“While we’re on the subject, I’d like to weigh in on this subject of a financial transaction tax. Simply put, it’s indefensible, and it exhibits a terribly flawed logic that would be akin to taxing a merchant on top-line sales in addition to bottom-line profit.” – Rich Masino
Trader Tax
Burton Malkiel: Proponents of a Transactions Tax Misunderstand How Markets Work
“Don’t tax you, don’t tax me, tax that fellow behind the tree.”
Hot Links: Cramer Reverses on Trader Tax, Taleb in Exile & Flying Cars
Stuff I’m Reading this Morning… Stocks set to rip at the open as Dubai gets the rearview mirror treatment and China posts big data. (Bloomberg) The Andrew Ross Sorkin op-ed on Dubai, A Financial Mirage in the Desert. (NYT) Our economic consequences for being fat slobs. (InvestingCaffiene) A guide to November’s stock buyback announcements, including…
Help to Defeat the Mindless Trader Tax
There’s a petition online to oppose the so-called Trader Tax bill (H.R. 1068, also known as the “Let Wall Street Pay for Wall Street’s Bailout Act of 2009“). James “Rev Shark” DePorre (a professional trader and columnist for TheStreet.com) has collected over 30,000 signatures and over 60,000 letters and emails have gone to congress so…
A Rational Objection to the Trader Tax from Eric Jackson
Traders around the country are erupting in furor over Jim Cramer’s unfortunate comments in support of the proposed Trader Tax. Speaking on CNBC in his regular shoot-from-the-hip slot, Cramer basically said what amounted to “why not?” when asked about the Democrats’ backward idea to extract a percentage of every transaction on the markets. I read…
Senator Chuck Schumer Opposes the "Trader Tax"
Whether we like it or not, the stock market is important to the average American, maybe moreso than ever in our nation’s history. All Americans are de facto participants and beneficiaries of healthy markets whether directly or indirectly, as investors or corporate employees, and Senator Charles Schumer gets it. I applaud the Senator’s opposition to the…
Hot Links: Zombie Banks, the Trader Tax & Doug Kass
Hot Links for Weekend Reading On The Big Picture this week, Barry Ritholtz explained the definition of a Zombie Bank, complete with a table of companies that currently qualify as zombies. TheStreet.com‘s James “Rev Shark” DePorre has certainly been busy this week with the launch of his petition to combat the “Trader’s Tax“. It seems…
