The end is near.

[noddyboy]

Quote from PlusMinus:

This will not only hurt active traders (individuals), but hedge funds, which happen to heavily trade for pension fund clients. The problem with this tax, like almost all taxes, is that the consequences are impossible to predict.

Hedge funds can always trade swaps and skip the tax. Basically what they do in the UK. Feed off the market maker exemption. And if there is no market maker exemption, watch the US market to lose share to Hong Kong -- and I mean a massive relisting of companies.

 

[Nofear777]

Wall St tax has "great deal of merit," Pelosi says - Reuters.com

Reuters.com reports a proposed tax on financial transactions "has a great deal of merit" and would help raise much-needed revenue for the U.S. government, House of Representatives Speaker Nancy Pelosi said as other backers touted it as a measure to slash Wall Street salaries. "It is really a source of revenue that has really minimal impact on the transaction but a tremendous impact on helping us meet our needs," Pelosi said at a news conference. Her comments suggested the proposal may find its way into a House bill aimed at bringing down the double-digit U.S. unemployment rate before the November 2010 congressional elections. But analysts said it still faces long odds due to opposition from prominent lawmakers and the Obama administration. Other backers tapped into widespread anger at banks like Goldman Sachs that are posting healthy profits after benefiting from a $700 billion federal bailout. "Maybe next year they won't be able to afford $17 billion or $20 billion in bonuses because they'll have to pay a modest tax on their high-volume trading," said Democratic Representative Peter DeFazio. "Maybe the average salary will drop to four or five hundred thousand (dollars). Heavens."

 

[Nofear777]

Geitner is not opposed to the plan.


And market is not reacting well to this news.

 

[Petsamo]

Can somebody give me a month and year of when the end will be? I mean ... You people have been saying the end is near ... And a crash is coming soon ... All that was said a very long time ago ...