I agree, calling is better! I sure will follow up with calls if this gets further traction. Sen. Schumer is a key player! Let's hope he stays on our side.
To say that daytrading provides zero economic activity is beyond stupid. Any type of trading generates commissions and fees, hence employment for thousands of support personnel throughout the financial industry. Data providers, software vendors, IT specialists, brokers, managers, admin support, etc. etc. etc. They in turn support their families and generate business in their communities. To follow your (lack of) logic, what economic activity do you support when you sit on your ass and watch television, surf the internet, or even take a vacation? (The answer is, plenty.)
It doesn't provide food, it doesn't create tangible products, etc etc etc. Daytrading is essentially paper-shuffling, and is about as meaningless an economic activity as we have in our modern society. I don't object to it existing, but I sure am going to object to it being touted as somehow important or worthy of special protection.
Well, neither does the gambling in Las Vegas. Or how about pro sports? And just because a company produces a tangible product doesn't mean it is beneficial for society. Cigarettes comes to mind.
Neither do teachers, firefighters, real estate brokers, showbiz people etc. Daytrading is essentially paper-shuffling, and is about as meaningless an economic activity as we have in our modern society. That's because you don't understand how important the speculators are for the free markets to function properly. Who you think is going to invest in a company at IPO if there are no buyers to sell the stock to later on.
They tried to do this in the Forex market years ago. I hope for the sake of my family that this does not happen because it would put the retail trader right out of business. God Damn Democrat's.
Low transaction costs (fees, taxes and spreads) and market depth (liquidity) are huge economic benefits.
Agreed!!! If Schumer is not in favor of it, we are fine. Also, there are a handful of moderate conservative Democratic Senators that would not be in favor of a transaction tax. Plus, there would not be a single Republican Senator that supports it. In addition, with the 2010 elections coming up soon, the GOP should add a few senate seats to their side, which will make it difficult, if not impossible for these asshole Democrats to push the tax forward. In the end, I believe we are fine.
This tax bill does indeed exclude gay sex in a manner of speaking, namely what GS will do to you and your day trading business with all the exemptions they'll be getting if this cheered-by-CNBC bill passes. And just to review: the tax revenue from a sector put out of business by the taxing of it (e.g. day trading) is nil, so that's not the motivation here by "damn Democrats" or anyone else.
Yeah the senate would be the one to crush this bill if it ever got that far. The house is kind of like JV sports back in highschool. It's for those that can't make the real team (and make the big desisions -Guru