May 8, 2009
Respectfully submitted for your consideration:
Must reinstate uptick rule. Also crack down on naked shorts and short ETF's.
In general, anything that can be done to inhibit the churning of the market for short-term gains would be welcome and appropriate. Keep in mind, this is not a casino. It is the financial system of the free world that is at stake.
One thought could be to tax day-trades at 50% (or more). If people want to play games, let's at least work on paying down the public debt. I would think taxing intra-day gains at 60% might be appropriate. Ramp down to ordinary income rate over a 15-day trading period. Lots of record keeping would be required, but that's what programmers are for.
MM