1/4% Tax on all stock trades pushed in NY Times today

Guys, I'm banging the drum on another issue in the Ooops! Climate Change thread because I believe this is the problem we will face in trader tax. Eventually the US will get in line with the rest of the world...

Recently, the first president of the European Union, Herman Van Rompuy, affirmed in a speech captured by the BBC his belief that "2009 is the first year of global governance with the establishment of the G20 in the middle of the financial crisis. The climate conference in Copenhagen is another step toward the global management of our planet."

Lord Christopher Monckton, a former science adviser to British Prime Minister Margaret Thatcher, asserts the real purpose of the United Nations Climate Change Conference in Copenhagen Dec. 7-18 is to use concern over "global warming" as a pretext to lay the foundation for a one-world government.

At the U.N. Climate Change Conference in Copenhagen "a treaty will be signed," Monckton told a Minnesota Free Market Institute audience at Bethel University in St. Paul.

"Your president will sign it," he said. "Most of the Third World countries will sign it, because they think they're going to get money out of it. Most of the left-wing regimes from the European Union will rubber-stamp it. Virtually nobody won't sign it."

He has warned the proposal would cede U.S. sovereignty, mandate a massive wealth transfer from the United States to pay reparations for "climate debt" to Third World countries and create a new "world government" to enforce the treaty's provisions.

 

Kettle and Red bull.

Geithner is the voice of reason for OUR point. He understands the implications of this crazy tax....and he is part of the "enemy". We are dealing with socialist who want to destroy what America is founding on.

Going to Obama, I want him out ASAP! And I agree with the time table crap he did....but he got elected by the liberals (same ones who would love this trans tax) to get out of Iraq and Afghanistan. He pissed off a lot of his base with sending in those troops....albeit the screw up's he said.

The bailouts of wallstreet is Bernake's deal. And, is right. The dem's and GOP hated it. Bernake studied the great depression and saw what the guberment didn't do and what it lead to.

All of TARP will be repaid with $10's of billions on interest and warrants/equity back....we have already made $11B this year back...more to come. BOA (BAC) is just the first.

Lastly, if anyone thinks obama is pulling the strings in Afgan...no way..we will win this war with him or McCain....Surprisingly heard he approved a huge new drone program (aka....killing machines)....that is the Pakistan hammer until we do enter the region - which we will.

Ok, time for another RBV.

 

if a transaction tax of any amount were to pass,

i doubt SPY would trade more than one million shares a day

and maybe that's too generous

 

Geithner Dismisses Tax on Financial Transactions as Unworkable
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Robert Schmidt

Dec. 5 (Bloomberg) -- Treasury Secretary Timothy Geithner, throwing cold water on a plan by congressional Democrats to tax financial transactions, said banks and other market participants would find ways to circumvent the expense.

“I have not seen the version of that that I think works,” Geithner said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” that airs throughout the weekend. Firms are “going to move in a heartbeat to get around any tax like that.”

The Treasury chief also predicted a “quite high” chance that the U.S. unemployment rate will be lower than 10 percent in a year, and he called yesterday’s Labor Department report showing the smallest monthly job loss in two years “progress but not good enough.”

Geithner also continued to push Congress to pass legislation that would rewrite financial rules and said that the Obama administration was close to announcing a new tack for the $700 billion bailout. Geithner said he expects the Troubled Asset Relief Program to get as much as $175 billion in repayments from banks by the end of next year.

The prospect of a so-called Tobin tax, floated last month by U.K. Prime Minister Gordon Brown, is already provoking nervous U.S. financial companies to lobby for its defeat. Democrats, including Oregon Representative Pete DeFazio and Iowa Senator Tom Harkin, this week proposed taxing large transactions in stocks and derivatives. House Speaker Nancy Pelosi said the idea has a “great deal of merit.”

Tobin Tax

In yesterday’s interview, Geithner, echoing some of the banking industry’s reasons for opposing a Tobin tax, said he was concerned it wouldn’t be able to be adopted globally, making it harder to impose. He also noted that the tax may hit less sophisticated investors, instead of the big firms.

“There’s a real risk that retail investors, who’ve got fewer choices, they end up bearing the cost of the tax,” he said.

On another tax issue, Geithner questioned the effectiveness of providing businesses with a $5,000 credit for each new net job they create. Some have predicted the measure could help the economy add as many as 1.5 million new jobs.

“Just to be frank about it, there’s a lot of people in the business community and the academic community who are not confident that that particular proposal would be that powerful,” Geithner said. “But we’re going to keep looking at it.”

TARP Changes

On the TARP, Geithner said the administration was in the process of putting the final touches on a major refinement of the effort.

“We’re going to have very substantial resources we can make available to support not just the immediate priorities the country faces in spurring investment in job creation, but also to meet our long term fiscal challenges,” he said.

He didn’t say whether he will seek to extend the program for another nine months, as the law allows, when it expires on Dec. 31.

Geithner also said he was confident that loopholes concerning derivatives, inserted into legislation Congress is crafting to overhaul financial regulation, would be tightened before a law is passed.

Airlines, energy companies and other firms that rely on derivatives to protect their businesses against swings in oil and commodities prices would be exempt from most new requirements in House of Representatives bills designed to rein in more speculative trading. The House legislation is slated for votes next week. A Senate version has fewer exceptions.

‘Evade’ Protections

“There is support for trying to make sure that we tighten up those exceptions and, again, they don’t provide a way for firms to evade those basic protections,” Geithner said. “We have a very good chance of getting a very strong bill.”

Overall on the economy, Geithner said a “key test” will be when companies begin to add to their payrolls.

“The economy is now growing and growth seems to be gradually strengthening,” he said. “You see pockets of real strength now in technology and exports and I think they are hopeful signs of progress.”

Geithner and other Obama administration officials this week held a forum at the White House to brainstorm about ways to bolster job creation in an economy that lost 7.2 million jobs since the recession began in December 2007.

To contact the reporter on this story: Robert Schmidt in Washington at rschmidt5@bloomberg.net.

Last Updated: December 5, 2009 00:00 EST

 

Well that's all fine and dandy, and don't get me wrong I am deeply concerned about climate scam, but Obama can sign whatever toilet paper he wants until his hand grows tired, but if it's not ratified by the senate then there is not an ounce of import to his signature.

The senate will not ratify any of this crap, and in fact is far less likely to than this idiotic transaction tax, if only because two big blue dog senators are in states that would suffer.

 

Fair points, I just hope people keep in check their enthusiasm for these people, even Geithner.

As for TARP being Bernekes, I don't buy that. Obama signed it as Senator while running for his next pedestal. He owns it.

And as far as paying back TARP, yeah I like to point to that as some sort of success, but let's not forget, we're all part of the choir singing about how there is a bubble. Well how do you think these banks were able to pay this TARP back? The very bubble we now have caused equities reflation and is the reason they were able to pay it back. So I ask, who really payed it back, the banks or the American people, who will be left holding the bag when it pops and this whole house of cards comes falling down all over again?

 

Bernanke is the mastermind behind TARP. He was the one that proposed it and obama signed off on it as a Senator...yes, you are correct...and goes to my point...Bernanke understood the difference from now and the 20's...he told Bush to enact it. Now the liberal monsters grabbed the flag and ran with it b/c they had 2. You have to understand this....we (aka...Bush and obama) bailed them out to avoid the next Depression....and TARP will prolly make $80B when it is all said and done.

But, talk about a travesty.....obama poured $50B into GM....that is what should be talked about!!!! For a piece of shit car company...but he got those votes from the unions, so he bailed them out....OH...GUESS WHAT...the surge in Afagn will cost $30B....2/3 less than the GM bailout....We will never get out $$ back on Shitty motor's.....I despise that company..GM WILL NEVER EVER BE ABLE TO PAY BACK $50 BILLION EVER!! Go look at their income statement and balance sheet! Why do u think obama has fired 2 CEO's now???

Go buy a Ford Taurus SHO...they didn't take any bailout $$, b/c management and unions agreed a long time ago. Ford is the Co. to look up 2. Obama broke all law's with Chrysler......told the bond holders that the LAW doesn't matter.

Time for another RBV.

 

Many good points. Especially on contrasting GM. I'll have to remember to bring that one up more often.

 

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DuhFazio and his bill entitled "Tax Main Street Small Businesses and Retirement Funds and Pave the Roads Right Over Them Transportation Bill"

http://dc.streetsblog.org/2009/12/0...l-street-transportation-tax-coming-next-week/

 

Done.