Previous Post
Next Post

Another Peter DeFazio Clip Of Him Trying To Justify The Inevitable Harmful Effects Of His Proposed Trader Tax

Posted by Timothy Sykes on Tue 24th of Mar, 2009 08:05:55 AM
  Tags:

Remember when Congressnobody Peter DeFazio went on CNBC, claiming his 0.25% tax on each buy and sell made in the stock market wouldn’t hurt the overall market and backing it up by saying a similar tax in the 1930s didn’t hurt the market as expected (even though he somehow forgets the advent of online discount brokers only came about in the 1990s)

Well, watch THIS Fox Biz clip (sorry, its unembeddable because Fox Biz likes nobody watching the channel on TV nor on the internet) where DeFazio uses the same bone-headed argument to a commentator who rips him apart.

Of course this tax is gonna destroy hedge funds, options traders, day traders, swing traders, everybody but buy and hold investors–as if they’re even worth saving–so take another moment and sign the petition against this destructive tax.

Why doesn’t someone come up with a tax on Wall Street executives who banked by ripping their companies apart? That’d be a few billion right there and then at least you’d be punishing those guiltiest of causing this whole mess!

Ps Pretty funny that DeFazio got in a scuffle at the airport, the guy’s a loser & yet he has the power to influence the entire market? Sykes For Congress 2015

Spread This Post:
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • MySpace
  • StumbleUpon
  • Technorati
  • TwitThis
  • Yahoo! Buzz

TIMstore Monthly DVD Specials:

See all TIM DVD specials HERE

Related Reading

Previous Post
Next Post
  • Big T
    Of course, Pete is a typical politician, "do as I say, not as I do" yet proposes to completely ruin day traders over night like myself, while forcing firms (assuming they do not file for bankruptcy first) to raise commissions, a little known fact is that it cost John Q Public 50 bucks each way in the 1950s to buy and sell a stock, and now today 9.99 a trade each way seems expensive.

    These pols who do not trade or understand financial markets need to keep out of our lives and pocketbooks...
  • Me
    Ridiculous proposal, any news on if it looks like it will pass into a law?
  • Me
    Sorry i made 2 comments, but I have to say that this would really hurt me as a day trader, it would destroy my profitability which is really small, 0.25% tax on each transaction. Are you kidding me? That is absurd, it's death to my business, and the business of most other traders out there who operate on slim margins. We have commissions and regular taxes to deal with, and this guy wants to throw another tax into the mix? Go after the villains of wall st who started this mess, not the honest trader who is struggling to make a living. Furthermore frequent trading is not "churning", however it may be speculative, but so is "investing", allow me to argue my case. "Investing" is just as speculative as frequent day trading because you don't know if the economy will go up or down, even if you are holding for many years, you have to trust that GDP will see growth, that businesses will flourish, and consumers will buy. There is no guarantee that an economy will be up in 10 years, not when you have corrupt politicians in office, and you're hearing about a new scandal on Wall st. on a weekly if not daily basis. Investing is just as speculative as trading, you put money on the line, and there's not certainty that your investments will see growth, not when CEO's lie, not when politicians do nothing to prevent these disasters in the first place. To invest you must have confidence that the economy will perform well over a given period of time, but how can you have that confidence with so much manipulation and corruption, I'm speaking about scandals like bear sterns, and people like Madoff who lied to his clients, these things happen they are very real. The economy game has changed, it's no longer an investors market, its a traders market, like the news anchor said in the interview, "your defending your position", why hold onto a losing stock? It's irrational, "long term view" or not, its just as speculative and risky as "Churning". Peter Defazio knows nothing about trading stocks, there is a reason why prices rise and fall, and with enough research you can develop profitable strategy, and know when to buy and when to sell, so who is this man to say what proper investing is.
  • The tax would be absolutely awful for the online brokers - which are among the most stable financial institutions standing today. OXPS/SWIM/SCHW/AMTD never went overboard on subprime and are not taking taxpayer money! These brokers employ a lot of people and destroying their trading volumes would put them out of work!

    What about a 0.25% tax on the sweetheart deals the Treasury is setting up for hedge funds?
blog comments powered by Disqus




Start Here

Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

TIM Trades

View All
Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)