Quote from drukes1234:
You guys realize this has been floated around for YEARS and while it would kill all of us, we shouldn't absolutely freak out because of some little NY Times article. DeFazio has no pull and Sommers when last asked about the transaction tax said it is not realistic and would do more harm than good.
Yes this is VERY scary but I can find articles promoting the transaction tax almost daily and from all the way back to 1998. I am actually confident Obama has a smart enough team around him that this won't happen, especially Larry Sommers.
Smart or dumb doesn't matter. Do you really think CME (Chicago) is going to get government APPROVAL and SUPPORT into the multi-trillion OTC-clearing market without giving up something(s)? STT is a gift in that case.
Your confidence is misplaced. You need to have confidence in yourself to do the "right thing". Politicians will not save you.
Once unthinkable, now unstoppable