Not so sure about that Anaconda, I do know a lot of traders that really do respect him, and he used to be a heavy hitter until 9/11 when many of his closest friends were killed and it really mentally messed him up for a bit. I would just like to know these 2 very credible sources he has that say this DeFektard tax is DOA
He's a nice, generous guy who has substantial experience in the business and has gotten a lot of really knowledeable traders to write content for his website. Unlike most of the participants in ET, he does trade for a living (mainly options strategies) and is very strong in his beliefs that the markets should have crashed to these levels a long, long time ago. "Though not always right, he is honest" and has put a lot of time, energy money and skill into developing his website. He also has made various televised appearances and was a participating contributor to the NY Traders Expo, and was on a trading panel there. *** P.S. Of course like the rest of us, I am ecstatic that the proposed trading tax appears to be DOA, will keep my fingers crossed on that one. The american culture seems to operatre between the extremes of absolute capitalism, fuck the other guy I don't care if he dies in the street (just send somebody by to pickup the corpse) and will somebody help me please, I need money, or I need help because I fucked-up on my investments or I got greedy so I need a bailout ... hopefully we can one day find a middle ground between these two extremes of human greed and stupidity.
Maybe, but that website, along with his statement of "two credible sources" is enough for me to know that he is just yapping his mouth and grabbing attention. The resources are there to watch the progress of the bill. Other than that, all you need to understand is whom the tax benefits, who from the financial industry lobbies heavily (certainly not the daytraders) and what is the general reaction of the population. It's all going to come down to the detail, aka structure of the exemptions.
The only thing that scares me in this transaction tax episode was the reaction of bank CEOs in the video where the tax was proposed... They acted like they already knew and simply agreed passively... Would you simply say "We just have to make sure not to drive volume abroad" if someone proposes a tax that would ruin part of your business and you weren't aware of it?I don't want to call a conspiracy or whatever but something wasn't clear ... I need to rewatch it. Apart from that, De Fazio is a clown and loid voices like CME ... are beginning to lobby against it and I think we will be fine.
Did anyone of you get any response from your congressmen to the letter you people have sent against this tax?
It's not a mystery. They will get exemptions and are probably behind this tax. Frankly, I see opportunity in this. The exchanges are publically traded companies, who do you think are the majority shareholders? Such a push for this tax is financed by someone. DeFazio is just a "useful idiot".