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November 21, 2012 at 8:27 pm #771673
DBPMemberNovember 21, 2012 at 8:31 pm #771674
DBPMemberThe most popular proposal has been the Financial Transactions Tax, popularly known as the “Robin Hood Tax.” It’s already been implemented in 11 European countries–Britain, for example, has taxed stock trading since 1986–and the European Union is deliberating whether to impose it across the continent. An alternative proposal from the International Monetary Fund would tax traders’ net profits and wages–known as the Financial Activities Tax, or–oh yes–the FAT.
[…]
Advocates are now reviving their support for a bill that Sen. Tom Harkin (D-Iowa) and Rep. Pete DeFazio (D-Ore.) introduced last November, which would impose a 0.03 percent tax on financial transactions. Congress’s Joint Committee on Taxation, a nonpartisan group, estimated that their financial transactions tax would raise $350 billion over 10 years.
[…]
The Obama administration, however, isn’t a fan of the financial transactions tax. The White House believes it would be easy to evade, could hamper economic growth, and might make markets more volatile, not less so. Instead, Obama has proposed a new “financial crisis responsibility fee” on big banks, which would raise about $61 billion.
November 21, 2012 at 8:49 pm #771675
dobroParticipantIt’s not that hard to find stuff to complain about with a guy that has a 4 year record behind him, a lot of it spent fighting pure obstruction (that would be the “enormous odds”). I won’t bother to post a list of accomplishments, you can easily google that if you care.
November 21, 2012 at 8:53 pm #771676
wakefloodParticipantAgain, this speaks to my earlier discussion with the gang. Obama is just a tempered version of the stock Chicago School/Trickle Downers who have occupied the WH since Reagan. Clinton included. Clinton wasn’t steeped in the Chicago School like Obama was but he bought into THE PLAN as soon as the TBTF financial industry figured out how to compromise any of his actual progressive tendencies with regards to their control over $$.
There hasn’t been a true economic progressive in the WH since FDR. We’ve had a few social progressives but that’s allowed by the TBTF gang. They’re happy to let the left and right mess around the edges with that kind of stuff. It doesn’t affect $$$. They actually enjoy our little diversions with it.
November 21, 2012 at 9:36 pm #771677
wakefloodParticipant….keeps our eyes OFF the ball.
November 22, 2012 at 12:31 am #771678
DBPMember>>I won’t bother to post a list of accomplishments, you can easily google that if you care. –dobro
–Said list of Obama-complishments has already been posted and responded to on this very forum. In fact, it’s been making its way around the Internet for several months now, and someone’s been spamming Craigslist RnR with it almost continually. Perhaps you’ve noticed.
In the list of which I speak, one of the accomplishments near the very top is “Reformed Wall Street.”
‘Nuff said.
>>It’s not that hard to find stuff to complain about with a guy that has a 4 year record behind him . . .
–Bueno. Can I quote you on that later, sir?
Alright then. I will anyway.
November 22, 2012 at 1:02 am #771679
dobroParticipantWell, since I guess you don’t like the list you found, try this one…
http://whatthefuckhasobamadonesofar.com/
If you want to quote me, please drop the ellipsis and use the whole sentence. Otherwise, you’re acting just like Mitt Romney’s ad agency.
November 22, 2012 at 4:03 pm #771680
redblackParticipantDP: calm down. i had a hot date last night, and wasn’t waiting with bated breath by the keyboard for your response.
yeah, i’m quite aware that obama has been soft on wall street. and yes, i, too, want a STET tax. a quarter point would be nice.
that’s .25%.
that’s eight times more than congress proposed.
what can i say? according to some people in these fora, i’m trying to turn america into a syndicalist, bolshevik state that resembles the soviet union, where no one gets ahead by any means and everyone wears gray wool – even in the summer – and we eat a lot of beets.
which is why i voted for the guy who’s soft on wall street. right?
anyway, notice that one of the reasons obama cited for his opposition to a STET tax was that it would be easy to evade. his fee proposal is enforceable, it’s transparent, and it’s small enough to keep creeps like kudlow from accusing him of being a commie terrorist america-hater from the floor of NYSE.
but i agree that obama’s proposal – a $61 billion fee – is pretty lame compared to STET tax. i want to raise trillions on those &%$#*@!s’ backs, not billions. take it right off the top before their lip even begins to quiver. mean-like. bully-like. shark-like. with a snarl. just like they do to grandma.
obama certainly won’t make that happen. but i have a feeling someone will, and in the not-too-distant future. people just aren’t p.o.’ed enough yet. they’re getting there, though.
however, despite his lax attitude toward the investor class, i have to take issue with wakeflood’s assertion that obama is a full-blown friedmann-school voodoo economist.
November 26, 2012 at 6:58 pm #771681
wakefloodParticipantYeah, I’m not all the way to full-blown voodoo economist, R/B. I guess what I’m saying is that, based on his actions specifically, he clearly has adopted the base position of a Corporatist. (Choosing Geithner and Summers over even a centrist like Volker, not pushing for reinstallation of Glass-Steagall, timid mortgage relief, and the list goes on.
Any deviations from that position in action have either been due to overwhelming evidence to the contrary, or politically motivated. Everyone was in favor of stimulus but he let it take the form of tax cuts and merely crumbs of actual Keynesian injections of $ into infrastructure, etc. ala CCC, etc. When, at the time, even high profile financial pundits were saying, “we’re all Keynesians now”.
So, maybe I should have clarified the labels better. His monetary policy may not be pure Freidman – as I think he leaves that area to Bernanke – but his overall economic tendency is surely laissez-faire at best and solidly Corporatist at worst. A Keynesian, he ain’t. But we don’t disagree on that.
I think my point is, that his starting position is when it comes to gov’t intervention in the economy, it starts with making sure big business is happy. After that, he tries to mollify the masses as best he can. And that is surely a recipe for more of the same as what got us into this mess in the first place and simply a slower death spiral.
November 26, 2012 at 7:14 pm #771682
wakefloodParticipantAnd I do agree with your assertion R/B, that we’re “getting there”. Occupy has given it visibility, and if the TeaBaggers actually could think logically through the root of their anger, rather than reflexively taking their talking points from fathers Koch/Limbaugh, they’d realize that gov’t of/by/for the people isn’t the end result that their masters are driving them to.
Who knows, maybe we’ll someday end up joining arms with the more rational of them with a shared goal of taking back our government. (Although that might end up looking like Bolsheviks vs. Mensheviks. Ha!)
Regardless, clearly the topic is now part of the national discussion. Let’s hope that it doesn’t just get tamped back into the underground by the monied few…
November 28, 2012 at 4:18 pm #771683
JoBParticipantwakeflood..
when the pendulum swings all of the way to the right
this is what a centrist looks like…
there is alot of talk bout how the not Obama campaign the Republicans waged failed.
Obama’s not Romney campaign didn’t.. and that’s a good thing
but this kind of legislation is the inevitable result of a not ____ campaign.
redblack..
the proposed fee is too small to be effective.
it’s good that Obama is pandering to his base by proposing a fee at all..
but the fee he proposes does little more than pay lip service to their request….
and in the end will be paid by the little guy anyway..
just one more fee to bleed your 401k dry :(
November 28, 2012 at 4:32 pm #771684
wakefloodParticipantJoB, don’t think this legislation has anything to do with a/the campaign. It does have to do with the fact that pendulum is way past center. And the fact that both parties are beholden to WS.
As long as $ is at the core of our elections, the voice of the people is marginalized. I’m looking for any way I can to support getting $ out of elections as job #1. It’s gonna’ take years, maybe decades but it’s worth the fight. We be doomed otherwise.
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