PLEASE VOTE NO FOR THE BILL BELOW http://www.rallycongress.com/no2tradertax/1536/tell-congres-to-block-trader-tax/
Most idiots don't understand that those "speculators" provide the liquidity that improves their transactions costs and reduces their risk. I used to be sympathetic to ma and pa investors until I realized they were the ones begging and screaming to pay up for more risk. Fuck 'em. If they want to pay more, we'll lobby for exemptions, widen our markets and let them pay.
bill introduced on friday the 13th it's the only superstition i have the clause of that email " Finally, such a tax will undoubtedly affect the number of shares traded on an absolute basis, thus reducing liquidity â a necessary ingredient in the effective pricing of assets. Itâs the complete lack of liquidity, for example, which made collateralized mortgage obligations effectively worthless." which is absolutly true the scary thing is, I learned from H-1b that people in that building will utterly destroy innocent people without even thinking for a moment what they are doing great time to be looking for a new career - right in the middle of a fucking great depression
they don't introduce bills without consultation. i'm sure some insiders knew about this bill coming for a long time. etrade sold and some future broker sold their business.
Let them do it , no more pumping and dumping. Just good old trading , pay and wait. No more naked shorting and manipulation , daytraders are fucked.
Peter DeFazio has sponsored 180 bills since Feb 4, 1991. of which 161 haven't made it out of committee and 10 were successfully enacted. http://www.govtrack.us/congress/person.xpd?id=400100
Plain and Simple. If you want to crash the financials of every discount broker out there then pass this bill. The only discount broker that will remain standing is probably IB. Tons of daily transaction will come to a halt and so good buy Ameritrade, Etrade, Schwab or whomever. Think About It.