I don't disagree with you brother. If there is some way to implement an honest and forthright economics education program, I am all for it. It's just the whole "honest and forthright" thing that makes me nervous. That's not normally the gummint's MO. I have a little sister in high school and I am constantly talking to her about this kind of stuff trying to make it set in. I'd say the parents and older relatives should take responsibility and do some mentoring, but unfortunately most of them are downright clueless as well.
The "apple" does not fall too far from the "tree." And therein lies the problem my friend. We must educate!
Agreed. On a related note, I noticed they shut down comments on that article. Looks like once ET got over there and started busting heads they shut it down. They took their ball and went home.
This is not likely to pass. Until someone knocks the US off its perch it is still the financial capital of the world. People from all around the world flock to the US markets because they are the most liquid. If this tax was passed volume would dry up and it would present opportunity for some other nation that wants to take it's righteous place as the financial capital of the world. Watch the US impose this tax and a few short years later a country like Russia or France will quickly snatch up the business the US was so eager to surrender, and if and when that financial capital emerges I will open an account and trade that market.
Let's hope the socialists don't pass this new tax. So far it's just an economist and a newspaper columnist talking. What's more disturbing is how many freaking idiots out there actually agree. "yes let's tax speculators and the rich, and give to the poor" they say... boo. First the @#$ 25k PDT rule, now this bs. Let's hope this idea dies a quiet death. I've liked my low taxes this last 8 years. Oh well. I didn't vote socialist. And I don't support TARP either. Small government is good. Big government is bad. Now the nightmare begins.... at least 4 years of it. Wait'll you see your tax bill next year... -k
A trader's tax will only destabilize the markets and give an opportunity for the big instituations to manipulate it. Maybe the instituations are trying to get competitive in the markets again by eliminating the retail traders who are causing a drag on their trading?
I doubt it because big institutions need someone to take the other side. If an institution wants to dump 1,000,000 shares it needs someone on the other end. Another reason I don't see this passing is that it will make it difficult for businesses to raise capital in the equity markets. What happens the next time KO or PG wants to make a huge stock offering? How will 10,000,000 new shares be absorbed by pathetic volume? The US economy needs a well functioning stock market for its sheer survival. This bill will never make it off the floor and like someone mentioned earlier in the thread, if it does it will be repealed in a New York Minute.
Haha, I just noticed. Their comment section has a "editor's pick" where a comment will go right to the top of the pile by the editor. You can't let the truth actually come out, you must mask it by favoring some comments that support the article's views! And people will probably think that because it's written by an individual that particular comment is more credible. It's bullshit.
When its all said and done, over the last 7 years I've averaged <$.02 for every share that I trade. I wouldn't even be able to afford trading $5 stocks if it were .25% on each side.