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Random.Capital
Registered: Jan 2005
Posts: 3848 |
01-15-12 03:05 AM
Quote from clacy:
The revenue gained from a FTT would not be locked in some "lockbox" for the next financial meltdown.
Of course not.
It would first go to paying down the costs of the previous dozen-odd bailouts, the costs of which have amounted to a subsidy from taxpayers to market participants.
We are a long long way to break even on history, once that bill has been paid, then we can worry about a "lock box" for the future.
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dealmaker
Registered: Dec 2006
Posts: 607 |
01-15-12 03:06 AM
Unless that transaction tax law passes in US, it matters not that Europeans have passed it, we won't be paying it on our NYSE transactions.....
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clacy
Registered: Sep 2006
Posts: 2383 |
01-15-12 03:43 AM
Quote from Random.Capital:
Of course not.
It would first go to paying down the costs of the previous dozen-odd bailouts, the costs of which have amounted to a subsidy from taxpayers to market participants.
We are a long long way to break even on history, once that bill has been paid, then we can worry about a "lock box" for the future.
Do you seriously think that it would go towards paying down debt? Or even reducing the level of spending? HA!!!
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slumdog
Registered: Jan 2012
Posts: 137 |
01-15-12 03:46 AM
If any future german government forces this on the a NYSE/German merged company the regulators in the US can just ban the new NYSE from trading US stocks, remove it's licences etc
And hand the rights to a new US exchange company or an existing exchange like NASDAQ or more likely a smaller existing player to maintain competition.
NYSE will be left with just the iconic building on wall street, do they actually own it or rent it?
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sheda
Registered: Apr 2011
Posts: 621 |
01-15-12 04:22 AM
Quote from Random.Capital:
Of course not.
It would first go to paying down the costs of the previous dozen-odd bailouts, the costs of which have amounted to a subsidy from taxpayers to market participants.
We are a long long way to break even on history, once that bill has been paid, then we can worry about a "lock box" for the future.
The European Commission’s estimation that a financial transactions tax (known as a Tobin Tax) would raise €37bn (£30.5bn) is “based on overly optimistic assumptions,” Ernst & Young says today.
The Commission has acknowledged that it did not address the impact of lower GDP on revenue collection from other taxes,” states economic adviser Marie Diron. “Even when modelled against the best case scenario this incurs a €39bn loss, making the net impact on overall tax revenues a loss of €2bn.
Using the Commission’s worst case scenario, involving a 1.76 per cent hit to GDP, the tax could result in a net loss to public finances of €116bn.
Yea well done idiot.
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Robert A. Green
Registered: Nov 2007
Posts: 656 |
01-15-12 04:30 AM
Thanks Tortoise.
Besides being very active on the FTT thread, I've been commenting in WSJ and FT on every NYSE Deutsche bourse merger article.
I've said it's crazy for NYSE to merge with the German exchange as Germany is hostile to banking, finance and exchanges. Germany will try to use the merger to spread their FTT beyond the euro zone and also over regulate all instruments including derivatives.
This merger is like if Ford wanted to merge with Mercedes just before WWII. The exchanges are too focused on savings, reduced competition, diversification, global reach and bigness. When it comes to Germany and France, run for the rafters, they are falling to socialist forces and have the pitchforks out for banking.
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