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I'm not as confident in that as you are. He is promising a lot of "free stuff" to the masses. Since the majority of people in this country are now enjoying "free stuff" from the government (aka taxpayers) why would they not vote for a guy that is offering them "a raise"?
Can you help answer these questions from other members on NexusFi?
Find Bernie's proposed taxes/fees for Wall Street speculation, and then post them in a new thread without mentioning his name or source, and simply ask the question if this were to become law, what would the impact be...
Otherwise this thread is likely to deteriorate quickly being a political thread.
I happen to really like Bernie, and I also happen to think Trump would be the end of the world. That's the problem with these threads, people feel strongly about politics and it's just going to cause trouble when someone takes offense that I dislike Trump and think he's an idiot, because they happen to believe that Trump is awesome and like him a lot.
Here's a quick Bloomberg link regarding his proposed fees. For those who don't want to make the jump, he's proposing a $0.50 tax on $100 of stock trades.
Sure, if I'm a HFT firm and whipping thousands of round turns per day, suddenly my costs have jumped up. That doesn't matter to us intraday traders who make 5 to 10 trades per day, right? We'll reap the benefits of taxing the Wall Street villians, right?
I argue that it's wrong. Trying to levy a 0.5% tax on a million dollar business will have significant drawbacks. I couldn't start to speculate regarding what it'll do the average retail trader, but I don't think the results will be favorable.
Just to be clear, my statement was not a reflection on what I thought of Bernie Sanders or any other candidate for that matter; Rather it was based on the fact that candidates from either party extreme -- left or right -- have very little chance of actually being elected President because they are almost never able to win over the independents in a general election.
It's the same reason why Ted Cruz will never be President.
Wall St. would still make money. They always find a way. I do think, however, that if HFT got dinged by that stock transaction tax, firms would either go back to hiring real traders who work slightly longer time frames, or that (and this is more likely) there would be a clause that goes easy on "market makers."
