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In a world of High Frequency Trading and black box trading that does nothing but create a platform for “financial hackers” to turn the market into their own proprietary financial playground, we need to figure out a way to revert the Stock and Bond Markets, and the derivative instruments created from these equities, back to their original purpose, a place to raise capital for growing business. Instead, today its a platform for financial engineers and hackers looking to exploit every and any opportunity. When 60pct or more of trades are from High Frequency/Algorithmic traders and the correlation for every market index rushes past .7, the market is no longer a market, its a platform.
The simplest way to change this is to place a very simple per share tax on every transaction. 10 cents a trade. Every share. Every option. Every Bond. Every currency transaction. Every trade.
The obvious response is that trading volume will plummet. So what ? Let it. The next response is that traders will merely move their trades to foreign exchanges. Yes they will. Will transaction costs go up ? Duh.. that is the point. The market thrived when spreads and transaction costs were much higher just a few short years ago. It will survive now.
It's tough to imagine a more egregious example of corporate crony capitalism than NBA basketball, where regressive taxes that ream the poor are used to build a workspace for billionaire owners and millionaire players.
Mark Cuban, first clean up your own industry--get them to pay for their own workspace like any other businesses. Then get back to us with your spewings about Wall Street.
I find it funny that morons can't even see through this... he lists the problems of Wall Street and says a transaction tax will do what exactly? Does it fix the problems? Nope... idiot...
It's tough to imagine a more egregious example of corporate crony capitalism than NBA basketball, where regressive taxes that ream the poor are used to build a workspace for billionaire owners and millionaire players.
Dem strategy now is to replace details and logic with platitudes and rhetoric. A pure emotional appeal aimed at what they hope are the unwashed masses incapable of understanding or wanting to hear what the problems are, how they are related to not 'wall st!!!!' but the various aspects of financial business. Which legislation has caused issues and what laws can be appealed or ammended to improve the process.
Obama, Biden and Pelosi have come out in the last few days and spoke not of legislative details abd the specific problems but of emotional aftermath if "legislation!!!" not passed.
Go to a doctor who tells you.'I'll take care of your abdominal pain!" 'Trust me!'
Instead of performing brain surgery the guy burns some chicken feathers and has you wear a poultice of dry frog skins around your neck. Not what you thought you'd get from a doctor.
Ultra rich like Cuban and Buffet are consumate diplomats that work sides to ensure their fortunes by aligning with whoever is in power. Power is an aphrodesiac often more attractive than money. Ask your local neighborhood gang what happens if someone disses them. Robert the Bruces father in Braveheart made deals with both factions to be sure he was on the winning side. Nothing has changed with the powerbrokers since time and money began.
Wrong. Most NBA arenas are built with tax dollars. I checked and American Airlines areana in Dallas, where Cuban's Mavs play, was built with tax dollars.
I live in Seattle where the Sonics moved out in 2008 after years of demanding tax money for a new stadium. The old stadium was built in 1995, but they already were demanding a new one by around 2002. Having built 3 pro sports stadiums in the 90's (Mariners, Seahawks, Sonics) the taxpayers were not in the mood to fork over more money, so the team moved. Now just how does that square with your statement?
It's tough to imagine a more egregious example of corporate crony capitalism than NBA basketball, where regressive taxes that ream the poor are used to build a workspace for billionaire owners and millionaire players.
Mark Cuban, first clean up your own industry--get them to pay for their own workspace like any other businesses. Then get back to us with your spewings about Wall Street.
And then whine about not making enough money to boot...
Again, the socialists keep raising their ugly heads.
YOU pay more, not me! (unless forced to!)
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