Friday, November 04, 2011

The Clown Complex

I just got wind of a new tax being proposed. The Tax Wall Street tax. A tax rate of 3/100ths of one percent of any trading done by Wall Street. That works out to a paltry 3 pennies on every $100 worth of trading. Seems like chump change except the article insists the tax will stuff between $700 billion and $1.2 trillion bucks into the National Treasury over the next 10 years. The article goes on to claim it will amount to about a dollar a year more for anyone who has a 401K retirement type fund that uses investments to grow the fund. The real pockets picked will be the traders who use computers to flash money back and forth to each other.

I say go for it. Smarter people than I are for it. Warren Buffet, one of my favorite rich guys, is for it. So are several economic heavy weights. The problem as I see it is that it is a tax and worst of all it comes from the evil Democrats. Those two things will surely cause it to fail as Republicans are unable/unwilling to consider any form of governance that is initiated as a tax or comes from their hated opponents from across the aisle. All they want to do is pass useless empty gestures like re-affirming our national motto - "In God We trust". Apparently it is more important to make sure Obama knows what our motto is than to actually govern.

In the meantime, Morning Joe just stated that he has been hearing more and more from his conservative connections that many would rather lose to Obama than support Mitt Romney. I was wondering why the less than zero candidate Herman Cain was doing so well. Now I know. They are staying on their side of the ideological line come Hell or high water. In the meantime, the country limps down the drain.

So to you, the leaders of the Republican and Tea Party clown complex, I bestow on all of you, my bonehead award for this week and retroactively every previous week for the last 100 or or so. And just to save myself some trouble, consider the bonehead award yours for the foreseeable future. You are doing way more damage than good to this country.

When you stop acting like pouting children and act like adults, maybe I will re-visit my decision. But you have a long way to go before I will think kindly of you again.



BBC said...

Who would pay for a tax wall street tax? Everyone, it would simply get passed downstream into the products we buy.

Kulkuri said...

I think this is a great idea. It would apply to those that trade huge numbers of shares. It might slow the speculation trading where traders only hold stocks for minutes at a time. Also might slow down the computer trades where if a stock starts to drop, the computer program sells all the stock and that can cause the "Black Days" where the market loses hundreds of points in a day.

It wouldn't affect the average person who doesn't trade stocks. If it affects their 401K, they can change fund managers.

There is no way the cost of this tax can be passed on to everybody. The brokers will have to eat it and maybe they'll be more likely to think long term instead of what's up at this minute!!

The Blog Fodder said...

Stocks, nothing. It is the other stuff that gets traded that balloons the dollars. It is all speculative so certainly tax it. Someone has to start and every country will follow.
London would like to but the traders threaten to take their business elsewhere.

Ol'Buzzard said...

From the very beginning the Republicans have had one aim, and that is to crash the economy with the results being Obama losing to a Republican presidential contender. Republicans have no intention of doing anything constructive over the next year.
the Ol'Buzzard