I like to read this guys blog but today this billionaire really pissed me off. http://blogmaverick.com/2008/09/30/how-to-tax-wall-street-give-it-to-main-street/
Half the time this guy doesnt know what he's talking about 90% of his wealth was timing and dumb luck. I remember that whole CFSG fiasco where he was yelling "Fire" Too bad he was yelling it at a company that sold fire extinguishers. I bought CFSG at just over 5 bucks per share that day he bashed them on his blog and I made a tidy profit. I dont know if he bought his shares back, but i know CFSG came back pretty quick and if he didnt cover, he has no profit now. All i know is if Cuban says something...I would definately think twice about following his lead. 10 cent tax, Cuban? really? 52 billion dollars? What for? who gets that money? First figure out what we need it for before taxing the hell out of people for no reason you a-hole Cuban.
Don't these dolts realize that if you implement this tax you get less market participants. YOu'll cut volume in half and you'll even get less revenues then you did in the first place. Hey Mark I have a great idea for you that would make you a lot of money. You should charge $10K per ticket to the Dallas Mavericks game, think about the possibilities 25,000 fans X $10,000 =$250,000,000/game sheesh with that kind of revenue you'll be the richest man in the country in no time. The stupidity of this country never ceases to amaze me. Sounds like sour grapes, did poor little mark get his fanny burned in the market?
I just posted my comments at the end there. Cuban doesn't know shit - I told him that as politely as I could. Mike
"limousine liberal" someone commented on his blog. Perfect response to his idea. You know i'm sorry if this offends anyone in Cali but it seems that most of the people who are connected to the earth live on the east coast. I know it's only the media and these "limousine liberals" whose stupid ideas make the tv but man, Cali seems like La La land. Also, Cramer is saying how you gotta stay in the game to make yourself rich. But just yesterday he was telling everyone to sit on their hands. I'm not sure why i watch the show, maybe just to watch him be an idiot and flip flop. I wish i got bloomberg....
So... he suggests a transaction tax which would be 30-50x the commission rate. For you frequent traders/scalpers, how would you fare if your annual commissions were 30-to-50 TIMES higher than now? "No big deal"? "Big deal"?
I just posted this.. Mark, I think you forgot about the hand that fed you.. Let's face it, you are who you are because of the the excess speculation during the dot.com era. The real valuation of Yahoo (and therefore broadcast.com) would be FAR less if there was a transaction tax. You are simply stripping the liquidity out of the market with a naive attitude that since "greed is good".. the market will still thrive. You fail to mention that you are unfairly taxing one segment of the economy that had very little, if anything, to do with the need for a bailout package. Its the equvalent of attacking Iraq even though Bin Laden is in Pakistan.