I hope it's dead but this has become so political and detached from reality that unless the exact same plan gets voted on again, it's possible that pandering politicians would add it to make the overall bill more palatable to the sheeple... it could be done in the name of recovering fees from "Wall Street," to punish speculators, and reduce volatility.
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Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say
- Thread starter seasideheights
- Start date
Quote from street carp:
I see two answers. Stupid and apathetic people elect stupid leaders.
That is an absolute fact. I can't tell you how many reasobably intelligent people that I know who watch idiotic reality shows or sports every single night on TV, yet are too bothered to educate themselves on the main issues of the day.
And many of these people vote!
Quote from clacy:
That is an absolute fact. I can't tell you how many reasobably intelligent people that I know who watch idiotic reality shows or sports every single night on TV, yet are too bothered to educate themselves on the main issues of the day.
And many of these people vote!
Very true.
On a similar note, there are ECONOMISTS from academia that are advising the likes of Reps. DeFazio and Pete Stark who are part of this "Transaction Tax".
I had one of their assistants return my phone call of last week, earlier today, and she said we need a REVENUE RAISER to PAY for this "bail-out". She kept on harping how the $700 Billion was going to be paid for, and she also mentioned that London already has a "transaction-tax" thus this would be no big deal for the United States market place.
Her initial logic started out saying that short-term trading is not "healthy" for the markets, and then concluded by saying "how are we gonna pay for the $700 Billion?"
I asked her why you would want to TAX investors/speculators that have been trading on SEC/CFTC regulated exchanges ( as opposed to mortgage backed securities and credit default swaps that trade OTC ). ?
She didn't have any other answer but to say that "those agencies haven't done a very good job, now have they?"
How absurd.
It's all about "class-warfare" with these idiots and not about whether or not such a proposal actually has MERIT!
Quote from Landis82:
Very true.
On a similar note, there are ECONOMISTS from academia that are advising the likes of Reps. DeFazio and Pete Stark who are part of this "Transaction Tax".
I had one of their assistants return my phone call of last week, earlier today, and she said we need a REVENUE RAISER to PAY for this "bail-out". She kept on harping how the $700 Billion was going to be paid for, and she also mentioned that London already has a "transaction-tax" thus this would be no big deal for the United States market place.
Her initial logic started out saying that short-term trading is not "healthy" for the markets, and then concluded by saying "how are we gonna pay for the $700 Billion?"
I asked her why you would want to TAX investors/speculators that have been trading on SEC/CFTC regulated exchanges ( as opposed to mortgage backed securities and credit default swaps that trade OTC ). ?
She didn't have any other answer but to say that "those agencies haven't done a very good job, now have they?"
How absurd.
It's all about "class-warfare" with these idiots and not about whether or not such a proposal actually has MERIT!
this isnt even about class warfare - many daytraders would qualify as 'middle class'
no, this is about scapegoating
somebody has to PAY for what happened!
even if they are innocent
Representative Joe Barton on CNBC just said the Democrats have the transaction tax proposal on the table.
It's being considered again.
How is this idea going to be stopped in November if there's a Democratic President who will go along with the Democratic Congress???
It's being considered again.
How is this idea going to be stopped in November if there's a Democratic President who will go along with the Democratic Congress???
Quote from seasideheights:
Representative Joe Barton on CNBC just said the Democrats have the transaction tax proposal on the table.
It's being considered again.
How is this idea going to be stopped in November if there's a Democratic President who will go along with the Democratic Congress???
It's not going to be stopped now, if they can get the votes. It's not like Bush will veto this bill if there is a transaction tax.
Quote from swtrader:
this isnt even about class warfare - many daytraders would qualify as 'middle class'
no, this is about scapegoating
somebody has to PAY for what happened!
even if they are innocent
No, don't let them fool you. EVERYTHING the Dems do revolves around wealth redistribution or "class warefare" or whatever term you want to use. At the end of the day, these people despise free markets and captitalism.
They even know that capitalism works, but can't stand the fact that some people are better, smarter, work harder, etc compared with others.
Quote from clacy:
That is an absolute fact. I can't tell you how many reasobably intelligent people that I know who watch idiotic reality shows or sports every single night on TV, yet are too bothered to educate themselves on the main issues of the day.
And many of these people vote!
Whats wrong with sports?
If all the futures contracts decided because of this to start exchanging on a foreign exchange that would give other countries a *great* opportunity to push for all those commodities to be exchanged in something other than the dollar. I don't know it just seems like other countries are way too eager to do it anyway, this could push them over the edge.