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

As we saw from Obama's bank fee proposal, things are decided long before they're officially announced. Hopefully that Obama quote isn't public prep talk for a FTT push to come later.

 

unfiltered Obama speech on his new bank ideas.

http://www.whitehouse.gov/live

 

ignore walter4. He's just trying to bait you. Does it all the time in P&R.

 

saw this in an email, very funny....



Washington, D.C.
The Associated Press
Congress today announced that the office ofPresident of the United
States of America will be outsourced to India as of March 1,2011.
The move is being made in order to save the President’s$500,000 yearly salary, and also a record $750 billion in deficit expenditures and related overhead that his office has incurred duringthe last 3 months.
It is anticipated that $7 trillion can be saved to the end of thePresident’s term. “We believe this is a wise financial move. The cost savings are huge,” stated Congressman Thomas Reynolds (R-WA).“We cannot remain competitive on
the world stage with the currentlevel of cash outlay,” Reynolds noted.
Mr. Obama was informed byemail this morning of his termination. Preparations for the job move have been underway for some time. Gurvinder Singh, a teletechnician for Indus Teleservices,Mumbai, India will assume the
office of President as of March 1,2011. Mr. Singh was born in theUnited States while his Indian parents were vacationing at NiagaraFalls, NY. Thus making him eligible for the position. He will receivea salary of $320 (USD) a month,but no health coverage or otherbenefits.It is believed that Mr. Singh will be able to handle his job responsibilities without a supportstaff. Due to the time difference between the US And India, he will be working primarily at night.
“Working nights will allow meto keep my day job at the DellComputer call center,” stated Mr.Singh in an exclusive interview. I am excited about this position. Ialways hoped I would be President.”A Congressional spokesperson noted that while Mr. Singh may notbe fully aware of all the issues involved in the office of President,this should not be a problem as President Obama had never been familiar with the issues either.Mr. Singh will rely upon a script tree that will enable him to respond effectively to most topics of concern. Using these canned responses, he can address common concerns without having to understand the underlying issue at all.“We know these scripting tools work,” stated the spokesperson.“ President Obama has used them successfully for years, with the result that some people actually thought he knew what he was talking about
.”Obama will receive health coverage,expenses, and salary until his final day of employment. Following a two-week waiting period, he will be eligible for $140 a week unemployment for 26 weeks. Unfortunately he will not be eligible for Medicaid, as his unemployment benefits will exceed the allowed amount. Mr.Obama has been provided with the outplacement services o fManpower, Inc. to help him write a resume and prepare for his upcoming job transition. According to Manpower, Mr. Obama may have difficulties in securing a new position due to a lack of any successful work experience during his lifetime.A greeter position at WalMart was suggested due to Obama’s extensive experience at shaking hands, as well as his special smile.

 

Nothing too scary in there for small traders. For banks though, it looks like a massive threat. Obama's team said in the past that they don't want to return to Glass-Steagal (wasn't it Clinton that got rid of this?), but of all intents of purposes they seem to be heading down the road of separating deposit taking banks ('insured by the taxpayer') and hedge fund/prop shops. Maybe they'll give it a new name but it sounds to me like sweeping changes ahead.

You know it might end up being good for small traders if it takes away some competition, though maybe that's wishful thinking on my part.

I really don't think Obama knows exactly what he wants to do, he's just taking advice from Summers, Geithner and Volcker, so everything's up for grabs basically. Interesting times ahead...

 

Obama has proved he is an Idiot. Pompous piece of shit. Can't kill Healthcare so he wants to kill the Banks.

Time we saw his birth certificate.

 

Yeah I still don't think a FTT is going to happen. Volcker said back in Dec that he is opposed to one:

"Volcker said he "instinctively opposed" any tax on financial transactions, a step that proponents say could limit the risk of another economic crisis."

http://www.reuters.com/article/idUSTRE5BC0MH20091213

So that basically mean that Geither, Summers, and Volcker are against a FTT. We also need to remember that the banks are going to fight these proposals tooth and nail and they still have to get through Congress. I would suspect that if anything becomes law it will be watered down. But again I don't think a FTT is going to happen...

-Guru

 

It's unfortunate to see an American President look so weak and afraid of their future. Its obvious to people of power now, that they no longer have to bow at the altar of Mr. Obama. These proposals will not survive the legislative process in an election year. As far as taxation of financial transaction is concerned, the time has passed and there will be no FTT.

 

Notice how pathetic he sounded saying that he is ready to fight.


Acts like he is on "24".

 

Austan Goolsbee is also against it.

As far as Volcker, he also said the following.

"Former Federal Reserve Chairman Paul Volcker said in a September 24, 2009 hearing before the House Financial Services Committee that it “might be interesting” if Congress ordered a study of the idea of a transactions tax. But he pointed to the problem of driving transactions to other countries: “That’s the No. 1 problem.”"

http://www.ethicalmarkets.com/2009/...ss-leaders-on-the-financial-transactions-tax/