Aren't you a big Obama backer? It's you who is a bit light in the intelligence department if you didn't anticipate a super-majority Dem Congress opening up a Pandora's Box of ideas such as these. As soon as Obama, Pelosi, Reid and Co figure out that tax receipts are abysmal and that traditional tax increases are unworkable, then things like transaction taxes and import duties will be VERY on the table. This will be sold as a "fair" method to contain evil hedge funds and speculators who sold CDO's, stocks and America's 401k's short, squeezed oil to 140 etc. The same way a nation of anti-Iraq war Obamaites will suddenly become warmongers when we're killing thousands of civilians in Pakistan. Just as long as it's sold as "fighting the real terrorists" or whatever simplistic slogan it takes. Ala' Change and Hope.
I seriously wonder if many of you who do not see the damage this would cause even trade! I trade 2 million to 3 million shares per month on average. With this scheme I would have to make $200,000 + PER MONTH to BREAK EVEN. My volume is on par with other short term traders. This type of tax would put a significant number of liquidity providers (myself included) out of business overnight. Market Makers, NYSE Specialists, Prop. firms, all high frequency liquidity providers will be severely hobbled if not entirely wiped out of business taking away the very liquidity that is lacking in the credit derivative markets. (remember the one the the Govt. has had to jump into and serve as the liquidity provider because of the lack of liquidity) Liquid markets are what make the US markets the place to trade and the envy of markets around the world. They are are a good source of employment, tax generation, wealth creation, and an bastion of capitalism. Why would anyone want to hinder that?
Yeah, i'm posting here because my jaw has droped through the floor. The retail guy isn't the "evil speculator" in this game. It's the banks and other financial insititutions that have sucked the blood out of consumers who they knew could not cover the costs of their mortagages and loans (and the million other credit cards that they were inundated with) as well as sending the majority of jobs outside of the US (by paying other people one-tenth of what they pay americans) for exactly the same job ... oh, btw, just how much social value does that have Avid Consumer? The real sophistication level of thse so-called traders is incredibly low ... :eek:
I know it's difficult, but try to pay attention. The Democrats didn't get us into this situation. The Republicans did. Now we have to "clean up this mess" .... hey didn't we already do this scene before when Clinton had to bail us out? Here, I'll repeat it for you since I know nothing actually penetrates the racist fog that surrounds your brain ... this mess happened on Bush's watch, now Obama has to clean it up Yep, different day, same old song.
The Democrats didn't get us into this situation. The Republicans did bullshit Mandelbrot, it was Clinton and fannie who lit this candle. It was the dems who blocked regulation
Midas's statement says it all. 95% of traders on this board that make big money are high vol traders and any tax means game over.
If that's your view then stop your fucking bitching. Assholes like you should HELP Congress sell this tax. "We didn't want to enact this but blame Bush even though he's gone..." Batista fucked up Cuba so fortunately we were able to bring in Fidel Castro to clean up Batista's mess. Without Castro Cuba would still be a corrupt place with mob bosses bribing elected officials. Thankfully Castro has led Cuba back to glory and they're rid of those corrupt, capitalistic elements....
No you *Archie Bunker*, you most definitely are the asshole here. Bush and his nonsense has allowed Big Business to fire-at-will, on the American populace and his final legacy was to out-and-out just ask for all the money (with Paulson acting as his "stick-up" guy). Now that he's conviently leaving the oval office with an astronomical amount of debt, a war that we never should of been in, extraordinary job loss by the white middle class (obviously he didn't give a shit about them either) and a bankrupted economy (ALL under his watch, you clueless douchebag), it's up to the Democrats to do whatever they can to fix the problem ... Mark Cuban is just trying to jump on the bandwagon with his bullshit, but 'tards like you make it waaaay too easy for them. It's obvious why you're no longer pursuing a political career and pretending to be a great trader with your $500 subscription courses. LMAO :eek:
"Bush and his nonsense has allowed Big Business to fire-at-will" so who allowed fannie and freddie to fire at will mandelbrot?