Those in the state of MASS. who are opposed to the FTT please go out and vote for Brown today for senate. This will help stop the super majority in the senate and make thing better in case the FTT pops its evil head up again!! Lets start taking seats back one at a time!
I am waiting with bated breath for the outcome of this one. Perhaps the pendulum will start to move back to equilibrium. We shall see.
There are already reports of voter fraud being committed by Democrats. Michelle Malkin was reporting from twitter that a hispanic woman "Isabel Melendez", a Coakley supporter, was handing out blank absentee ballots to hispanic voters, telling them to check off Coakley's name on the ballots. Anything to try and steal an election. Hopefully, it won't succeed. If Brown wins, that would be great news for our fight on the FTT.
Vanguardâs full court press in the media to promote a financial-transaction tax is anti-competitive and self-serving for their interests. Do we need a new onerous tax burden (financial-transaction taxes) on active traders and investors to force them into buying and holding mutual funds? Are mutual fund investments so weak these days on their own market competitive merits, that they need help from Uncle Sam in penalizing and putting their competition out of business? Buy in 2000 and hold until 2010 and have zero performance, plus plenty of risk. There was a time when mutual funds were the hot new investment vehicle, back in the 1960s with infamous Bernie Cornfield of Dreyfus http://www.associatedcontent.com/article/965742/bernie_cornfield_mutual_fund_mogul.html. John Bogle founder of Vanguard probably remembers those old days well. Mutual funds democratized the industry by bringing money management and asset allocation techniques to the little guy, whereas only the elite could afford those services before. Well, we have innovated much since the 1960s and maybe mutual funds are losing some of their innovation-edge these days. Aren't there too many mutual funds and ETFs and index managers just packaging and selling the same indexes? Their buying and selling habits even affect market prices reaching a foregone conclusion. Day traders and market makers using the Internet and discount direct-access brokers and new service providers has done to proprietary big-bank trading, what mutual funds did to elite money management. It democratized prop trading systems, tools and access to the little guy. Just as mutual funds innovated and brought elite resources to the mass market, so has the active direct-access trading industry. Some people want to be passive and trust others to handle their investments. Others want to take direct control of their investments using all sorts of available tools including assets allocation tools too. John Bogleâs full court press to bury the direct trading industry is very disingenuous and self-serving. For that matter, why do long-term investors get a lower long-term capital gains tax rate, why shouldnât all investors get that same benefit? He already has a major tax advantage and now he is asking for more?
Only Sweden could have a Finance Minister with a ponytail. I also received a reply from the IMF today...
Jack Bogle, Vanguard Founder=furious w/ Wall Street & fund managers. He'll vent w/ me exclusively on Fox Biz at 3pET on how 2 fix the mess --- Liz Claman Vanguard's Bogle has op-ed in the WSJ. Says we shud 'punish' short-term stockholders by taxing cap gains.Says we shud 'own', not 'rent' stox -- Liz Claman Jack Bogle is my special guest, live and exclusive ONLY on FBN at 3pET. Will ask how/why we should interfere w/ market evolution. -- Liz Claman Bogle always felt that high fees were BS, always fighting for the little guy investor. Now he's loaded for bear AND bull, watch at 3pET FBN -- Liz Claman ------------------------------ Bogle should talk to Vanguard's Chief Investment Officer who is against the tax.
Bogle has been for this tax for a long time. He has never liked short term traders and for years compared them to gamblers always with anger and venom in his comments. A picture of Jack Bogle comes to mind everytime someone uses the term limosine liberal.
It sure sounds like the Brits are going to press on and try and get a Tobin style tax back on the table. They are hosting a meeting of G7 nations next week - a few articles mentioned a Tobin tax was not on the agenda but most of the pieces I'm reading now say it is: http://www.pressandjournal.co.uk/Article.aspx/1567442?UserKey= http://www.thisismoney.co.uk/market...d=497772&in_page_id=3&position=moretopstories We need to get Brown out of office ASAP. I really don't think the Tobin Tax has any chance whatsoever internationally (or in the US for that matter) but I hate reading this crap everyday (LOL). -Guru