most republicans in the US are as clueless as the democrats when it comes to free markets and economics. that is why the idiots nominated mccain instead of romney.
Well gee, in that case lets just all just freak out about it. If they pass it, they pass it. I'm not going to lose sleep about this shit any longer. If there's a tax put in place, people will pay it and move on. Again, this tax won't happen, but I'll let you worry warts continue to piss and moan to one another about it.
I'm wondering if this will really be such a good thing for the big firms, even if they are exempt from the tax. Implementing something like this is going to remove a lot of the dummies from the market, because it's the small retail traders that will end up paying the tax and be driven out. Overall trading volumes will also be reduced, which means that GS and others will now have to trade with smaller position sizes, thereby reducing their profits. Less liquid markets and more smart players per capita is going to make the markets harder to trade as the big firms have to compete more and more with each other - I fail to see how this is going to help them.
Comments needed here. http://www.thehill.com/homenews/house/56789-afl-cio-dems-push-new-wall-street-tax The AFL/CIO is big. If they start rallies for this, it could put many of us traders out of business.
Agreed. This won't pass, but people are going to freak about it regardless. A bill like this won't go through the reconciliation process, so it will need 60 votes to pass the Senate. Even though Democrats technically have 60 votes -"but they really don't", there's no chance it will go through. People need to relax.
I doubt that this type of thing is going to pass anytime soon, but if it does there will always be some country somewhere in the world that wants our business, and the associated revenues that will come from it. A trader always has to adapt to keep making money, and a changing landscape is part of that game - so this may mean just going somewhere else to trade. Sometimes the dummies of this world will throw roadblocks in your path - you have to be smart enough to see them coming and work your way around them. Having said that, the stupidity of some people in Congress never ceases to amaze me. I think DeFazio must need an instruction manual to tie his own shoes in the morning.
Comments useful here. http://blogs.reuters.com/james-peth...sh-new-wave-of-investment-taxes/#comment-1997
With a re-election year coming up in 2010, and then 2012, does anyone really believe a tax like this will pass, especially one taxing "stock transactions"??? There are millions of Americans that purchase stocks, some to hold as part of their retirement portfolios/401k, some to hold for a short period of time. If this sort of tax were to be passed, the Democrats can kiss all of their majorities goodbye come 2012. Americans will be just as outraged about this, as they have Obama's rationed, socialized health care bill. The Democrats know that if they pass any sort of transaction tax, they will be committing political suicide. They are already shitting their pants with the 2010 elections coming up next year. Earlier today, Scott Rasmussen from Rasmussen polling was on Fox News with Neil Cavuto, and said, according to their polling, that if the 2010 elections were held today, the Republicans would destroy the Democrats in the House of Represenatives, and would quite possibly take over the majority, while the Republicans would also pick up a few seats in the Senate, although they wouldn't have the majority there. All of this, compiled with the disasterous health care bill, and very nervous Democrats facing extinction in 2010 & 2012, don't expect this tax to happen.
This tends to spring back to life every few months or so. I believe Defazio's bill is DOA (pretty much) and AFAIK there is no bill in congress calling for the AFL CIO's 1/10 of 1 percent tax. Even if a new bill gets proposed I think there's a slim chance it ever gets out of the house (and no way it would pass the Senate). Just my hunch, -Guru
I agree. I have noticed a trend lately with more people I know deciding to take control of their own finances and do their own trading as opposed to just letting it sit in mutual funds, as a response to the large declines over the past year or two. Not that most of them are going to make money, mind you - but any law that makes their lives more difficult is going to be unpopular. Once the masses start to realize that THEY are going to be the ones paying most of the costs, the bill won't go anywhere. God forbid anyone should publish an article describing how GS and the big players got an exemption from this tax - the Dems would be absolutely crucified in 2010. It's a political risk they are not going to take. They can't pass the law and exempt the big players, because that info will get out. They also can't pass the law and NOT exempt the big players, because Wall Street would never let that happen. Therefore, it ain't gonna happen.