It’s been a very long time since I posted in the Nation, but this is a very important subject that is largely flying under the radar and I wanted to bring it to everyone’s attention. Congress is going to attempt to pass a bill that could have a disastrous effect on our already fragile, battered financial markets. If this bill passes virtually all liquidity will be removed from the markets (leaving them very vulnerable to downside price shocks like after the September short-ban except much worse), investors will have their returns shrink under the best conditions (even if the almost certain bludgeoning of the markets never comes) because costs will be passed on to them, firms will close and thousands of independent traders, big and small, will be forced out of business and out of work overnight.
The ramifications and unintended consequences are substantial, to say the least. If you’re an investor, trader, have retired parents with their nest egg tied to the markets, don’t want further taxation etc. I urge you to sign this petition, notify your congressmen to vote no and spread the word to everyone you know so they can do the same. It’s sad things have come to this, but that’s our current reality. Thanks.
http://www.rallycongress.com/no2tradertax/1536/tell-congres-to-block-trader-tax/