You are the fool and the rest who think like you. In total denial. You have no chance of ever getting everything accomplished until you get a clue, research and THINK. I've seen this trend years ago, now it's written on the wall. Just how fucking stupid are you? Wall Street gave huge money to Obama's campaign and they also lobby very heavily. All regulations put into effect over the last decade benefitted the Wall Street elite at the expense of the smaller guy. Why do you think that Goldman, whose volume dwarfs what the daytraders do, has said nothing whatsoever. Should be a hint. Do you contribute any money to your senators? Do you lobby? No need to answer that, we all know that the daytrader community has no lobbying power and no organization. You are too busy bashing each other over P&Ls, putting each other down, pennying each other. The prop firms are too busy trying to churn their traders, too busy trying to screw their traders for any minute amount of money (well most of the firms). And now you want to make a valiant effort? Please, who are you kidding? The daytraders did nothing over all the other regulations which hurt them and you will do nothing now. Don't get mad at me because I am telling you how it is. Don't get mad at me because you don't have the critical thinking, observation & analytical skills to see that this is not exactly a surprise. Face the reality that the daytrader is not needed by this market, the fact that you can trade & make money is a luxury not a necessity. Sorry to break it to you, but the real volume is not short-term trading but the sucker money put into pensions & mutual funds, who will not be affected significantly by this tax. After all, it's OPM, the managers still get paid to do pretty much nothing. Best of all, now they have another excuse for subpar returns. The Wall Street giants will get exemptions for market making activities, just like they did for naked shorting. You writing to senators and such means jack shit. What happened with TARP is a prime example of that. Once you recognize this fact, you might actually have a chance to see what real course of action needs to be taken and attack some of the real problems at hand, which span way beyond the daytrading universe.
Hey we can sit around and bicker and ramble on about this or we can take an hour to draft a letter expressing why this tax is a bad idea and send it to our reps, the finance committee, our brokers, etc.
I agree which is why I created this thread, everyone please read: http://www.elitetrader.com/vb/showthread.php?s=&postid=2310162#post2310162
Why big money like brokers, money makers, banks ( overnight lending) and hedge funds are quiet on the subject as if it's none of their concern?
You don't need to take an hour. Take 3 minutes. Go to: http://waysandmeans.house.gov Click on "Contact", then write as a small investor/trader and let them know how it will impact you.
Who says they're quiet? You think they go to EliteBankTrader.com to voice their opinions like we do? They talk with their wallets - through lobbyists.
I want to do more reading on their active involvement to lobby against bill. Do you have any link please?
Right. They sure as hell aren't going to take out a full page ad in the journal telling everybody how they don't want to "pay their fair share", especially after getting hundreds of billions of dollars, and extra especially since they are still in line to get many more hundreds of billions of dollars. They'll do it quietly, paying off senators and representatives and lobbyists to get loopholes created. That's why the senators and represenatives gave the fatcats bailouts, so the fatcats can turn around and pay off the senators and representatives. It would be nice if people running for congress would publish a price list so we could pick the cheapest one. That would help our economy more than the "stimulass" bill.
what anaconda still doesnt understand about the current system is that the big boys of yesteryear are not the big boys of today. they are a shell of their once prominant form. main street doesnt have to be henpecked by the big boys for their business like they did years ago. todays trading enviroment is like a las vegas casino in the respect that those casinos rely on the middle class mom and pop entertainment gambler for their revenues more so then that big whale that is far and few between. very hard to sell to the public that wall street is exempt while main street pays. will not happen that is why you will never see this passed. only way it gets passed if is wall street is not exempt and main street is exempt. the other way around as you suggest would be under the hypocritical oath. and i agree with you that the powers left on wall street would never let this happen.