jan 5th with neither of us winning. That's actually more disappointing than if I'd lost!