So what you are saying is that higher government taxes help to regulate markets and prevent wrongdoers? Give me some of what you are smokin'.
Wrong. They aren't proposing a 1/4% of the commission tax, it's 1/4% of the value of the TRADE! You buy 2000 shares of a $50 stock and it's 1/4% of $100K. Or a nice little $500 + commission for a round trip. Still sound like a great idea?
It's still a good thing that the people with money still make the rules in this country. We have nothing to fear. Nothing like a few million for a political campaign to keep this off the books.
Uuuhhhhhh...... Do you know wtf you're talking about? Multiply that nickle by 1000 *per trade* and maybe you'd reconsider?!!!
I agree with you. This is the same old witchhunt that pops up from time to time in America, when the economy is doing bad - they like to blame the speculators. When the market was rallying before the crash, were they blaming the speculators then? 'They' have tried anti-speculation attempts in the past, but they quietly get swept under the rug then forgotten. The potential ramifications could be so serious to the country, I can assure you once a study was conducted on it - it would show that those 'evil speculators' actually provide an invaluable service to the economy. ie. Back-stop for markets in free fall, Liquidity etc.. Anybody on wall street knows that the machine would grind to a halt if the speculators weren't there. If conditions became un-favourable to the speculators - they simply set up shop somewhere else to trade...it's been done in the past. Anybody interested in a startup in Antarctica?
They would make the trade tax as complex as the irs tax codes so that we have to hire someone to decipher it all--more jobs created. That would just be another service job created we don't need.