WTF just happened?

[kashirin]

Quote from EPrado:

The difference is...taxing cigarettes...gambling will not have an effect on the majority of people. A short term transaction tax will effect everyone. You drive traders out of the stock market and watch liquidity plummet. The stock market will drop by an enormous amount. Will effect all.

Good luck to these huge mutual funds trying to sell their shares of IBM when the bid offer is 170 by 175.

I beloeve it will affect you but most people will be fine and stock markets overall will be fine too, even most traders who don't trade every nanosecond will be OK

actually those kinds of quotes were quite common prior to internet age

the world din't end, the world was much more stable then and not many cared about 1% drop in Dow

 

[piezoe]

Quote from EPrado:

The difference is...taxing cigarettes...gambling will not have an effect on the majority of people. A short term transaction tax will effect everyone. You drive traders out of the stock market and watch liquidity plummet. The stock market will drop by an enormous amount. Will effect all.

Good luck to these huge mutual funds trying to sell their shares of IBM when the bid offer is 170 by 175.

I was joking of course. Lets hope it doesn't happen.

 

[EPrado]

Quote from kashirin:

I beloeve it will affect you but most people will be fine and stock markets overall will be fine too, even most traders who don't trade every nanosecond will be OK

actually those kinds of quotes were quite common prior to internet age

the world din't end, the world was much more stable then and not many cared about 1% drop in Dow

Go do a little reading about what happened in SE Asia when they tried this. Then get back to me. Was a disaster.

It will effect every trader if they impose a tax on the value of the trade. Not just the HFT guys. If you buy 1000 shares of AAPL you will be taxed on the value....$380,000 or so. At .25% thats 950 bucks on that trade. So you are starting in the hole 95 cents on that trade. Good luck trying to beat that. The volume here will dry up to nothing sending markets in a tailspin. Then add in the lost revenues from trading volume plummeting.

The Revenues lost in the decrease of trading will dwarf any revenues from taxes. add in a huge drop in the stock market and it would be a disaster. Like they did in SE Asia, if this tax was passed, it would be repealed within days..........

 

[EPrado]

Quote from piezoe:

I was joking of course. Lets hope it doesn't happen.

It won't man. They have been bringing this concept up for years and it doesn't even get out of the starting gate. These dopes in France/Germany are just bringing it up. It won't go anywhere. Germany and France will never get backing from the rest of EU. They could try and make a go of it on their own....but would be a disaster for their countries.

 

[S2007S]

People are so worried about this tax that will never take place, its all talk and no action, no need for anyone to get so uptight about the possibility of this happening.

 

[EPrado]

Quote from S2007S:

People are so worried about this tax that will never take place, its all talk and no action, no need for anyone to get so uptight about the possibility of this happening.

+1




Finally a voice of reason.

 

[listedguru]

Quote from EPrado:

It won't man. They have been bringing this concept up for years and it doesn't even get out of the starting gate. These dopes in France/Germany are just bringing it up. It won't go anywhere. Germany and France will never get backing from the rest of EU. They could try and make a go of it on their own....but would be a disaster for their countries.

+1

You took the words right out of my mouth. They are just trying to put the ftt back on the front page. This tax is DOA in everyway

-Guru

 

[EPrado]

Quote from listedguru:

+1

You took the words right out of my mouth. They are just trying to put the ftt back on the front page. This tax is DOA in everyway

-Guru

What surprises me is that people on here flip out when they hear this and actually think it has a chance. Anyone who has been paying attention to this whole idea for the last few yrs knows it aint happening.


Add in the fact that Marketsurfer thinks this is going to pass and have a huge effect on the market in the next few days...well........do the math

 

[Illum]

It does have a chance, if Germany wants it, everyone is on their tit. They make things, they do not care about liquidity. Penny spread, 5 cent spread, dollar spread...f u.

I'm all against it, but I would stop dismissing so easily.

 

[FrostBead]

It's never correct to tax finance.