The stock market in the US is currently in a state of deep disrepute
with the public, after all the revelations of self serving manipulation
by the formerly respected behemoths of the financial industry, as you
read in the comments of Sandy Lewis posted here a few days ago. Add
to that the devastated US economy, courtesy of the same fine collection
of individuals, and there's nothing to invest even if one was inclined.
Thus the rehabilitation of its reputation is at least as urgent as
any other form of resuscitation, and would outweigh any negative
impact on its function. In fact, any kind of trade which is discouraged
by such a tax is exactly the sort that shouldn't be going on in the
first place, so their cessation will immediately improve the general
health of the market. "We can't do that because it will interfere with
the free flow of commerce" is just a facile diversion which has been
used too many times to justify far too many abuses, and it needs to
end if we are ever going to achieve a society whose financial system
is its servant, not its master.
-Pete
On Wed, 19 Sep 2012, Keith Hudson wrote:
> The Robin Hood and other associated taxes on finance are all very
well so long
> as they're not instituted anytime soon -- despite all the
wonderful benefits
> that are proposed for them. The whole financial sector of America
and the West
> is grinding to a halt. Activity on the New York Stock Exchange is about a
> quarter of what it used to be, and has been so for months.
Traders are playing
> dominoes and doing crosswords for lack of something to do. Banks (and more
> recently investment banks) are shedding staff. Shed loads of Bernanke's QE
> money, instead of getting into consumers' hands (a la Keynes'
mid-life views,
> but not his very early or very late ones), is all being absorbed
by the banks
> which, for now and for the next ten years at least, are monetizing the
> collateral "assets" on their books, as also redeeming the riskier
derivatives
> on which they've spent colossal amounts of money in the last few years, as
> also having to buy US bonds (at near negative rates of interest)
in order to
> build up reserves towards the safe levels proposed by the Bank of
> International Settlements (the world's "central bank of central banks").
>
> Japan and Western Europe are already creeping into recession; America is
> dawdling on the edge. Robin Hood and Co would only precipitate a
deeper and
> longer economic depression than the one we are probably destined
for anyway.
>
> Keith
>
>
> At 06:26 19/09/2012, Mike G wrote:
> >
> > -----Original Message-----
> > From: Portside Moderator [mailto:[email protected]]
> > Sent: Wednesday, September 19, 2012 4:49 AM
> > To: [email protected]
> > Subject: [SPAM] Robin Hood Tax Bill Introduced In Congress
> >
> > Robin Hood Tax Bill Introduced In Congress
> >
> > HR-6411: To Tax Wall Street; Real Revenue for Critical
> > National, International Needs
> >
> > The Robin Hood Tax
> > September 17, 2012
> >
> > http://robinhoodtax.org/latest
> >
> > New York
> >
> > The U.S. Robin Hood Tax Campaign today applauded the introduction in
> > Congress of a bill that would impose a tax on Wall Street speculation.
> > Introduced by Rep. Keith Ellison, HR 6411, the Inclusive Prosperity Act,
> > would raise up to $350 billion in annual revenues that would be used to
> > breathe new life into Main Street communities across America, as well as
> > international health, sustainable prosperity and environmental programs.
> >
> > The legislation embodies the Robin Hood Tax, a 0.5% tax on the trading of
> > stocks, 50 cents on every $100 of trades, and lesser rates on trading in
> > bonds, derivatives and currencies.
> > It marks the return of a sales tax on financial transactions in
place from
> > 1914 to 1966 and targets the high-risk, high- speed trading
that dominates
> > the markets.
> >
> > "The American public provided hundreds of billions to bailout
Wall Street
> > during the global fiscal crisis yet bore the brunt of the
crisis with lost
> > jobs and reduced household wealth," said Rep. Ellison in a
press statement.
> > "This is a phenomenally wealthy nation, yet our tax and
regulatory system
> > allowed the financial titans to amass great riches while
impoverishing the
> > systems that enable inclusive prosperity. A financial transaction tax
> > protects our financial markets from speculation and provides the revenue
> > needed to invest in the education, health and communities
of the American
> > people."
> >
> > The legislation's goal is to raise meaningful tax revenue
dedicated to low-
> > and moderate-income families by strengthening the social safety
net and by
> > expanding investments to protect health, rebuilding infrastructure and
> > creating good-paying jobs. The tax is also to target
international needs,
> > including AIDS treatment, research and prevention and for other critical
> > assistance.
> >
> > "Congressman Ellison is showing great leadership for our country," said
> > Jean Ross, RN, co-president of National Nurses United. "HR-6411 is a
> > critical step to generate the revenue for the healing and
recovery our Main
> > Street communities across the nation so desperately
need. From coast to
> > coast, nurses, health care, AIDS, environmental, labor, faith
community and
> > other community activists have come together calling for a
Robin Hood tax
> > on financial speculation so that Wall Street will help pay to
reverse the
> > damage its reckless behavior caused to our economy. This is a
small, common
> > sense tax, already in place and working wonderfully well in dozens of
> > countries across the world.
> > America is ready for the Robin Hood tax."
> >
> > "Last summer, scientists proved that we can actually end
the AIDS pandemic
> > if we just scale up our investment in treatment and prevention
programs,"
> > said Jennifer Flynn, managing director of Health GAP (Global Access
> > Project).
> > "But when we go to Congress, all we hear about are
budget cuts. We need
> > to increase revenue and the Robin Hood Tax is the best of all
proposals to
> > do just that."
> >
> > "This tiny tax on Wall Street will make our economy more stable and more
> > fair. The U.S. once had a Robin Hood Tax and we were better off for it,
> > it's time to bring it back," said Liz Ryan Murray, policy director for
> > National People's Action.
> >
> > "In its essentials, the idea of a financial market transaction tax is
> > simple," said economist Robert Pollin, co- director, Political Economy
> > Research Institute (PERI), University of Massachusetts-
Amherst. "It would
> > mean that financial market traders would pay a small fee to the
government
> > every time they purchased any financial market instrument, including all
> > stock, bond, options, futures, and swap trades. This would be the
> > equivalent of sales taxes that Americans have long paid every
time they buy
> > an automobile, shirt, baseball glove, airline ticket, or pack of chewing
> > gum, eat at a restaurant, or have their hair cut."
> >
> > The Robin Hood Tax also helps to control the volume of
speculation engulfing
> > the financial markets, where risky bets are causing instability and
> > sidelining billions in funds that might otherwise be directed to a
> > productive economy. And the sales tax assists in curtailing
speculation in
> > food and fuel markets, where bets on these essentials are
causing spikes in
> > prices and serious shortages.
> >
> > The introduction of H.R. 6411 came on the eve of the One Year
Anniversary of
> > Occupy Wall Street. Occupy's call to stop the policies of
inequality of the
> > 1% continues to resonate across this country and beyond. Robin Hood Tax
> > campaigners today joined Occupy activists at a labor solidarity event at
> > Zuccotti Park in New York City, and then carried the message to
offices of
> > financial institutions to demand imposition of the Robin Hood Tax.
> >
> > ___________________________________________
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> >
> > !DSPAM:2676,505926c725481638912135!
> >
> > _______________________________________________
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>
> Keith Hudson, Saltford, England http://allisstatus.wordpress.com
>
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