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View Diary: SEC Panel Approves New Stock Exchange-- Only For the Rich (68 comments)

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  •  sure, they have to be accredited investors. (5+ / 0-)
    Recommended by:
    nextstep, yuriwho, VClib, skrekk, Dartagnan

    no surprise there.  have you read the 401k diaries where people talk about sinking their life savings in real estate or the stock of their employer?  people make really, really dumb investing decisions, so we want to be sure that investors in IPOs, which can be very risky, can absorb losses.

    Also: this was pretty much baked into the statute, IIRC, so it shouldn't come as a surprise.

    •  Cool. To make sure this does not become a casino (1+ / 0-)
      Recommended by:
      Dartagnan

      that only benefits the rich when the economy is blessing start-ups in general, a special tax should be applied that is then used to bring up the number of policing regulators-- SEC and others--to a realistic level.

      This tax on the benefits from this special market can then be generalized to the entire market by its making oversight robust. A sliding-scale tax on returns, limited to a period of years, would ensure that it would not suppres investments.

      The labor of a human being is not a commodity or article of commerce. Clayton Act, Section 6.

      by Ignacio Magaloni on Sun Feb 10, 2013 at 12:17:34 PM PST

      [ Parent ]

      •  Aren't taxes on rich people bad for poor people? (0+ / 0-)
        •  When will we learn the art of letting go (0+ / 0-)

          our simple thoughts, I wonder!

          ;  )

          The labor of a human being is not a commodity or article of commerce. Clayton Act, Section 6.

          by Ignacio Magaloni on Mon Feb 11, 2013 at 09:15:53 AM PST

          [ Parent ]

          •  Well, I heard that somewhere. And if you put (0+ / 0-)

            taxes on trades all the investors will go Galt on us and then what?

            •  I thought you were agreeing with me--but (0+ / 0-)

              yes, taxes should be an art. You know, find the right algorithm. . .and you can tax our trades-especially; with these set-aside ground-floor trades with extra risk-reward rations--and in good times, tax a bit more. The trade will simply be worth it anyway.

              Oh, and they already think they are John Galt anyway!

              http://www.galtcapital.com/...

              Heh.

              But I know what you mean. I'm not out to destroy profit from risk. But I don't believe in trusting magic hands without a conscience--and neither did John Smith, I hear, but I haven't read his masterwork yet.

              http://econjwatch.org/...

              If I misunderstood you the second time--chalk it up to lack of sleep, or the fact that I am a poet, not a trader (though I think I would not have been bad at it, in hindsight).

              The labor of a human being is not a commodity or article of commerce. Clayton Act, Section 6.

              by Ignacio Magaloni on Mon Feb 11, 2013 at 08:49:57 PM PST

              [ Parent ]

              •  You lack sleep, and even still you make serious (0+ / 0-)

                points and are talking sense. I'm just smart assing about something I find very frustrating, that we tax when money changes hands throughout our economy, except on the financial exchanges where the most frequent and largest exchanges of money and movement of wealth take place.

                Get some sleep, Dude, and have pleasant dreams.

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