2016 Postmortem
Related: About this forumLong ago, lots of state politicians made a lot of promises on pensions/health care to govt workers
without funding them adequately. Figured the future will take care of itself and by the time that happens, it's somebody else's mess to clean up and I'll be long gone.
What do you think of such an approach?
Personally I think such an approach is cynical and irresponsible and the politicians are just pandering to the voters by pretending they can give benefits without asking for cuts elsewhere or new taxes.
Now, is this something that Bernie is doing? Why is he so generous about his platform and pretending that somebody else will pay for it? His pot of gold is of course the high frequency tax which is supposed to bring in $300b a year and won't hurt anyone who doesn't deserve it (which means 99%) and only hurts the 1%, which is kinda impossible if you think about it.
Wilms
(26,795 posts)jeff47
(26,549 posts)No, it was not "lots of state politicians". It was Republican and centrist Democrats funding their tax cuts.
As for "is this something that Bernie is doing", well you could actually read his proposals which explain how they would be paid.
Naaaaaaah. So much easier just to throw shit at the wall and hope it sticks.
Go ahead and explain how cutting down on high-frequency trading hurts anyone outside the financial sector.
Since high-frequency trading is literally inserting yourself into a trade in order to vacuum up some of the profit, it's not something "Joe Investor" is going to do. Because you have to literally put your server right next to the NYSE/NASDAQ servers, and they don't let "Joe Investor" do that.
my point is more: how does Bernie expect to get $300b from FTT without hurting the 99% and only hurting the 1%?
In any case, I can tell you don't really know much about the financial sector. I'm happy to explain if you are intellectually open to criticism on Bernie's FTT (fairy tale tax).
jeff47
(26,549 posts)I'm gonna have to take a pass on your claim that you can actually manage to educate anyone.
hill2016
(1,772 posts)until you find something I say that is false?
Have I said anything false yet?
jeff47
(26,549 posts)I eagerly await you claiming high-frequency trading is daytraders. It'll be really funny.
nadinbrzezinski
(154,021 posts)(and you win this one)
hill2016
(1,772 posts)I pointed out that many state politicians pandered to voters in the past, which include your Republican or moderate Democrats. So I don't see anything false with what I claimed.
Let's start with the basics. Who could potentially profits from intra-day trading? Several possible groups of people:
(1) proprietary traders at banks: not much more, given Dodd-Frank that bans proprietary trading at banks.
(2) proprietary trading firms: hedge funds which only trade internal capital
(3) hedge funds which mainly have external clients (but may have significant internal capital). Many of these external clients are state or corporate pension plans, foundations, endowments, and family offices.
By far, amount of assets in #3 is > #2 > #1.
Now, tell me, how exactly do you design a financial transaction tax, that only hurts #1 and #2 and doesn't hurt #3's "good" clients?
JonLeibowitz
(6,282 posts)hill2016
(1,772 posts)and it's more sensational than anything.
JonLeibowitz
(6,282 posts)jeff47
(26,549 posts)And you were the one claiming to understand financial markets.
And you couldn't even bother to Google it before replying.
hill2016
(1,772 posts)is part of intra-day trading as an investment strategy carried out by hedge funds.
I'm not talking about daytraders on interactive brokers or tdameritrade.
jeff47
(26,549 posts)Now how's it actually work?
'Cause that's something you're going to have to understand if you actually want to understand how the FTT works and how it actually benefits the economy.
Avalon Sparks
(2,569 posts)Ran away
BreakfastClub
(765 posts)JonLeibowitz
(6,282 posts)Michael Lewis' writings are "more sensational than anything"
jeff47
(26,549 posts)But full speed ahead!!!
another 'financial expert' is going to explain to us poor plebes how the financial system works.
I don't blame you, after all it was only after us 'plebes', who knew nothing at all about the financial system, forced our way into the board rooms of Wall St and made them implement a system of 'credit default swaps', that the economy went to shit.
So, please do go on ... we really do need to hear from an 'expert' in the 'financial industry' about how we need another set of complicated rules, written by the financial industry, to reign in the financial industry.
'cause I was born yesterday.
TheBlackAdder
(28,825 posts)Last edited Sun Mar 27, 2016, 12:31 AM - Edit history (1)
.
You're all for transferring American jobs and wealth to 2nd & 3rd world countries to bring up their economies.
Now, it seems like you're OK to renege on promises made to people. "Hey, well pay you shit, but give you a better retirement package in the end.... Oh, never mind, we're backing out on our agreement!" Just like GE did to my uncle after he put in 35 years.
Nothing like honor and trust!
===
Now, let's see how balsey you are!
Renege on those 20&Out Military Retirement Packages that soldiers get after 20 years of service, you know, the ones where they get 50% pay and then take a second government pension gig or defense contractor job at age 42--so they can have dual socialist pensions.
.
senseandsensibility
(20,256 posts)tonight.
Teamster Jeff
(1,598 posts)Odin2005
(53,521 posts)Avalon Sparks
(2,569 posts)I've been back awhile, the below is addressed to the OP and DU members...
I've read many of your posts today, and I have an observation.
Almost every point you make, or rational you offer...
Sound very similar to the standard Republican talking points from the Dubya years, back when I was active on DU.
As I remember it, DUers Came out strongly agaisnt these viewpoints, almost as a united front when Repubs were saying them.
I mean no offense to OP or DU...
But what the freak happened the last 8 years? How can I possibly be seeing these talking points being promoted by DU members?
Again no offense, but is this how Repubs felt when the tea baggers crashed their party?
Look how that turned out...Yikes!
Fumesucker
(45,851 posts)It's been an ongoing battle since Rick Warren gave the invocation at Obama's first inauguration. Some on DU thought it was a poor choice for Obama to pick someone as controversial among liberals as Warren to give the invocation, others defended it and we were off to the races.
Avalon Sparks
(2,569 posts)I checked out of following politics after Dubya took his late flight outta DC, cause I figured Obama's "got this"..
Started getting excited an interested again after 8 years and wanted to follow the election season.
Had a lot of catching up to do, especially on trade agreements (TPP) and the war profiteering, I wasn't paying attention.... Came on DU to get up to speed and it's like a different world.
RiverLover
(7,830 posts)https://www.bostonglobe.com/news/nation/2014/10/06/struggle-for-soul-democratic-party-pits-wall-street-backed-think-tank-against-elizabeth-warren/pYk3SXRnZDmpi7C7N4ZpXN/story.html
With Hillary being handed the nom by the DNC (attempting to, anyways), its clear their struggle was successful & us FDR Dems are losing the battle.
Avalon Sparks
(2,569 posts)Well that explains it. 😟
Cobalt Violet
(9,909 posts)Took a long posting break too and can't believe how far to the right these people are.
Avalon Sparks
(2,569 posts)libtodeath
(2,888 posts)and even applauded.
Routinely viewing a safety net and help for everyday people as free stuff.
It is sickening.
Avalon Sparks
(2,569 posts)Can't believe it, it sucks!