Robin Hood Tax

[Captain Awesome]

This year, lets say a bank did 1.3 billion $ profit, a 200 million loss compared to last year.

You lost no crap, you did 1.3 BILLION PROFIT, instead of 1.5.

A real loss is not doing ANY profit.

Loss is when you lose money.

You want to cut someones profit, just remember that pensions plans, retirement plans, collected taxes, and people's income depend on banks profits. You not cutting profit for some evil rich dude, you're affecting people around you.

[French Castanut]

Profit is the money left after expenses. The only place it goes in the shareholderpockets.

[The Green Barbarian]

Profit is the money left after expenses. The only place it goes in the shareholderpockets.

what about all the money those banks have to write-off due to bad student loans? Don't they go against "profits". You really should quit now, you are demonstrating quite clearly why our Canadian educational system is churning out kids that don't have a hope competing against the kids that are going to be coming over from Asia in the very near future. While you are guys are being taught about "social justice", how evil banks and oil companies are, and how "profit" is "bad" by your teacher/union representative, they are actually learning real things like math, science, languages, philosophy and art. While we are creating a generation of whiners and layabouts, they are creating future leaders, who will one day be our leaders, because we don't produce those anymore, only cry-babies who have learned that if you complain loud enough you will be given everything for free. Such is life.

[Gilchy]

Profit is the money left after expenses. The only place it goes in the shareholderpockets.

And who forms a major portion of the shareholders?

[French Castanut]

Profit is the money left after expenses. The only place it goes in the shareholderpockets.

what about all the money those banks have to write-off due to bad student loans? Don't they go against "profits". You really should quit now, you are demonstrating quite clearly why our Canadian educational system is churning out kids that don't have a hope competing against the kids that are going to be coming over from Asia in the very near future. While you are guys are being taught about "social justice", how evil banks and oil companies are, and how "profit" is "bad" by your teacher/union representative, they are actually learning real things like math, science, languages, philosophy and art. While we are creating a generation of whiners and layabouts, they are creating future leaders, who will one day be our leaders, because we don't produce those anymore, only cry-babies who have learned that if you complain loud enough you will be given everything for free. Such is life.

Well YOU go back to school.
Profits is after expenses... The information comes right from the Canadian Banking Association.
In 2010 alone, they the 6 major banks in Canada had 20.4Billion$ Net income (after all expenses, including writing off student loand, bankrupcies etc).
http://www.cba.ca/contents/files/backgr ... its_en.pdf

[Gilchy]

what about all the money those banks have to write-off due to bad student loans? Don't they go against "profits". You really should quit now, you are demonstrating quite clearly why our Canadian educational system is churning out kids that don't have a hope competing against the kids that are going to be coming over from Asia in the very near future. While you are guys are being taught about "social justice", how evil banks and oil companies are, and how "profit" is "bad" by your teacher/union representative, they are actually learning real things like math, science, languages, philosophy and art. While we are creating a generation of whiners and layabouts, they are creating future leaders, who will one day be our leaders, because we don't produce those anymore, only cry-babies who have learned that if you complain loud enough you will be given everything for free. Such is life.

While I definitely think that Matth's beliefs are wayyyyy off on this one, not every argument has to be reduced to how the young generation today is doomed to be a giant pack of slackers. That is a massive genre realization that is every bit off base as Matth's opinion, IMHO.

[French Castanut]

Profit is the money left after expenses. The only place it goes in the shareholderpockets.

And who forms a major portion of the shareholders?

Some of them are pension plans. Ok I get what captain awesome was saying.

[Gilchy]

Double.

[French Castanut]

And my last comment: I don't expect every to be free. I just dream of a better world.

And explain me how come my bank (ING) can offer me free general banking, free of charge saving accounts etc and still make profits, as your bank charges you probably 20$ per month for your normal transactions.

They make money for the interest they charge on mortgages etc... And from MY money the invest in stocks etc.
They invest my money to make money. It's fair THEY are the ones that have to pay me for my money. Not my business to pay them to make money on my money.

I'm the one laughing right now.

[oneh2obabe]

Neither of my banks charge me service fees. Banks make some of their profit from interest charged on multi-million dollar business loans, mortgages, etc.

[Gilchy]

And my last comment: I don't expect every to be free. I just dream of a better world.

And explain me how come my bank (ING) can offer me free general banking, free of charge saving accounts etc and still make profits, as your bank charges you probably 20$ per month for your normal transactions.

They make money for the interest they charge on mortgages etc... Not on money from me to take care of my money.
They invest my money to make money. It's fair THEY are the ones that have to pay me for my money. Not my business to pay them to make money on my money.

I'm the one laughing right now.

They've got a different model with very few branches and tellers. Good deal if you don't want or need face to face banking, but that's the major reason for the price difference.

[French Castanut]

You're right h20, and it should be like that for ALL Canadians.

But I'm young, not educated, and I know nothing.

People here are just laughing at me. I like to complaint and I should shut up and be the nice little sheep that big businesses want me to be.

I'll let the Asian run Canada.

Good bye!

[The Green Barbarian]

But I'm young, not educated, and I know nothing.

But the beauty of it is - now that you've recognized this, you can do something about it. While before you've posted nonsense and demonstrated you don't know much of anything, this can be easily corrected with a bit of research, and possibly, so real world experience. It's not too late.

I'll let the Asian run Canada.

You won't "let" them do anything. Knowledge is power. By willfully staying ignorant, they will take what they want from you. If you honestly feel that you can stay uneducated and ignorant, and have any control over "letting" others take over who have taken the time to learn and work hard, then you are just fooling yourself.

[nolanrh]

Let's get back on subject:

Okay economists. Reading about the Robinhood Tax (http://robinhoodtax.ca/). Right wing blogs argue that the tax burden will fall on Joe Blow bank customer. If the transactions hit by this tax (FTTs) are primarily entities gambling on slim margins, wouldn't they be forced to eat it? Maybe pensions take a hit, but how do hedge funds, derivatives traders, etc... pass on the costs on to people who don't own equity? Or is it wrong to think that the taxed entities will be primarily of the financial gambling type? I need to find an article with a little depth.

[French Castanut]

But I'm young, not educated, and I know nothing.

But the beauty of it is - now that you've recognized this, you can do something about it. While before you've posted nonsense and demonstrated you don't know much of anything, this can be easily corrected with a bit of research, and possibly, so real world experience. It's not too late.

I'll let the Asian run Canada.

You won't "let" them do anything. Knowledge is power. By willfully staying ignorant, they will take what they want from you. If you honestly feel that you can stay uneducated and ignorant, and have any control over "letting" others take over who have taken the time to learn and work hard, then you are just fooling yourself.

I was simply being sarcastic. I didn't recognize any of your nonsense saying. Even a monkey would have noticed. But you didnt. Anyways, your on my blacklist now I can't read your crap anymore.