Long ago, lots of state politicians made a lot of promises on pensions/health care to govt workers

[hill2016]

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]

1. Don't even bother. n/t

[jeff47]

2. :facepalm:

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.

and only hurts the 1%, which is kinda impossible if you think about it.

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.

[hill2016]

4. hm...

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]

5. Considering you don't seem to understand what high-frequency trading actually is

I'm gonna have to take a pass on your claim that you can actually manage to educate anyone.

[hill2016]

7. why don't you try me

until you find something I say that is false?

Have I said anything false yet?

[jeff47]

9. Yep! Already covered the false claims in your OP in my first reply.

I eagerly await you claiming high-frequency trading is daytraders. It'll be really funny.

[nadinbrzezinski]

10. Snicker

(and you win this one)

[hill2016]

11. what false claims?

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]

12. Have you ever read Flash Boys?

[hill2016]

14. yes

and it's more sensational than anything.

[JonLeibowitz]

16. haha ok. Buh Bye.

[jeff47]

13. So you actually believe high-frequency trading is daytrading?!?!

And you were the one claiming to understand financial markets.



And you couldn't even bother to Google it before replying.

[hill2016]

15. high frequency trading

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]

18. Sweet! You finally googled the definition.

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]

23. She never answered you

Ran away

[BreakfastClub]

24. It was probably the belittlement, rudeness and mansplaining that caused her to leave. nt

[JonLeibowitz]

17. Also post #14...

Michael Lewis' writings are "more sensational than anything"

[jeff47]

19. Yeah....poster really doesn't know what they're talking about.

But full speed ahead!!!

[beedle]

8. Ah yes ...

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]

3. Why even ask this? Your earlier post was for shipping jobs offshore in a GLOBAL SOCIALISM scheme!

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]

6. You are funny

tonight.

[Teamster Jeff]

20. Those "promises" state politicians made are called Contracts. It's a legal thingy

[Odin2005]

21. Translation: "the fucking peons need to quit whining and accept Corporatist BS"

[Avalon Sparks]

22. I haven't been on DU since 2008, I'm one of the early members...

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]

25. "It's just one prayer" happened

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]

26. Really, thanks I need to check that out...

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]

29. Republican stances via Third Way (former DLC) have taken over.

Third Way in struggle for the Democratic Party’s soul
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]

30. In here, though?

Well that explains it. 😟

[Cobalt Violet]

27. yup spot on.

Took a long posting break too and can't believe how far to the right these people are.

[Avalon Sparks]

31. Thanks Cobalt....me neither.

[libtodeath]

28. You have missed FDR and the New Deal trashed,Walmart and Sachs defended

and even applauded.
Routinely viewing a safety net and help for everyday people as free stuff.

It is sickening.

[Avalon Sparks]

32. It is sickening...

Can't believe it, it sucks!