Ironic considering that the reason many of them voted it down the first time were calls from constituents saying they hated the bailout plan. All the press was saying people opposed this crappy bill 100:1 or even 300:1. I don't see that ratio changing in 3-5 days. Whoever passes this bill has a big label on their forehead saying "VOTE ME OUT OF OFFICE NOW."
Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say
- Thread starter seasideheights
- Start date
Ironic considering that the reason many of them voted it down the first time were calls from constituents saying they hated the bailout plan. All the press was saying people opposed this crappy bill 100:1 or even 300:1. I don't see that ratio changing in 3-5 days. Whoever passes this bill has a big label on their forehead saying "VOTE ME OUT OF OFFICE NOW."
Obama spoke of the trading tax Tuesday. He put it in the context of being further down the line if the taxpayer does not recoup the investment in the bailout...
We had a transaction tax in France as well( "l'impot de bourse" ). That was one of the reason I began trading the US Futures market in 2005... Sarko supressed it as soon as he came in office I think. Now, the french market is more viable although commissions remains high...
One of the most scary thing in this thread is Obama's speech, the guy just doesn't know what would be the consequences( although from Chicago ), and he seems to be focused on making "Wall Street pay for its abuses"...
If Obama is elected and institute this crappy tax, I will have to move to eurex or LIFFE, and probably wait a long time to get my consistency back on new products... It would be awful.
One of the most scary thing in this thread is Obama's speech, the guy just doesn't know what would be the consequences( although from Chicago ), and he seems to be focused on making "Wall Street pay for its abuses"...
If Obama is elected and institute this crappy tax, I will have to move to eurex or LIFFE, and probably wait a long time to get my consistency back on new products... It would be awful.
Is there any research on the effect to mutual fund returns if paying a transaction tax? Maybe only a 1/2 to 2% loss against annual returns, depending on how much they churn the portfolio, but considering how poorly 401k's can keep up with inflation, that would be a killer for most folks.
I suspect DeFazio is using the tax as an election gimmick, knowing it will never get put into the bill. He and his associates can claim trying to protect main street without worrying what such a tax could do the stock market. I can't see anyone really risking such a tax while the markets are crashing, especially this close to election day.
I suspect DeFazio is using the tax as an election gimmick, knowing it will never get put into the bill. He and his associates can claim trying to protect main street without worrying what such a tax could do the stock market. I can't see anyone really risking such a tax while the markets are crashing, especially this close to election day.
This is the stupidest idea ever.
I commented on the Conde Nest Article just now.
http://www.portfolio.com/views/columns/wall-street/2008/09/18/Advocating-Tax-on-Stock-Trading#page3
What a mess this whole thing is!
http://www.portfolio.com/views/columns/wall-street/2008/09/18/Advocating-Tax-on-Stock-Trading#page3
What a mess this whole thing is!
Honestly, and I'm not making a political point here, just a clarification.. Once I realized that Obama's church is Marxist Liberation Theology and his politics is Marxist, everything he says now seems to come from that context, he does not like Capitalism or care about any speculators or small business people..
One of the commentators on Fox Business said that the draft of the bill is now 450 pages long. Are we absolutely certain that the transition tax isn't in there? That seems pretty crazy for it to jump to 450 pages (if thats true)...
-Guru
-Guru
Yeah, well small businesses mean that that the plebes get to decide what to do for themselves. No five year plans. No "voluntary" national service. No detailed control of where people work, live, what they eat, how many kids they could have. Obama doesn't like that. How could he have any real power if you get any choices? Actually, nobody in Washington likes either your freedom or the constitution very much as it all limits the power of those halfwits.