All fat cats are trying to deflect tax and blame and turn anger on bankers and traders. What about celeb fat cats and most of all government fat cats with their jumbo jets, armies of staff and most of all golden-parachute defined benefit pensions that provide cadillac fixed pay for life. Private workers are stuck with defined contribution plans and 401ks were decimated by the meltdown. A FTT kicks the little guy while down and the government worker is shielded from the FTT on defined benefit pensions. Private workers pay FTT twice; first for themselves and then a second time for the gov worker, with he private worker having to pay more taxes to cover the gov workers FTT on transactions within their pension funds. Private workers are having to fund federal and state government holes in unfunded defined benefit plans. Plus government workers are usually exempt from taxes on their pension income too. Lots of federal contractors cheat on taxes - white house said so last week. This tale of two cities between government fat cat workers and regular working people is the real gulf. We can't let big spending celebs and gov workers deflect blame and tax to middle class retirement investors.
Good points but I still think we should make our appeal on straight forward truth that it destroys our small business trading industry and we are not the rightful target. The public is so far not buying that wall street banks will pass on the bank fee to investors. I don't think the public expects FTT exemptions for trading in banks. You are right people who are convinced that day trading speculation is useless and wasteful will be hard to sway over. If we are bashful about defending ourselves in a straight up manner that shows self doubt and weakness in my view. But I also think your points are good and respect that view too. We always stress how the FTT hurts investors, middle class, retirerees and farmers too.
___________________ "i suggest you read it carefully before making off the cuff remarks." zdreg it never fails that people with short fuses react the way u do. very good to excellent traders adapt as long as there a game to be played. remember Obama and his ilk only tolerate the existence of wall street. his goal is to make wall street a tool of the gov't under his command. he does not believe in markets, check buffet's remarks about day trading in berkshire. He knows the direction of the wind. I suggest that everybody fight the good battle but assume the worst. Change your style of living right know. Spend only on absolute necessities. Deny yourself any luxury and save the maximum possible. consider moving to less an expensive area etc. the tide may eventually swing back and then you will act accordingly. I understand fully if this advice is attacked ignored. it is human nature. . focus on your trading now as u have never done before. upgrade your skills now. the window is still open.
Sure, but the public won't care if it destroys us, as long as they think it will take down the big guys as well. We need to show them that this will not hurt the big guys nearly as much as it's being sold to them as doing. If they aren't buying that they will pass the fees on to us, we need to do a better job explaining that to them (without freaking out and becoming combative). The consumer ALWAYS pays when costs/fees go up, we can give dozens of examples. If they don't think that the big guys will get an exemption, then we need to show them that volume will dry up and the amount raised will be no where near the projections, just as it has with other countries that have tried this (many of which have since repealed it). Costs will also skyrocket as spreads would widen immensely. For the people that think they won't be affected because of exemptions for $100K, mutual funds and retirement accounts, we need to show them how they will be paying a major cost indirectly. I don't think most people understand that just because they won't directly pay a tax if they buy or sell a mutual fund, they will still be greatly impacted because the mutual fund manager will be paying this tax every time they buy and sell, and it will greatly eat into their returns. Likewise in retirement accounts- they won't pay the taxes directly, but the mutual funds that most of them hold will still have lower returns, and if they do trade stocks, they will be paying indirectly via much wider spreads if the MM's don't get an exemption. They will all be paying via increased taxes in the future to fund shortages in pension plans due to the lower returns. Etc. I don't care about showing weakness to be honest- the fact of the matter is, we are weak if you compare us to the Madonna's of the world. Do you really think it makes sense to threaten her with a boycott? Who is going to win, a group of celebrities that support this, or a bunch of small time traders on ET? Now, if we can get a couple of celebrities to support our side of the argument, I think that would be great. I just don't think it makes sense to pick a fight with them ourselves. We really can't win in the public eye (even if we're right). Telling them that they should donate money, stop cheating on their taxes or using jumbo jets, etc., isn't going to lead to anything productive IMO.
Tommorrow could be a day where things heat up or cool on the debate about ftt. The g7 meeting tomorrow where supposedly the tax will be discussed by the UK and the US wants to discuss our own bank levy that Obama introduced last week. This could be a time where Obama can put this talk to bed by actually saying no. Not just Geithner but others in the administration or atleat Obama thru a spokesperson or something! By the way Lord Myners is the City Minister in London. http://www.guardian.co.uk/business/2010/jan/24/banking-bonuses-lord-myners-greed Myners is hosting a G7 summit tomorrowto consider a possible levy on financial _transactions that has been promoted by the prime minister. The Downing Street meeting will aim to find a way to "shift the burden of _financial sector support from the public to the _private sector". "There are several options â among them a global insurance levy, the use of innovative contingent capital instruments already developed in the UK, and a global transactions tax," Myners said.