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Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say
- Thread starter seasideheights
- Start date
http://www.politico.com/news/stories/0908/14015.html
Noteworthy section that made me breathe easier as a self-employed trader:
****************
On two key points, compromises had to be reached on competing priorities for the two parties.
In the first case, Democrats had proposed that the Treasury be required to impose a fee on Wall Street transactions to help cover the cost of any government losses as a result of the rescue plan. <B>But Republicans and Treasury resisted, and the final compromise calls for the next president to submit a legislative proposal to Congress in four years, after some assessment can be made of the costs to the government.</B>
The second compromise dealt with a Republican proposal that the government intervene in the markets, not by buying up bad assets but by providing a federally backed insurance program that might make the same mortgage-related securities more salable. The compromise reached would require Paulson to set up such an insurance alternative if he goes ahead with his plan, but he is not compelled to use the insurance option.
Noteworthy section that made me breathe easier as a self-employed trader:
****************
On two key points, compromises had to be reached on competing priorities for the two parties.
In the first case, Democrats had proposed that the Treasury be required to impose a fee on Wall Street transactions to help cover the cost of any government losses as a result of the rescue plan. <B>But Republicans and Treasury resisted, and the final compromise calls for the next president to submit a legislative proposal to Congress in four years, after some assessment can be made of the costs to the government.</B>
The second compromise dealt with a Republican proposal that the government intervene in the markets, not by buying up bad assets but by providing a federally backed insurance program that might make the same mortgage-related securities more salable. The compromise reached would require Paulson to set up such an insurance alternative if he goes ahead with his plan, but he is not compelled to use the insurance option.
Quote from TradeTheFunk:
http://www.politico.com/news/stories/0908/14015.html
Noteworthy section that made me breathe easier as a self-employed trader:
****************
On two key points, compromises had to be reached on competing priorities for the two parties.
In the first case, Democrats had proposed that the Treasury be required to impose a fee on Wall Street transactions to help cover the cost of any government losses as a result of the rescue plan. <B>But Republicans and Treasury resisted, and the final compromise calls for the next president to submit a legislative proposal to Congress in four years, after some assessment can be made of the costs to the government.</B>
The second compromise dealt with a Republican proposal that the government intervene in the markets, not by buying up bad assets but by providing a federally backed insurance program that might make the same mortgage-related securities more salable. The compromise reached would require Paulson to set up such an insurance alternative if he goes ahead with his plan, but he is not compelled to use the insurance option.
Well I guess we have our answer there.. we'll be ok for 4 years I suppose? And.... vote for Mccain lol
Shit now I can go to bed and sleep-in tomorrow knowing this will be kicked around for at least 4 years while people in government come back to their half witted senses and hopefully kill it for good.
Quote from TradeTheFunk:
Shit now I can go to bed and sleep-in tomorrow knowing this will be kicked around for at least 4 years while people in government come back to their half witted senses and hopefully kill it for good.
Thank god... but during these years we have to fight incredibly hard to make sure we don't have to worry about being out of business and int he exact same position 4 years from now! Let's make sure we DO NOT FORGET about this... daytrading was on the brink of extinction.
Quote from drukes1234:
Exactly... go ahead and penalize the hedge funds if necessary... but to attack the retail traders (who use daytrading to pay their mortages.... ) is ridiculous... it'd be really ridiculous to ruin the small retail traders business, which would likely make many of them default on their mortgage, which is what got us into this mess????? These guys have to think things through
This is the reason why most things get through. Penalize - but not me. NOONE should pay the tansaction feee.
Actually this is a golden opportunity for smart companies to offer trading venues with differing government domiciles and markets.
Most likely a sophisticated LLC model with various exchange memberships would be most likely.....
What is most preferable would be an IB type format with differing legal domiciles, with access to all markets....
Why not ?
I would be very surprised if Peterfly is not all over it.
Also, companies like BATS will be all over it....they already are positioning themselves.
The world and its keener securities businesses know how stupid the US political scene is getting....and will know that diversifying their business out of the US domicile is the smart thing to do.....unless of course they want to subject their life long work and capital to be subject to being shut down by some stupid mother fucking US politician......at a moments notice....
Or at the very minimum, one takes note and diversifies themselves and their trading business.....
What has just happened is certainly a wake up call...and would have eliminated the livlihoods of daytraders with no notice.....
Not a cool way to spend an evening....
Here is my personal message to the Democrats....
FUCK YOU....FUCKING SOCIALISTS.....
For me, my view of democrats = socialism.....
A heinous plague to progress in business.....
And the certain downfall of the US is guaranteed by democrats.....
Republicans are the last hope that the US has......
Hanging by a thread.....
Bush has ruined it for the Republicans....and possibly for traders by his lack of good leadership.....
This is about house prices for the masses induced by bad government policies....
WTF do traders have to do with this?
DEMOCRAPS....Forever FO.....
Most likely a sophisticated LLC model with various exchange memberships would be most likely.....
What is most preferable would be an IB type format with differing legal domiciles, with access to all markets....
Why not ?
I would be very surprised if Peterfly is not all over it.
Also, companies like BATS will be all over it....they already are positioning themselves.
The world and its keener securities businesses know how stupid the US political scene is getting....and will know that diversifying their business out of the US domicile is the smart thing to do.....unless of course they want to subject their life long work and capital to be subject to being shut down by some stupid mother fucking US politician......at a moments notice....
Or at the very minimum, one takes note and diversifies themselves and their trading business.....
What has just happened is certainly a wake up call...and would have eliminated the livlihoods of daytraders with no notice.....
Not a cool way to spend an evening....
Here is my personal message to the Democrats....
FUCK YOU....FUCKING SOCIALISTS.....
For me, my view of democrats = socialism.....
A heinous plague to progress in business.....
And the certain downfall of the US is guaranteed by democrats.....
Republicans are the last hope that the US has......
Hanging by a thread.....
Bush has ruined it for the Republicans....and possibly for traders by his lack of good leadership.....
This is about house prices for the masses induced by bad government policies....
WTF do traders have to do with this?
DEMOCRAPS....Forever FO.....
Before I heard of the proposed transaction tax, I thought the Democrats were by far the lesser of two evils; it's almost unbelievable how much the Republicans have fucked up this country in the past 8 years. But now, from my prospective, the Republicans are by far the lesser of two evils.Quote from libertad:
Here is my personal message to the Democrats....
FUCK YOU....FUCKING SOCIALISTS.....
For me, my view of democrats = socialism.....
A heinous plague to progress in business.....
And the certain downfall of the US is guaranteed by democrats.....
Republicans are the last hope that the US has......
Hanging by a thread.....
Quote from drukes1234:
daytrading was on the brink of extinction.
Id love to see daytrading go bye bye.
that would cause less volatility and less noise in the financial markets, a better trading environment.
just a nice stable Market for sophisticated investors/traders like we had in the late 1980s to the late 1990s before all these online brokers came into existence.