Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say

Quote from Pasternak:

You're wrong. It will be less liquidity, but far from your figures. The market won't drop by much either. Why should MSFT drop double digit percent just because there is an entrance fee of .25%? I would certainly be buyer if it drops!

As the situation is now I'm fearing what will happen. Typical when we're in a mess free markets and capitalism gets the blame.
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i tell ya what, MSFT may think twice about doing a 40 billion dollar buyback, would be very expensive for them
 
Quote from Pasternak:

You're wrong. It will be less liquidity, but far from your figures. The market won't drop by much either.
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At .25% there won't be a market anymore.
 
lol day traders and black box boys are doing 50-70% of total vol on the exchanges. shit i'm pushing 700k shares a day.ALSO WE HAVEN'T EVEN TALKED ABOUT THE HUGE INCREASED COST THAT MUTUAL FUNDS WILL HAVE TO PASS ON TO THERE HOLDERS. this would affect everyone. we can't control what happens.maybe it means few will trade and just buy and hold and stocks will rise 50% a year.
 
<I>Okay, I wrote a letter. Please feel free to cut and paste and use it. Also, *please* comment because it's been a long while since I've written much of anything. I'll revise it based on comments.

http://susannahscratchpad.blogspot.com/</i>

Great letter. You captured it very well. I urge other people to do the same. I just wrote to both my senators and my representative in the House. It can't hurt.
 
Damned politicians (and the entire media for that matter). They don't understand the cause of the problem. It was not subprime lending, it was not speculators. It's the banking system that can't disiminate free money for a consistent proffitt and can't survive a 20% downturn. There has got to be a more efficient and stable manner of controlling money supply, and it involves actually more trading and more speculation, and less good ol' boys banking tactics! How can all of the rhetoric on this mess be so entirely miss guided! It's uber-frustrating.

Quote from seasideheights:

In a letter sent late yesterday to House Speaker Nancy Pelosi, 16 Democrats asked her to ensure any rescue legislation include a ``transaction tax'' on all U.S. stock trades and on other types of trades, such as credit default swaps, options and futures. They are proposing the tax would be at a rate of one quarter of one percent on all trades.

``The same Wall Street speculators and investors who are principally responsible for having caused this avoidable financial crisis and profited from it must now be required to pay for it, not U.S. taxpayers,'' according to the letter, which was signed by Representative Peter DeFazio, an Oregon Democrat, and Representative Pete Stark, a California Democrat.


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5UhcbI4jecU
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Quote from Klamath:

We need to emphasize how this would hurt the RETAIL INVESTOR. Because nobody gives a crap about daytraders.
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Exactly. These people could care less about the 10,000 (tops) day traders in the US. But, they must understand that you are now taxing EVERY single stock, mutual fund or pension holder in this country.

Damn, the Democrats are fucking idiots.
 
Soooooooooo.........all traders, not just mortgage backed security traders would suffer. Sounds great. Weren't the politicians the ones who created Fannie and Freddie to buy these pieces of crap and push higher risk lending on banks? Granted that was decades ago (Louis Ranieri), but who do we blame NOW? The traders and speculators in a free market?

Yes, I am part of all of this. Full time daytrader, and a real estate speculator. Got burned on some houses and in the end, it really is my fault. Sell at a loss and learn a lesson, same as in the US 10year futures I trade. Come back stronger and smarter.
 
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