Yep, those who said do not worry may want to reconsider their confidence. There is NO limit to the damage these socialist spread the wealth around pundits can cause if given the chance. On CNBC this morning, a woman who teaches (!!!) economics argued for it, to "encourage long term investing" etc. and used the usual class warfare arguments, not noticing such a tax would wipe out day traders over night with accounts worth less than 250K and INCREASE the divide between rich and poor because well lobbied and connected big boys would get exemptions, while the general public likely would not. Since the majority of traders lose, and transaction fees and slippage/commissions already stack the deck against small accounts, this is the back breaker if ever realized. These Globalist elitists want to turn us all into slaves on a plantation, with whatever scraps of moldy bread they choose to throw us happily accepted with the though that we are lucky to get what they toss us. I long for the days when only Erin Burnett talked up the tax, now that Pelosi is on board, all bets are off... Sure, Geithner and others of influence are opposed, so most here will argue, as they have for some time, that such a bill will never pass, but many thought the same about the health care insanity, (passed house) cap and trade, financial regulations of late, etc. These folks are ideological and determined, and that is lethal cocktail. It is this complacency that keeps this train moving ever so readily and slowly (or in this case not so slowly) towards total stat ism...
I worry, but only slightly. Yes there's many left-wing politicians in many countries that want this tax - but most of them are also sane enough to realise that the only way it could work is if the whole world would implement the same tax, otherwise it would just move business offshore/elsewhere. I think the chances of this happening is very slim, and it would at least take years of negotiations before happening. EDIT: And of course, it would only take ONE country with a conservative/liberalist government that removes it before the system breaks down... It could still happen, but it would be constantly creating massive problems for markets and lawmakers.
If we Americans don't wake up soon... and demand a return to Constitutional limitations of government... we'll soon be like the USSR before its collapse.... and Obama is trying RUSH and CRAM programs through which put us more and more under Government's thumb.... before we catch on to how he and his lackeys are hosing us.
So now, we are reaching a point of advocacy of taxes on all transactions, not just profits, and it is being made more and more mainstream as more and more ideologues in positions of power take up its cause, not just Congressman Peter DeFazio. http://www.forexfactory.com/news.php?do=news&id=153697 Sadly, it will not surprise me a bit if some version of this is law within 20 years...
Next stop: foreign exchange controls! Why? Cause it's the right thing to do damnit! Or are you siding with those commie Chinese???? Something about history not repeating but surely rhyming.
She is making a proposal and justification for politial purposes she knows is impossible to save face. Now, how about a tax on home transactions, flippers, bankers, real estate brokers and appraisors are the ones who fueled specultaion, ibanks and the gov just gave them tools to fund it.
When will people in this country understand that the Democrats true agenda is to centralize power (via wealth grabs) under the guise of "fairness, compassion and going green"?
This attitude even on Elite Trader is WHY it *IS* going places. People think "even the left wingers REALIZE the folly of sending business off shore, etc. "it would take years of negotiations" etc. Have you noticed in just 15 years of a first failed totally unconstitutional on many levels health care bill these determined socialists who have been fighting for that since Truman Admin in 1945 are on the brink of Saturday night shell bill hollow-outing of procedural tricks to passing this? Sorry, but the ideological left does not care or does not understand issues in depth beyond their views of what they want which is on the rank and file limited to their views on "fairness" and such. It is beyond naive to assume they would not do it because they, quote, "surely see it would wipe out markets", etc. They want that, or do not care, they only see the end result ideologically. Just because it is obvious to you or I, does NOT mean they "get it" and will not try their hearts out to force this insanity on all of the world. Sad, but true.
Half of Americans, sadly, don't care about that... as long as they get a little free something-something.
"When will people in this country understand that the Democrats true agenda is to centralize power (via wealth grabs) under the guise of "fairness, compassion and going green"? Exactly. It is all about power and consolidation. It is all in Orwell's Animal Farm and based on human nature. There is no intent on the elites (although some on the rank and file who support them) to "help poor people" and such. It is gain and hold and force people to vote for them out of no choice that they are after via power aggrandizing. Why people actually believe these folks want to limit executive pay to "make it fair" is beyond naive. They want to limit it to gain control themselves to ensure permanent majorities and power, the same with the other proposals, all have the same goal, and it is all about power and control centralized in Washington to benefit a ruling class of elites.