Some countries have their banks under control , why should they have to pay for the dolts that let their banks run wild
...Now let’s not forget the high frequency trading shops. They do a massive number of trades at low cost to them trying to eek out pennies or fractions of pennies and accounted for 73% of all US equity trading volume in 2009. That would completely destroy that business model as it relies on almost zero transaction costs and all those PhD’s will be out looking for work when there is none.....
Liquidity my foot they are crooks. Outlaw them. Make them have sufficient margin for each offer and trade they make before they can make another. Why are they allowed to game the system?
“That would completely destroy that business model as it relies on almost zero transaction costs”...
To destroy the business model...just one of these whack nuts goals...
Aside from the tax, compliance costs of financial institutions would be passed along to consumers. I am really losing patience with these libtard thieves.
And what is the proper collective noun for a group of baboons?
Believe it or not ....... a Congress!
Government...get out!
IMHO, they know exactly what they are doing. Collapse the economy, the stock market, and the Dollar. They then come in with the "solution" to "failed capitalism" which is socialism. Without firing a shot. In fact, many will beg them for it.
Would that be comparable in acceptability to, say, a $5/month charge for using a debit card? Maybe these geniuses should consult with Bank of America to see how something like this worked out for them.
This horrible proposal would erase nearly an entire profession that employs a large number of brilliant mathematicians and scientists who apply advanced knowledge to making money in market trades. The money made per trade is tiny but using technology and speed, the earnings gradually build up to a level that can pay wages and sustain a business. That is good old American ingenuity—using your brains to make a living. It also adds liquidity and trading volume to the markets. Taxing on a per-trade basis would wipe out the potential for gains below the tax amount — a tiny tax is actually gargantuan when compared with the size of the return earned per trade. However, that is probably over the heads of many of the consituents of these two congressmen (which they count on). Dems representing Wall Street know it too and may simply be allowing this proposal knowing it won’t be passed but that it can be used in campaigning. Everything happening in congress at this time should be viewed through the lens of the campaign.
What part of cut spending do these two idiots not understand. Any revenues they raise in destroying the liquidity business model and brokerage sector service jobs they eliminate will be spent to purchase votes from their constituents.
Yeah, sure. Starts out small to get the foot in the door, and then ramp it up over time. Just like the original income tax. It was sworn that it would never exceed 1% of an individual's earnings.... right, that worked out well.
The Government needs to go on a diet. Rather than looking for sources of new 'revenue' (aka, confiscation of the peasant's livelihood), they need to cut their revenue stream and drastically cut their expenses.
We could tax all litigation related events too.