Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say
- Thread starter seasideheights
- Start date
congress is nothing but an order taker for K street lobbyists
a booth where they sell off pieces of the average citizen's hide to whoever wants to buy
if that means that they will make legislation that is absurdly inconsistent, on the very same day, they couldnt care less
last week, walls street fatcats wanted to buy a bailout - so congress shouted 'Depression imminent' to the little people
also last week, cheap labor pushers wanted more cheap labor, so congress yells 'labor shortage!'
your problem, is that you assume they have a shred of integrity
they dont
Not sure if this has been posted earlier.
Why are they only singling traders out? What right do they have? Isn't it against the law to discriminate in this country? Why don't they go after their beloved lawyers? They have money too. What the heck, they should also target doctors, they have money.
I mean to make it really fair, why don't they just tax fat people. They also have to have money otherwise they wouldn't be fat.
Sad to see progressive democrats spend time in the same bed with these small minded backward thinking people.
Why are they only singling traders out? What right do they have? Isn't it against the law to discriminate in this country? Why don't they go after their beloved lawyers? They have money too. What the heck, they should also target doctors, they have money.
I mean to make it really fair, why don't they just tax fat people. They also have to have money otherwise they wouldn't be fat.
Sad to see progressive democrats spend time in the same bed with these small minded backward thinking people.
why are they singling individual traders out? same reason they singled tech workers out
because they can
i dont mean to irritate people by continually bringing that up, but i'm trying to alert people that they have to fight this with everything they have, from day one
when this really got rolling in tech in 1998, people in tech debated this philosphically amongst themselves for years untill it became absurdly vindictive against American tech workers, where no one in tech could deny what it was really about. It was nothing but an attack, from day one. People rationalized it away as something other than what it was, while they got screwed. I saw it for what it was from the very beginning
watch this 4 minute youtube of immigration lawyers going to insane lengths to punish American workers - people need to take 4 minutes to watch this to fully understand how bad it can get when congress has it in for you.
(The video shows attorneys for Cohen & Grigsby, one of the largest law firms in Pittsburgh, explaining at a conference on immigration how to obey laws that require Americans be given top priority for jobs while still ensuring foreigners are hired.
âThe goal here of course is to meet the requirements, number one, but also do so as inexpensively as possible, keeping in mind our goal. And our goal is clearly not to find a qualified and interested U.S. worker,â Lawrence Lebowitz, the firmâs vice president of marketing, told the audience in May. )
http://www.youtube.com/watch?v=TCbFEgFajGU
and they still tried to pass a guest worker bill last week
not to be crude folks, but this is as if you just went to prison, as someone started getting 'affectionate' toward you
you've got to hit back with everything you got, or you will be their bitch
I dont mean to call your reps and be obnoxious, but politiely call and make these points:
1) It's a draconian penalty, nearly 60 fold increase of transaction fee, on a group of people who
a) didnt cause this
b) dont benefit from the bailout
c) in many cases, are AGAINST the bailoutm and feel just as wronged by the bailout as everyone else
2) It will dry up liquitity - many if not most traders feel they cannot make a profit with a 60 fold increase in transaction fee - I know I cant
3) Item 2 means it will drop tax revenues right away - this isnt the usual 'lower taxes mean higher revenues' line, common sense tells you that such a severe increase in taxes can stop nearly any activity
4) Farm commodies prices will swing more violently, and perhaps have a larger subsidy liability - the whole point of these exchanges was to make buying and selling more smooth and liquid - thats the only point of an exchange
5) American firms like MERC/CME etc will be out of business and become YET ANOTHER industry driven offshore
6) It's a capricious deprivation of a livelyhood, of people who may have entered this because they were deprived of a previous livelyhood (such as tech, in my case)
Most importantly, politicians and the public need to understand who exactly we are.....
In the late 90's we started direct access trading and made the markets more efficient by narrowing the spreads, and reducing the commissions via direct access technology....
The big brokerages hated us, and tried to put us out of business....and ended up buying much of the direct access technology.
We daytraders are responsible for replacing many of the market makers and specialists because we demanded lower costs and more efficiency....For years market makers and specialists had the easy life, until we showed up.
It is because of us, daytraders that the market transacts cheaper for the entire public....and we have saved the big retirement plans billions in lower costs.....
We are not part of the the larger hedge fund group that is making rumors and naked shorting stocks....
This is the complete fault of the SEC...these types of large groupings of transactions are easy to spot, but since it is super big money doing the deed, the SEC looks the other way .....
Look, to this day, companies like Ameritrade hate us because we demand more efficiency than they can offer us....and they hate us because we are making the market so efficient......and we are accused of making it harder for them to make a profit....
So today, we are basically an unorganized growing group of traders that play the role of efficiency to the markets, and save every single retail trader, and every single retirement plan commission and spread costs.....
And we get no credit for it....
We are really doing the job of market makers that have no collusive activities as have the market makers as you may note by reviewing the many public legal cases covering these topics.....
Furthermore we are doing this with our money, for our families.....
So the advertising type mom and pop brokers benefit from us but hate us, because they would be snatching higher fees from their clients if we were not present....and the big brokerages have partially gone out of business because we have forced commissions down so low, as well as closing the spreads......
This is the bottom line.......
.........................................................
What is true is that the bigger brokerages continue their shenanigans in excessive fees, and some of the big hedge funds are pulling naked short stunts right and left.....
But us daytraders do not have anything to do with these people.....All we have done is to force the costs of trading securities lower....
We also have nothing to do with bullshit educational services as these are people who are not really daytraders....
Furthermore , there are not many of us around......
......................................................
Tell you what , I would like to have some of the money that we have saved the public in both their retail and retirement accounts.....It is a very sizable amount in the billions of dollars.......
And no, the bigger companies have even managed to buy some of the direct access technologies and have shelved it to try to harm us, but more technologies like Genesis Laser came along to replace them....
What the US public should pray for is that there are more of us, or the large retail firms will get back to their old ways by easily charging more than 10x what is paid today......
Now this issue of naked shorting in harmful large amounts is not our doing.....and those big hedge funds who are actually doing this need to be held to account....
And most importantly we have absolutely nothing to do with the assets that are causing all the big problems, because we do not even have a way to trade them....
This has to do with real estate house values ....we have nothing to do with this.....
Furthermore we have nothing do do with the oil price spikes....Again these are the very large pools...and frankly the most harmful trading of oil is done in Brent Crude and its related unregulated market which is based in Europe and not even in the US jurisdiction....
The spike the other day was do to one hedge fund's issues that have nothing to do with us....
Blaming us for all this crap.....is like blaming the only black man in the neighborhood for raping the preachers daughter, when the black man was in another country.
In the late 90's we started direct access trading and made the markets more efficient by narrowing the spreads, and reducing the commissions via direct access technology....
The big brokerages hated us, and tried to put us out of business....and ended up buying much of the direct access technology.
We daytraders are responsible for replacing many of the market makers and specialists because we demanded lower costs and more efficiency....For years market makers and specialists had the easy life, until we showed up.
It is because of us, daytraders that the market transacts cheaper for the entire public....and we have saved the big retirement plans billions in lower costs.....
We are not part of the the larger hedge fund group that is making rumors and naked shorting stocks....
This is the complete fault of the SEC...these types of large groupings of transactions are easy to spot, but since it is super big money doing the deed, the SEC looks the other way .....
Look, to this day, companies like Ameritrade hate us because we demand more efficiency than they can offer us....and they hate us because we are making the market so efficient......and we are accused of making it harder for them to make a profit....
So today, we are basically an unorganized growing group of traders that play the role of efficiency to the markets, and save every single retail trader, and every single retirement plan commission and spread costs.....
And we get no credit for it....
We are really doing the job of market makers that have no collusive activities as have the market makers as you may note by reviewing the many public legal cases covering these topics.....
Furthermore we are doing this with our money, for our families.....
So the advertising type mom and pop brokers benefit from us but hate us, because they would be snatching higher fees from their clients if we were not present....and the big brokerages have partially gone out of business because we have forced commissions down so low, as well as closing the spreads......
This is the bottom line.......
.........................................................
What is true is that the bigger brokerages continue their shenanigans in excessive fees, and some of the big hedge funds are pulling naked short stunts right and left.....
But us daytraders do not have anything to do with these people.....All we have done is to force the costs of trading securities lower....
We also have nothing to do with bullshit educational services as these are people who are not really daytraders....
Furthermore , there are not many of us around......
......................................................
Tell you what , I would like to have some of the money that we have saved the public in both their retail and retirement accounts.....It is a very sizable amount in the billions of dollars.......
And no, the bigger companies have even managed to buy some of the direct access technologies and have shelved it to try to harm us, but more technologies like Genesis Laser came along to replace them....
What the US public should pray for is that there are more of us, or the large retail firms will get back to their old ways by easily charging more than 10x what is paid today......
Now this issue of naked shorting in harmful large amounts is not our doing.....and those big hedge funds who are actually doing this need to be held to account....
And most importantly we have absolutely nothing to do with the assets that are causing all the big problems, because we do not even have a way to trade them....
This has to do with real estate house values ....we have nothing to do with this.....
Furthermore we have nothing do do with the oil price spikes....Again these are the very large pools...and frankly the most harmful trading of oil is done in Brent Crude and its related unregulated market which is based in Europe and not even in the US jurisdiction....
The spike the other day was do to one hedge fund's issues that have nothing to do with us....
Blaming us for all this crap.....is like blaming the only black man in the neighborhood for raping the preachers daughter, when the black man was in another country.
Sucks, doesn't it?
OK Nancy and Harry, what part of your sorry bill states that you, the congress, will end your attempts at social engineering, meddling with the markets, etc? What part of your bill holds guilty politicians accountable? None? Why am I not surprised.
Guess I'll go read it when I can get into financialservices.house.gov/
Guess I'll go read it when I can get into financialservices.house.gov/
Does anyone have a link to the Nancy/Harry proposed bill? I don't see anything at financialservices.house.gov/