Tuesday, September 30, 2008

Those who do not remember history are condemmed to repeat it

In December 1968, in response to a fiscal crisis, the City of Philadelphia imposed a $0.05-per-share stock transfer tax for all transactions on the PHLX. In response, on January 2, 1969, the PHLX moved its trading floor to an office building—then known as the Decker Building—just outside the city on City Avenue in Bala Cynwyd to avoid the tax. In February, a court ruled that the tax was illegal, and the PHLX moved its trading floor back to its headquarters in the city.
Wikipedia on Philadelphia Stock Exchange

According to Neal Boortz, Nancy Pelosi (D - San Francisco) has proposed a tax on Stock Transactions to be added to the bailout plan. It will be very effective and enriching - effective in moving stock out of the United States and enriching the economy of some other country - Singapore maybe? Or Dubai? It is a lot further to there than it is to Bala Cynwyd.

Are we deliberately trying to sink the economy, Nancy?

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