Comments needed, guys :http://blog-imfdirect.imf.org/2010/01/07/financial-sector-reform/ You have the opportunity to talk directly to the guy whose report on Tobin tax is awaited by the whole world( John Lipsky ). Everybody must write a small message here.
HR 1068 is no longer the focus bill for this transaction tax: it is the newer "Make Wall Street Pay for Main Street Restoration" bill (HR 4 something, something something) that is the focus and more geared to the class war fare that this administration has been pushing since Jan. The latter one is the bill stoking the populist rage. The troublesome part of the article is that the specifics of the Wall Street Tax is left open and if sources are to believed about how the big players are clandestine supporters of the FTT, then tax on bonuses and not the FTT is not a done deal. They will push back on this so I expect increasing talk of FTT going forward, not decreasing. In the article, got a laugh out of "sources say Geitner is against this tax". Sources?? It was all over Bloomberg and BBC and CBS that Geitner is against this tax. But good thing those Post reporters went to their unnamed sources for that little tidbt of info. That paper is a joke when it comes to financial news reporting. (BTW, Geitner is beginning to get railroaded and might be pushed out shortly, so I wouldn't bet it all on Geitner being there to block any FTT.)
This is a massage from one Member of Congress, Brian Bilbray ------------------------------------------- Thank you for taking the time to contact me regarding investments. I appreciate hearing from you on this important issue. In the last century, the stock market has been a symbol of America's economy. When it went up, our economy prospered, when it went down, our economy faltered. Still, for most of the last century most Americans had little direct investment in the stock market, but over the last two decades this fact has changed dramatically. Today, more than ever before, the average American has a direct stake in the market. Whether it has been through direct purchases of stock or through retirement funds like IRA's or 401k's, the stock market has become an invaluable tool for individuals and businesses to save for retirement. Over the last year, we have seen our economy struggle and hundreds of billions of dollars have been injected into our financial markets in an effort to stabilize these assets. In a proposal to pay for the costs of these bailouts, Representative Peter DeFazio (D-OR) introduced H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act, on February 13, 2009. This bill would impose a tax of up to .25 percent on all security transactions as a mechanism to pay for the Troubled Asset Relief Program and other bailouts. While well intentioned as an effort to protect the taxpayer, I strongly believe that this bill will do more harm than good. With American's long term financial health increasingly tied to the stock market it is ill advised to place a tax on investment that will hurt our middle class even as their retirement accounts are disappearing. If this bill comes before the House of Representatives in its current form, I will oppose it. Again, thank you for contacting me. If you have any questions, please call me or my office at (202) 225-0508. Sincerely, Brian Bilbray Member of Congress
Wow. You'd think (or hope) that these Congressmen would craft a letter of their own rather than send out a canned response to us. For once I'd like to see a response: "DeFazio is a moron and this bill just plays into the populist rage. There is no way in hell I or anyone from my caucus would support this legislation if it came to a vote."
He is referring to H.R. 1068. In its "current form" could leave him enough wiggle room to agree to H.R. 4191 or some other future version.
I believe this was mentioned before but the best thing would be to get the legislation killed in committee. The House bill is before the Ways and Means, Rules, and Budget Committees. I am putting all the members of the committees into a spreadsheet. Below is a list of the members of the House Committee on the Budget. I will post a list of the other two committees after I have compiled them. Aderholt, Robert, Alabama, 4th Berry, Marion, Arkansas, 1st Becerra, Xavier, California, 31st Campbell, John, California, 48th Nunes, Devin, California, 21st DeLauro, Rosa L., Connecticut, 3rd Boyd, Allen, Florida, 2nd Diaz-Balart, Mario, Florida, 25th Mack, Connie, Florida, 14th Simpson, Mike, Idaho, 2nd Yarmuth, John A., Kentucky, 3rd Melancon, Charlie, Louisiana, 3rd McGovern, James, Massachusetts, 3rd Tsongas, Niki, Massachusetts, 5th McCollum, Betty, Minnesota, 4th Harper, Gregg, Mississippi, 3rd Andrews, Robert E., New Jersey, 1st Garrett, Scott, New Jersey, 5th Bishop, Timothy, New York, 1st Etheridge, Bob, North Carolina, 2nd McHenry, Patrick T., North Carolina, 10th Austria, Steve, Ohio, 7th Jordan, Jim, Ohio, 4th Kaptur, Marcy, Ohio, 9th Latta, Robert E., Ohio, 5th Blumenauer, Earl, Oregon 3rd Schrader, Kurt, Oregon, 5th Schwartz, Allyson Y., Pennsylvania, 13th Langevin, Jim, Rhode Island, 2nd Spratt, John, South Carolina, 5th Doggett, Lloyd, Texas, 25th Edwards, Chet, Texas, 17th Hensarling, Jeb, Texas, 5th Connolly, Gerald E. "Gerry", Virginia, 11th Scott, Robert C. "Bobby", Virginia, 3rd Larsen, Rick, Washington, 2nd Moore, Gwen, Wisconsin, 4th Ryan, Paul, Wisconsin, 1st Lummis, Cynthia M., Wyoming, At-Large
We need write, email and call the petition to these memberes even if they are not your representative. Get the idiot bill Kill!
Kaptur, Marcy, Ohio, 9th Ryan, Paul, Wisconsin, 1st These two from the House are on the Budget Committee and are co-sponsors of 4191.
Rules Committee: Cardoza, Dennis, California, 18th Dreier, David, California, 26th Matsui, Doris O., California, 5th Perlmutter, Ed, Colorado, 7th Polis, Jared, Colorado, 2nd Diaz-Balart, Lincoln, Florida, 21st Hastings, Alcee L., Florida, 23rd Pingree, Chellie, Maine, 1st McGovern, James, Massachusetts, 3rd Arcuri, Michael A., New York, 24th Slaughter, Louise, New York, 28th Foxx, Virginia, North Carolina, 5th Sessions, Pete, Texas, 32nd 4191 co-sponsors on this Committee: Perlmutter, Ed, Colorado, 7th Hastings, Alcee L., Florida, 23rd Arcuri, Michael A., New York, 24th Slaughter, Louise, New York, 28th
Ways and Means Committee: Davis, Artur, Alabama, 7th Becerra, Xavier, California, 31st Herger, Wally, California, 2nd Nunes, Devin, California, 21st Sanchez, Linda, California, 39th Stark, Fortney Pete, California, 13th Thompson, Mike, California, 1st Larson, John B., Connecticut, 1st Brown-Waite, Virginia, Florida, 5th Meek, Kendrick, Florida, 17th Lewis, John, Georgia, 5th Linder, John, Georgia, 7th Davis, Danny K., Illinois, 7th Roskam, Peter J., Illinois, 6th Davis, Geoff, Kentucky, 4th Yarmuth, John A., Kentucky, 3rd Boustany Jr., Charles W., Louisiana, 7th Van Hollen, Chris, Maryland, 8th Neal, Richard E., Massachusetts, 2nd Camp, Dave, Michigan, 4th Levin, Sander, Michigan, 12th Berkley, Shelley, Nevada, 1st Heller, Dean, Nevada, 2nd Pascrell Jr., Bill, New Jersey, 8th Crowley, Joseph, New York, 7th Higgins, Brian, New York, 27th Rangel, Charles B., New York, 15th Etheridge, Bob, North Carolina, 2nd Pomeroy, Earl, North Dakota, At-Large Tiberi, Pat, Ohio, 12th Blumenauer, Earl, Oregon 3rd Schwartz, Allyson Y., Pennsylvania, 13th Tanner, John, Tennessee, 8th Brady, Kevin, Texas, 8th Doggett, Lloyd, Texas, 25th Johnson, Sam, Texas, 3rd Cantor, Eric, Virginia, 7th McDermott, Jim, Washington, 7th Reichert, David G., Washington, 8th Kind, Ron, Wisconsin, 3rd Ryan, Paul, Wisconsin, 1st 4191 co-sponsors on this Committee: Stark, Fortney Pete, California, 13th Ryan, Paul, Wisconsin, 1st