There was a transaction tax for 50 years, before, during and after the 1929 crash. A 0.25% tax will do absolutely nothing to prevent people from buying into bubble mania and selling the crashes.
Totally agree! There are several parties who deserve the BIG FINGER OF BLAME here. 1. First and foremost, the DemoCraps!! Their 1999 legislation demanding Affirmative Action Lending and that Fannie Mae guarantee the loans. 2. The Fed for providing stupidly excessive liquidity at stupidly low rates. 3. Regulators who didn't put a stop to CDS "BETS". 4. Regulators for allowing 40:1 leverage at investment banks. 5. SOME of Wall Street... for promoting a flawed, highly leveraged, [thought to be "risk free"] investment. 6. Credit rating agencies for grading "shit as sugar". 7. Greedy investors levering up to load on the perceived "risk free return". NONE of these are the Wall Street trading community...
What did a transaction tax do to stop crashes in china,india and the uk? they all have transaction taxes. 90% of the people on et will go bust and millions of jobs lost from brokers from mer down to amtd. it will hurt returns of almost every mutual fund
I am not registered. Somebody please post this link to that yutz editor. http://news.cnet.com/2010-1071-960207.html
If this guy were to get his wish, futures would not be exempt. âThe fees would be a considerable expense for someone who is buying futures, or a stock, or any asset at 2 oâclock and then selling it at 3. The more you trade, the more you pay." Very few democrats meet a tax they don't like. And there are lots of them in congress these days.
Take this into consideration. The Majority of People in the US, lived like they where "Bling Blinging". Now, the smoke has cleared and they relized, they are not Bling Blinging. They are pissed off. So, the majority will want to punish those who are making Money. They will want those making money to be brought to their level. Hence, they believe that is justice. The basic theory behind Socailism. So, Tax those who trade, tax those who make 150k or more, tax tax tax tax and tax more. Break down the "Rich" because they are all crooks and do not deserve the money they are making. This is the basic concept behind Obama Nation. There are some bad apples out their that have helped to turn public opinion towards Socailism. We are going to be a Socailist Nation before 2012. There is no fighting it. IMHO, every capitalist for him/her self. Make as much F#($& money as you can, make hay while the sun is shinning. Build you wealth now. If your pretending to be 'wealthy", if your pretending your a big dog, the bite in the ass that is coming down the pipeline will wake you up from your dream. And then it will be to late.
New York and Illinois would go broke(r) when we traders move out of the US en masse. The revenue from the tax would be next to nothing after the exchange volume was reduced to "buy and hold" trading only, what a joke... notice that many of those commentors to the article are about dislike of the class of people that "don't produce anything", not better economics for the general citizenry.. after my workout today I'm going to grab a productive guy and rub his face on the curb a bit, it's class warfare and I want to get it on!! [Just kidding, all you loonie lefties]