Hey you trying to make money….we want to tax you.
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f^&*g Obama! Is there no evil he is not responsible for?
Juice — Busted… You didn’t even read it did you?
“The Obama administration has also been lukewarm, expressing sympathy but saying it would be hard to execute, could drive trading overseas and would hurt pension funds and individual investors in addition to banks.”
“hard to execute” and “expressing sympathy” means that HE WANTS TO PASS THIS, even though he knows it will be difficult to do so (for all of those reasons listed). He actually wants this to happen and regrets that he may not be able to despite all of those drawbacks. Wow.
For whatever reason, this idea pisses me off more than most.
Who wants to bet that their revenue models are based off of current trading volume, but that they conveniently forget that the tax would destroy the HFT industry, thus rendering their revenue models void?
It’s been reported that most HFT programs average a profit of around $0.001/share. So, a $10 tax per $10,000 would take it all and then some. On top of that, like the article mentioned, it wouldn’t work unless it was world wide. If I were some small broke ass country with no future I’d be licking my chops to say to the world “we’ll take the HFT’s! We’d love to leverage our entire future to build the infrastructure you need to set up shop.”
I get it. People don’t like the banks. People don’t like HFT’s.
Put a cap on the speed in which HFT’s can operate, thus rendering them only able to go after liquidity rebates and then try to actually clean up the banks balance sheets instead of giving them something else to deal with that doesn’t solve the problem.
That wasn’t so hard, was it? Why does the solution always have to be a tax?