Really? Have you heard Jim Cramer, the guy who was either bought (most likely) or threatened? Ya know, it amazes me how people KEEP assuming this will not go anywhere, despite the momentum obviously building. These goons need revenue, and they can almost taste this, it is such an opportunity. Do not be so sure...
"Democrats are also considering a transaction tax on short-term trades on Wall Street, a measure being pushed by House Majority Whip James Clyburn. "We have seen a great deal of anger from the public about the fact that once again we see Wall Street nationalizing the risk and privatizing the gain," said Pelosi. "The downside is always felt by the worker and the upside is always realized by those who never seem to take a loss no matter what happens." The above from Huffington Post, from the main trader tax thread, shows it is NOT just Difazzio anymore. Simple minded public, and bone head congress, is likely to use Cramer's comments against all of us. Wake up people. I can see it now, the Dems will even get Buffet to agree to the tax being "reasonable, you should be long term value investors anyway!" and will point to "everyman" Jimbo Cramer to "prove" they are doing the right thing to provide yet another revenue stream for their election benefit and lies. Be afraid people, be very afraid and worried, because you should be...
All it takes is one major/semi major country NOT to associate themselves with the transact tax and any "global" passing of it will immediately have THAT country in line to become the next great financial center. Of course, anything is possible but it stands to reason that, if this thing truly needs a global consensus, that seems all but impossible or not likely anytime soon.
Elections have consequences people. If you elect left wing nut jobs, you will soon find yourself paying every imaginable tax possible.
Whose fault is THAT? It only works that way because of criminals like Paulson, GreenScam, Bernanke, Geithner, Obama...
Read the hill link above, it is not just CNBC reporting this. Here it is again: http://www.thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax
You will see on GE for example bid/ask spreads of 20 cents and a drop in volume to 10K shares traded daily. 401Ks will pretty much implode, The average longterm investor will get screwed royally.
most countries showed no support when gordon brown pushed the FTT at the last G20 meeting. IF (big IF) the US passed it and others did not, I'll trade through whatever foreign center lets me. If the US says I still have to pay, I'd look at living elsewhere. There's a great worldwide trading community.