Question to Don Bright

_Tree_ · Feb 23, 2009

I was just wondering Don, are you worried about this transaction bill being passed?

thanks

stock777 · Feb 23, 2009

I hear an amendment excluding opening orders (long only) will be proposed.

Don Bright · Feb 23, 2009

I've commented before on this that I just can't see how Exchange Members, Market makers, Specialists, and professional traders (who pay exchange fees etc.) would be included in this proposal. If they were, the liquidity would dry up and there would be basically no trading whatsoever. The exchanges would have to close, and all the broker/ banks would be out of business. Talk about a Muliti Trillion dollar meltdown.....I just don't see it.

Don

TraderZones · Feb 23, 2009

Quote from Don Bright:

I've commented before on this that I just can't see how Exchange Members, Market makers, Specialists, and professional traders (who pay exchange fees etc.) would be included in this proposal. If they were, the liquidity would dry up and there would be basically no trading whatsoever. The exchanges would have to close, and all the broker/ banks would be out of business. Talk about a Muliti Trillion dollar meltdown.....I just don't see it.

Don

It seems just as odd that Joe Sixback Trader would be hit either. If the point is to cover the cost of TARP, then it certainly wasn't the little daytrader who caused the problem.

_Tree_ · Feb 23, 2009

Quote from Don Bright:

I've commented before on this that I just can't see how Exchange Members, Market makers, Specialists, and professional traders (who pay exchange fees etc.) would be included in this proposal. If they were, the liquidity would dry up and there would be basically no trading whatsoever. The exchanges would have to close, and all the broker/ banks would be out of business. Talk about a Muliti Trillion dollar meltdown.....I just don't see it.

Don

Thanks, that's a sigh of relieve!
Not really sure why it is, I'm mean afterall I don't even make $ trading

Don Bright · Feb 24, 2009

Quote from _Tree_:

Thanks, that's a sigh of relieve!
Not really sure why it is, I'm mean afterall I don't even make $ trading

LOL....yeah, well, that's one way to look at it, LOL.

No one knows for sure what our Gov't is doing these days. No "Right" or "Left" - just "Huh?" is all I can say these days.

Anyway, let's hope for the best...

Don

DT-waw · Feb 24, 2009

Quote from Don Bright:

LOL....yeah, well, that's one way to look at it, LOL.

No one knows for sure what our Gov't is doing these days. No "Right" or "Left" - just "Huh?" is all I can say these days.

Anyway, let's hope for the best...

Don

"hope" key word in your thinking

let's 'hope' america will not kill another million people or let's hope the ruling class will not rob the masses by another $trillion or 5 trillion.

lpchad · Feb 24, 2009

Quote from TraderZones:

It seems just as odd that Joe Sixback Trader would be hit either. If the point is to cover the cost of TARP, then it certainly wasn't the little daytrader who caused the problem.

No, that is exactly who they would target. Duh!

seasideheights · Feb 24, 2009

Quote from Don Bright:

I've commented before on this that I just can't see how Exchange Members, Market makers, Specialists, and professional traders (who pay exchange fees etc.) would be included in this proposal. If they were, the liquidity would dry up and there would be basically no trading whatsoever. The exchanges would have to close, and all the broker/ banks would be out of business. Talk about a Muliti Trillion dollar meltdown.....I just don't see it.

Don

You excluded "retail traders".

Do you see the transaction tax being put on them?

Don Bright · Feb 24, 2009

Quote from seasideheights:

You excluded "retail traders".

Do you see the transaction tax being put on them?

You know, that's my whole problem with the entire concept. Trying to "stimulate" investment by such an onerous tax? 10,000 of a $50 stock = $500,000 x .0025 = $1250 ...you gotta be kidding me. Now, a few BPS on transaction costs, well, although not great, much more tolerable.

Don