The Bern Identity

achilles28 said:
I had to google that one. Tried to read it backwards first. I guess 'better' is all relative. Are you still trading man? If so, how do you plan to get around the FTT if Bernie is anointed.
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Its affect on my trading will be trivial. Not zero, but trivial. Society is more important than my bottom line.

It is imperative that being able to exist in peace is more important than profit. Economic security in the richest nation should not even be an issue, but there are millions of people in this country that live in terrible fear day to day. That is not Wall Streets fault, but it is a fault of the system as a whole.

I don't have all the answers. Bernie doesn't have all the answers. But it is amazing how much money can fix in this world, and education and health care can be fixed by money.

Technology will be the only thing in the long term that allows all men and women to be free. But that is probably 100 years away at least, and maybe even one more World War.
 
nitro said:
Its affect on my trading will be trivial. Not zero, but trivial. Society is more important than my bottom line.

It is imperative that being able to exist in peace is more important than profit. Economic security in the richest nation should not even be an issue, but there are millions of people in this country that live in terrible fear day to day. That is not Wall Streets fault, but it is a fault of the system as a whole.

I don't have all the answers. Bernie doesn't have all the answers. But it is amazing how much money can fix in this world, and education and health care can be fixed by money.

Technology will be the only thing in the long term that allows all men and women to be free. But that is probably 100 years away at least, and maybe even one more World War.
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I agree with all but the last sentence. Even if Man decides to control his numbers, he always wants more, he'll never be satisfied. That's Life, it wants to grow, to expand.
 
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nitro said:
Its affect on my trading will be trivial. Not zero, but trivial. Society is more important than my bottom line.

It is imperative that being able to exist in peace is more important than profit. Economic security in the richest nation should not even be an issue, but there are millions of people in this country that live in terrible fear day to day. That is not Wall Streets fault, but it is a fault of the system as a whole.

I don't have all the answers. Bernie doesn't have all the answers. But it is amazing how much money can fix in this world, and education and health care can be fixed by money.

Technology will be the only thing in the long term that allows all men and women to be free. But that is probably 100 years away at least, and maybe even one more World War.
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Sure, but money doesn't grow on trees, either. FTT's generate usually 1/20th of the projected revenue due to product substitution. Traders move to other markets and jurisdictions and volumes dry up. This has been tried before.

His single payer plan will cost 1.5 Trillion a year, additional. That's major coin. Without an FTT, we're looking at tax hikes of 10%, minimum. That's major. Consider the unintended consequences of Corporations moving abroad to avoid excessive taxation. America isn't a plantation and nobody is chained to it. Multinationals have already moved out by the thousands, just to arb labor. Tax hikes will have the same effect as an FTT.

And 90% marginal rate for top payers?
 
This is very simplistic analysis, but not wrong.

Why millennials are embracing socialism

"Throughout our history, hard work, risk-taking, and trust in our free-market capitalist system have propelled our nation and millions of people up the economic ladder. But now nearly four in ten Americans believe that hard work and determination are no guarantee of success. Even worse, millennials now view socialism more positively than capitalism.

What has undermined faith in our economic system and the very values needed to sustain it?

Much of the blame goes to crony capitalism, which is when government provides special favors to some people or businesses, and picks winners and losers in the marketplace. Cronyism certainly predates capitalism itself, as past rulers rewarded family and friends for eons. But it's unfortunate that cronyism remains alive and well in a democratic society that trumpets the values of the free market. From tax breaks to no-bid contracts, crony deals wreak havoc on markets and capitalism both ethically and economically..."

http://www.cnbc.com/2016/01/27/why-millennials-are-embracing-socialism-commentary.html
 
My responses are in bold italics.
jem said:
1. many tightly controlled private businesses restrict the sale of stock... I set a corporation up that way when I was part owner of a trading LLC a decade ago. Can you pledge that stock as security?

2. I currently own a .org for one of my own businesses.
That sounds shady. Maybe you should be investigated.

3. Are you worried about the profits from the Federal Reserve bank when you can have it place a billion or a trillion in your own banks sub account?
The burden is on you to show this is being done. Anyone can make allegations.

I don't imagine you put all your business transactions on the web for all to see. That's another difference between a public operation and a private one.

Again, You could clear everything up if you could quote, give a link, that part from the Fed website where it says these branch banks are "owned by private shareholders". As per your post #123 above. You appear not to be able to back that statement up.


You need to come up to speed on this subject.
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achilles28 said:
Sure, but money doesn't grow on trees, either. FTT's generate usually 1/20th of the projected revenue due to product substitution. Traders move to other markets and jurisdictions and volumes dry up. This has been tried before.

His single payer plan will cost 1.5 Trillion a year, additional. That's major coin. Without an FTT, we're looking at tax hikes of 10%, minimum. That's major. Consider the unintended consequences of Corporations moving abroad to avoid excessive taxation. America isn't a plantation and nobody is chained to it. Multinationals have already moved out by the thousands, just to arb labor. Tax hikes will have the same effect as an FTT.

And 90% marginal rate for top payers?
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Take time to review Sander's single payer health proposal. You don't have it quite right. new Taxes would replace your current health insurance premiums. Sanders claims your net cost will go down substantially. I think he must be right based on experience of many other countries. Of course we are capable of fucking anything up. Look at Obamacare as an example of that.

He is proposing a tax on security transactions as a way of funding his education proposal, not health care. I haven't looked at his website, but I would guess these proposals of his are explained in some detail there. I seriously doubt the tax on transactions he is proposing is anything like 10%. it is probably in line with the SEC tax currently imposed.

It's better to discuss what he is proposing rather than what we think he is proposing.
 
piezoe said:
Take time to review Sander's single payer health proposal. You don't have it quite right. new Taxes would replace your current health insurance premiums. Sanders claims your net cost will go down substantially. I think he must be right based on experience of many other countries. Of course we are capable of fucking anything up. Look at Obamacare as an example of that.

He is proposing a tax on security transactions as a way of funding his education proposal, not health care. I haven't looked at his website, but I would guess these proposals of his are explained in some detail there. I seriously doubt the tax on transactions he is proposing is anything like 10%. it is probably in line with the SEC tax currently imposed.

It's better to discuss what he is proposing rather than what we think he is proposing.
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I didn't say the FTT was 10%. You misinterpreted what I wrote. The FTT is inline with the SEC. 50 cents per 100$ stock trade. 0.005 per derivative trade etc. Enough to put most day-traders and HFT'ers out of business. .

The 10% was my guess if and when American trading dries up from the FTT. Which always happens. His single-payer medical plan is covered by a >6% tax hike on Corporations and a >2% hike on individual income taxes. FTT's usually generate about 1/20th the projected revenue due to migration and product substitution. So my assumption is that income tax rates will have to jump substantially, to cover the 300 Billion shortfall Bernie expects from the FTT.

I read his website last night, listen to several interviews today and read some of his interviews in print media online. Yes, the health insurance premiums would be done away with, and the new tax introduced, so net-net, the taxes wouldn't be as high as projected.

Anyway, the single-payer system presents a massive cost jump. Bernie projects himself at 1.4 Trillion per year. So ya, somebody will have to pony up serious cash for that.

Obviously, many guys here aren't day-traders since nobody gives a toss about his FTT proposal.
 
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