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Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street excess

Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

Were having a debate on our hand right know Vance...
No...we are having a bunch of entertainers blaming the ills of the world on wall street and evil bankers. We are having a bunch of people salivating at the prospect of taxing a select group of people while ignoring everyone else (including themselves) and ignoring the reality that putting more taxes in the hands of congress is like giving more rocks to crack addicts.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

Congress indeed had a lot to play on this. But it was more through relaxation of proper regulation and allowing banks to leverage through the roof. Which they did. And that's fine, you can make a **** ton o' money doing so; but if the system starts to falter while you're leveraged high, you're gonna lose your shirt. And indeed that's what happened. Then you look at the mess on Wall Street and the improper regulations there and it all snowballed.

As in any sport, the players and their coaches will push to the very edge, within the rules allowed, to win. We do not blame the players or coaches for this, in fact, we virtually demand them to do so, in order to win. Blaming the "greedy" Wall Street players or their coaches is not going to change a thing, unless the rules are changed, the game will not. ;-)
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

As in any sport, the players and their coaches will push to the very edge, within the rules allowed, to win. We do not blame the players or coaches for this, in fact, we virtually demand them to do so, in order to win. Blaming the "greedy" Wall Street players or their coaches is not going to change a thing, unless the rules are changed, the game will not. ;-)

I don't know, we came down on the Saints pretty hard for their bounty scandal. But in the end, yes this is why proper government regulation is necessary. There are sometimes market forces which, left to their own, will crash the system. Thus a proper amount of government regulation is necessary to set the rules to prevent the run-away scenario.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

I don't know, we came down on the Saints pretty hard for their bounty scandal. But in the end, yes this is why proper government regulation is necessary. There are sometimes market forces which, left to their own, will crash the system. Thus a proper amount of government regulation is necessary to set the rules to prevent the run-away scenario.
The League came down hard on specific players and coaches responsible for their actions and behaviors and where there are bankers that are guilty of some sort of crime, they too should face similar penalties.

But hey...since we are just looking at ways to create new taxes (taxes we can shill off on 'Wall Street' cuz...**** Wall Street), then lets have a nickel tax per text. A nickel per blog post. Lets tag every tweet with a penny. Its just a penny. No big deal. A gaming tax...we can tax 3 pennies for every minute connected to a game server. 3 bucks a video game. A quarter per Red Bull or any other energy drink. We can tax every single person in the country.

And then what? With no fiscal discipline thats just more money to be pissed away.

'A tax'...a tax on anyone or anything...isnt the answer. Eventually it will have to be included as a component of an overall solution. Until there is real seriousness about solving problems, calling for a tax on evil bankers is just more populist bull****.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

The League came down hard on specific players and coaches responsible for their actions and behaviors and where there are bankers that are guilty of some sort of crime, they too should face similar penalties.

But hey...since we are just looking at ways to create new taxes (taxes we can shill off on 'Wall Street' cuz...**** Wall Street), then lets have a nickel tax per text. A nickel per blog post. Lets tag every tweet with a penny. Its just a penny. No big deal. A gaming tax...we can tax 3 pennies for every minute connected to a game server. 3 bucks a video game. A quarter per Red Bull or any other energy drink. We can tax every single person in the country.

And then what? With no fiscal discipline thats just more money to be pissed away.

'A tax'...a tax on anyone or anything...isnt the answer. Eventually it will have to be included as a component of an overall solution. Until there is real seriousness about solving problems, calling for a tax on evil bankers is just more populist bull****.

Nothing in that post referred to increasing taxes. I was talking proper government regulation of the system. Though the tax being discussed in the thread has been one proposed in the past as a way to create a low pass filter for the system and alleviate problems associated with micro-transactions.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

Nothing in that post referred to increasing taxes. I was talking proper government regulation of the system. Though the tax being discussed in the thread has been one proposed in the past as a way to create a low pass filter for the system and alleviate problems associated with micro-transactions.
My bad...thought you were referring to the OP. I agree there should be appropriate regulation. Above all else there should be accountability and responsibility.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

If you haven't read ttwtt78640's answer, then I suggest you do. He hit the nail on the head.

I think Ikari statement is more honest to the truth and reality....
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

No...we are having a bunch of entertainers blaming the ills of the world on wall street and evil bankers.
In which they were given the power from congress to do what they did, and they carried out with these policies and look what happened...

We are having a bunch of people salivating at the prospect of taxing a select group of people while ignoring everyone else (including themselves) and ignoring the reality that putting more taxes in the hands of congress is like giving more rocks to crack addicts.
a <1% tax. Ohh the humanity :scared:
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

In which they were given the power from congress to do what they did, and they carried out with these policies and look what happened...


a <1% tax. Ohh the humanity :scared:
ANY tax...oh the humanity. See...it never really matters...as long as it doesnt impact you. Now...y'all ever want to get serious with the actual problems and solutions? Hell...Im betting I would promote the most sweeping reforms and highest taxes of anyone on this board. The difference is, you advocate idiotic **** 'just because' and I dont believe you do stupid ****...EVER...and certainly not with regard to taxes.

Like I said...you ever want to get serious about this? Oh...we can talk tax increases. And budget cuts.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

That's not 'controlling' Wall Street excess, it's merely adding another profiteer to it. Namely the federal government.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

ahhh.. the Financial Transaction Tax.... good thing it's DOA.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

ANY tax...oh the humanity. See...it never really matters...as long as it doesnt impact you. Now...y'all ever want to get serious with the actual problems and solutions? Hell...Im betting I would promote the most sweeping reforms and highest taxes of anyone on this board. The difference is, you advocate idiotic **** 'just because' and I dont believe you do stupid ****...EVER...and certainly not with regard to taxes.

Like I said...you ever want to get serious about this? Oh...we can talk tax increases. And budget cuts.
it will impact him( provided he invests money) ... and it won't impact those who it's aimed at...
leftists have yet to understand the term "tax incidence" or understand the effects of taxation.

it's been attempted here in the US before, on a national and state level.... it failed to meet any of it's stated goals in every case... in every case, it had the opposite effect of what it's proponents said.


the primary goals of the tax are the same as it's ever been... to curb volatility in the market due to speculation, to realize a net gain in revenue for government coffers, and to take out frustration on financial institutions.
however, empirical studies have shown that the imposition of a FTT increases market volatility due to speculators, a decline in market liquidity, and no net revenue gains... and those whom are meant to be punished?.. yeah, they aren't.... the little guy get's it, the end consumer ( see "tax incidence").

the Robin Hood tax is aptly named... like it's namesake, it's based on a myth.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

I think Ikari statement is more honest to the truth and reality....

Actually, his statement isn't. He sidesteps the cause and focuses on the results.
 
Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

Nothing in that post referred to increasing taxes. I was talking proper government regulation of the system. Though the tax being discussed in the thread has been one proposed in the past as a way to create a low pass filter for the system and alleviate problems associated with micro-transactions.

yeah, but it doesn't work.
the folks whom it is aimed at( savvy high volume traders) have a readily available and completely legal way to pass it on to the consumer.... simply adjust the bid-ask spread to account for the tax, and bam.. the tax is passed on.( it's the easiest and most widely implemented tax incidence tranference strategy out there)
with a low low rate ( <1%) consumers won't barely notice it on individual transactions, so they won't pitch too much of a bitch... at first.

that savvy trader guy?.. yeah, he keeps on truckin'.. business as usual... with government sanctioned justification for widening the bid-ask spread at his disposal, he'll do even more business as usual.
the poor schmoe with the pension fund?.. the low brow investors and savers?...they take the hit... they eventually feel it, and they slow down.
when they slow down( they are a very sizable portion of the market), market volume drops, when market volume drops, liquidity drops, when liquidity drops, tax revenues drop.... and so it goes...
it's a tried and tested tax policy, it's failed every time.


now, let's pretend that somehow they devise a clever plan to counter the tax incidence thingy( we'll call it " magic" for this exercise)... the savvy trader just can't figure a way to pass it on... he can't get around it.
what's a savvy trader to do?.... well.. easy... move on to fertile grounds.... hong kong, tokyo...wherever he can trade and not take the hit.
savvy traders make a ton of money for their consumers( pension funds anyone?), less than savvy traders don't.... so we in effect, push the good ones out, and keep the bad ones..... great idea!
 
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