Was reading on Yahoo! Finance about Bernie and his proposals. Below caught my eye. I will also put on the link about his other proposals...You make the call. Just thought this was interesting concerning day trading... Wall Street Tax The financial transaction tax (FTT) Sanders proposes is a 0.5% tax on stock trades, a 0.1% fee on bond trades, and a 0.005% fee on derivative trades. This is expected to raise $2.4 trillion over 10 years, according to research by left economist Robert Pollin cited by Sanders. Currently 40 countries have FTTs and the concept goes as far back as the Great Depression. British economist John Maynard Keynes was one of its earliest proponents and suggested in The General Theory of Employment, Interest, and Money the U.S. should introduce "a substantial government transfer tax on all transactions" on Wall Street in order to curb "the predominance of speculation over enterprise." https://finance.yahoo.com/m/57003a64-7fb1-3a1b-83a0-3e837ed39473/bernie-sanders-economic.html
Those numbers don't make sense. Instead of buying stock for a short-term trade (few days to few months), I'd just sell deep ITM puts and pay a much smaller transaction tax. Many countries have tried transaction taxes. They never raise the intended amount of revenue. Only way it would work is if it was global. There's a 1000+ page thread somewhere on ET about transaction taxes.
I don't really like Bitcoin since it's not backed by anything physical and has not stood the test of time like gold, but the election of Bernie would be a good reason to buy if there ever was one. Most likely, even if he was elected, he would not have support to implement his crazy ideas. Not even the DNC wants him.
The hilarious flaw in Bernie's great plans regarding a FTT is that it will destroy traded volume and he'll never get the money he thinks he'll get. All he'll get are volatile, illiquid markets and the consequences which follow. The paucity of his ideas is frighting, but then again, Trump is no intellect either. I would sell if I we're you.
Hate to say it, but Bernie is clueless about Wall Street. This is a policy that is intended to be identifiable by populists as a sort of "make them pay" thing. It's designed to be understandable by the uninformed and unintelligent. This is because the masses are complete idiots and don't know the first thing about finance/economics/markets/trading. The average millenial/liberal/SJW won't even be able to understand the arguments for (or against) a FTT. But it get's them pumped. The real issue is his proposed Wealth Tax. A wealth tax sidesteps all the tax code abuse and just levies a tax on assets. The populists like that idea, and the establishment and ultra rich are terrified of it.
Bernie is a functional moron. And the idiots who follow him are even worse. The guy preaches socialism yet is a multi-millionaire who owns multiple houses including a 4 bed 3 bath vacation home with 500 feet of lake front. And the dregs that follow him don’t see the hypocrisy!
He's been smoking the funny stuff if he believes this can happen... Sanders has his own version of a Green New Deal. The goal of the plan is to reach 100% renewable energy for electricity and transportation by 2030 and complete decarbonization by 2050 at latest. It is fundamentally impossible for this to happen.
The average population doesn’t understand how stock markets work. Most my friends/family don’t really understand how stocks are priced. They think it’s some hard value that the powers to be decide. I’ve also had many co-workers who are always trying Penney stocks. The idea is they can own 10000 shares and when they go from a penny to 900$ like Apple they’ll be rich. Never realize that most will stay at same price their at or if lucky get bought out at reasonable upside. Very easy to see them think it takes from the rich never realizing the bottom line up o their pension/ really retirement funds bottom line. Here in Canada I was reading an article about some proposed taxes to the top 10 percent. Everyone’s for it, but no one realizes to make the top 10 percent you only need an income of 100k which depending on location isn’t much above middle class. Top 10 percent pays about 45 percent of the taxes already.
And in Canada people leave the country to get a medical procedure done!! Sure you can get your gallbladder out...In 2 years!!