It was a regular, i forgot his name. He was saying it would cost him a huge amount additionally ($50k+) and that there were many other firms around the country, trading like they were, and in his firm alone, the tax would cost 5-7 jobs. Erin and Gasparino responded: "I am surprised they havent taxed this already" I am quite disappointed in Erin - Thought she was smarter than this.
The tax was mentioned again this morning on "squawk on the street" segment. 9:30 ish Erin's question(smiling) to Dave Rovelli? "Do you really think this (small) tax would make that much difference (in trading)?" She later accentuates that it would raise 100-150bil/yr. She has her mind made up that this tax might actually be useful. Steve Liesman - "I can't belive they haven't taxed it already."
i am thinking they know it will come up, next week with Obama's speech. so they are supporting him and the action.
Maybe if the government actually created jobs instead of destoying jobs and wealth, we would already have the extra $100B. from Bloomberg More Americans than Anticipated File Unemployment Claims http://www.bloomberg.com/apps/news?pid=20601103&sid=aqgweyLi6lYA
Do they not not realize that there is no Fast/Mad Money if this tax passes? And whether small daytraders matter or not, their general ratings HAS to decline meaningfully as well. We need to write to the FastMoney crew and Cramer and have them be on top of this thing.
Good read from begining of this year. http://tuckerreport.com/2009/02/19/should-traders-be-worried-about-hr-1068-transaction-tax/
Pound this station with your emails expressing your better informed view of why this tax is bad. People like Liesman who has a left leaning slant will not be deterred but other anchors and commentators need to hear from the people who would be affected but such a "small tax". Don't let up.
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