sfnative
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Sat Dec-05-09 11:58 AM
Response to Original message |
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Edited on Sat Dec-05-09 12:02 PM by sfnative
It's only fair that Wall St. share their burden of the taxes, since many of the banks who were bailed out are now charging customers with 30% APR. This is another excuse to stick it to the working people and not hold Wall St. accountable. This tax may reduce daily volitility, but even sales taxes don't necessarily reduce sales.
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| -Geithner Dismisses Tax on Financial Transactions as Unworkable |
depakid |
Dec-05-09 02:55 AM |
#0 |
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Obama better do something fast. Dems as the Party of Wall Street is becoming |
tblue |
Dec-05-09 03:00 AM |
#1 |
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We HAD such a tax |
CanonRay |
Dec-05-09 08:38 AM |
#33 |
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Can't do it? I bet if it was a FEE FOR the Corporate parasites it would be up running and |
Vincardog |
Dec-05-09 01:46 PM |
#81 |
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Translaton: Goldman Sachs pay taxes? That's for little people! |
SandWalker1984 |
Dec-05-09 10:21 AM |
#46 |
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so we got one end of the Obama Guru team telling us we don't need social security & the other end |
Divine Discontent |
Dec-05-09 03:50 AM |
#2 |
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By that logic there should be no taxes because some people will find a way around them |
laughingliberal |
Dec-05-09 07:10 PM |
#99 |
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Or you could just not pay all you owe, like Geithner - head of the IRS! |
change_notfinetuning |
Dec-05-09 09:44 PM |
#102 |
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Now, there's a thought. Course we know that only works for the rich. The middle class has been |
laughingliberal |
Dec-05-09 09:54 PM |
#105 |
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Really? How would you advise Firms to "get around any tax like that.”" |
Ghost Dog |
Dec-05-09 04:21 AM |
#3 |
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The markets will all just move to Dubai. |
naaman fletcher |
Dec-05-09 11:35 AM |
#61 |
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Or to a Caribean country |
proud2BlibKansan |
Dec-05-09 12:04 PM |
#67 |
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Right. You can see lots of folks betting their pensions |
Ghost Dog |
Dec-05-09 12:09 PM |
#68 |
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LOL to the power of n! |
Joe Chi Minh |
Dec-05-09 01:33 PM |
#78 |
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That haven of financial responsibility and stability? |
Alcibiades |
Dec-05-09 10:03 PM |
#106 |
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And yet, commissions on those transactions are workable? |
aquart |
Dec-05-09 04:25 AM |
#4 |
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commissions in trading algos that banks let their customer use |
Lucky Luciano |
Dec-05-09 08:38 AM |
#32 |
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Of course volume. The small tax is designed to... |
WhaTHellsgoingonhere |
Dec-05-09 10:42 AM |
#47 |
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Yes but it won't hurt the big guys, it will give them more power.. |
naaman fletcher |
Dec-05-09 11:33 AM |
#60 |
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New regulatory policies will be essential. If your point is that... |
WhaTHellsgoingonhere |
Dec-05-09 03:08 PM |
#85 |
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Well, we will not see eye to eye. Too biased given my prop trading background. Nt |
Lucky Luciano |
Dec-05-09 01:39 PM |
#79 |
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I don't know about hurting liquidity but it would slow down this |
ThomThom |
Dec-05-09 10:49 AM |
#50 |
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Yes, a Tobin tax would hurt HFT.. |
girl gone mad |
Dec-05-09 04:25 PM |
#89 |
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Exactly. My thought exactly. n/t |
Tansy_Gold |
Dec-05-09 08:38 AM |
#34 |
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If Geithner is already trying to kill it |
waronbanks |
Dec-05-09 04:38 AM |
#5 |
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yes & get rid of ceo positions, they exist at Congress' pleasure |
KakistocracyHater |
Dec-05-09 07:35 PM |
#100 |
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Possible silver lining... |
dreamnightwind |
Dec-05-09 04:59 AM |
#6 |
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Oh, gee, Making the banks/investment firms to pay for the regulators to watch them |
Roland99 |
Dec-05-09 05:44 AM |
#7 |
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Zactly. nt |
Enthusiast |
Dec-05-09 08:16 AM |
#22 |
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Motives aside |
nod factor |
Dec-05-09 06:19 AM |
#8 |
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A lot of what these transactions do... |
Cassandra |
Dec-05-09 07:15 AM |
#12 |
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Exactly. Such a tax would discourage, |
Ghost Dog |
Dec-05-09 07:50 AM |
#17 |
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You are right. |
nod factor |
Dec-05-09 08:00 AM |
#20 |
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Yes, and this gambling is killing the real economy. |
mbperrin |
Dec-05-09 08:44 AM |
#35 |
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....but, but..... this is timmy |
unabelladonna |
Dec-05-09 03:11 PM |
#86 |
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That speculation is ok. Stocks are liquid instruments. |
Lucky Luciano |
Dec-05-09 08:44 AM |
#36 |
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Could traders avoid the tax by trading outside the U.S.? |
JDPriestly |
Dec-05-09 10:59 AM |
#53 |
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The proposal is to levy much the same tax in London, Europe, |
Ghost Dog |
Dec-05-09 12:17 PM |
#70 |
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Good. It would work if that is the case. But it would |
JDPriestly |
Dec-05-09 05:28 PM |
#95 |
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"A transaction tax is retrogressive." ??? |
depakid |
Dec-05-09 07:56 AM |
#19 |
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Timmy, is that you? |
Jim Sagle |
Dec-05-09 08:34 AM |
#27 |
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It's really not though... |
Chan790 |
Dec-05-09 08:35 AM |
#28 |
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ummmmm 0.25% is a huge tax - commissions these days, |
Lucky Luciano |
Dec-05-09 08:49 AM |
#37 |
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Yes, I understand the proposal is more in the order of 0.025% |
Ghost Dog |
Dec-05-09 09:54 AM |
#41 |
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Okay. |
Chan790 |
Dec-05-09 10:44 AM |
#49 |
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more regulation is ok, but it should be directed at illiquid |
Lucky Luciano |
Dec-05-09 03:35 PM |
#87 |
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Hmmm. So, without the, er, robot (algorithmic) trades these days, liquidity, |
Ghost Dog |
Dec-05-09 04:18 PM |
#88 |
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An example might be that I could buy 10k shares of AAPL |
Lucky Luciano |
Dec-05-09 05:25 PM |
#93 |
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Would significantly reflect a human judgement of the real world value |
Ghost Dog |
Dec-05-09 05:47 PM |
#96 |
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But would this really hinder the ability of companies like Apple |
Telly Savalas |
Dec-05-09 09:47 PM |
#103 |
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A penny a share. |
westerebus |
Dec-05-09 12:14 PM |
#69 |
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This potentially affects several hundred thousand trades a second. |
boppers |
Dec-05-09 01:02 PM |
#75 |
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have high frequency experience... It is soooooo not that simple |
Lucky Luciano |
Dec-05-09 01:48 PM |
#82 |
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I tried to keep it *very* simple, yes, with only two actors (one human, one machine)... |
boppers |
Dec-05-09 05:25 PM |
#94 |
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The bottom line is that this is unproductive, market distorting behavior |
depakid |
Dec-05-09 02:08 PM |
#84 |
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We need to encourage long term investment not this craziness |
ThomThom |
Dec-05-09 10:59 AM |
#51 |
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It does not discourage investment. |
dhpgetsit |
Dec-05-09 11:57 AM |
#63 |
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policy should encourage work and consumer spending..... |
Prospero1 |
Dec-05-09 12:50 PM |
#73 |
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When will BO realize that Geithner is a political liability that may help make him a one termer? |
FreeStateDemocrat |
Dec-05-09 06:28 AM |
#9 |
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His nomination |
nod factor |
Dec-05-09 06:41 AM |
#10 |
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"A politically savvy guy like Obama" |
Dr.Phool |
Dec-05-09 08:11 AM |
#21 |
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Transactions are electronic. They can be taxed as they are being made. |
IndianaGreen |
Dec-05-09 06:56 AM |
#11 |
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If Geithner opposes it, that's a big mark in it's favor. |
baldguy |
Dec-05-09 07:22 AM |
#13 |
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I like the way you think. nt |
Enthusiast |
Dec-05-09 08:20 AM |
#23 |
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Should always do the opposite of what Geitner advises.Just don't let him know that that's what you |
Algorem |
Dec-05-09 07:23 AM |
#14 |
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Nothing I love better than response posts which say |
placton |
Dec-05-09 07:34 AM |
#15 |
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He doesn't seem to WANT a 2nd term. That would just delay his plush gig at Goldman Sachs.. |
Jim Sagle |
Dec-05-09 08:37 AM |
#30 |
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Placton, What you said exactly x100000- O is a corporate whore |
aaronbav |
Dec-05-09 11:22 AM |
#57 |
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why am i not surprised? |
unabelladonna |
Dec-05-09 07:40 AM |
#16 |
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So, let's just find another way of taxing the middle class, is that it Tim? |
DailyGrind51 |
Dec-05-09 07:55 AM |
#18 |
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OF COURSE Geithner doesn't want a transaction tax.... |
lib2DaBone |
Dec-05-09 08:22 AM |
# |
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hopefully we can nominate someone different |
ThomThom |
Dec-05-09 11:07 AM |
#56 |
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Geithner's plans are unworkable. |
existentialist |
Dec-05-09 08:22 AM |
#24 |
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Clearly I have to stop reading the news again for a while |
shadowknows69 |
Dec-05-09 08:24 AM |
#25 |
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Hey, coming from you, shadowknower, that remark |
Ghost Dog |
Dec-05-09 10:06 AM |
#42 |
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I guess Timmy should know about getting around paying taxes |
Bluenorthwest |
Dec-05-09 08:24 AM |
#26 |
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Transaction "fees" on individuals and businesses don't seem to pose a problem. |
54anickel |
Dec-05-09 08:35 AM |
#29 |
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Nah, your government doesn't need 'profit' (on the books): |
Ghost Dog |
Dec-05-09 10:10 AM |
#44 |
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It would be nice if he proposed an alternative, then. |
adamuu |
Dec-05-09 08:37 AM |
#31 |
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How about dismissing Geithner as unworkable. /nt |
Festivito |
Dec-05-09 09:02 AM |
#38 |
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Hey haters: Stop with the Geithner bashing already. |
MannyGoldstein |
Dec-05-09 09:26 AM |
#39 |
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It seems that, like other alumni of Goldman Sachs, Timmy's been a beneficiary |
Joe Chi Minh |
Dec-05-09 01:41 PM |
#80 |
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A mimimal tax on wall street transactions needs |
pjt7 |
Dec-05-09 09:29 AM |
#40 |
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Why am I not surprised? n/t |
SlowDownFast |
Dec-05-09 10:08 AM |
#43 |
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Geithner is wrong about pretty much everything. He MUST go. |
AzDar |
Dec-05-09 10:16 AM |
#45 |
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he MUST go! agreed. I cannot support a president who has these horrible pro-wall st. pro-insurance |
Divine Discontent |
Dec-05-09 11:30 AM |
#59 |
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unworkable? |
ThomThom |
Dec-05-09 10:44 AM |
#48 |
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The Executive Branch doesn't tax, the Legislative Branch does |
BumRushDaShow |
Dec-05-09 10:59 AM |
#52 |
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OK, Timmy, how about this for a deal. |
StreetKnowledge |
Dec-05-09 11:01 AM |
#54 |
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Wash your mouth out with soap and water, this instant! Why that'd be class-warfare. |
Joe Chi Minh |
Dec-05-09 06:20 PM |
#98 |
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They seem to have no problem siphoning off their bonuses |
Canuckistanian |
Dec-05-09 11:03 AM |
#55 |
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So how do local governments collect a sales tax on everything you buy? |
nonationbuilding |
Dec-05-09 11:25 AM |
#58 |
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I'm urging my rep to support it. |
dhpgetsit |
Dec-05-09 11:49 AM |
#62 |
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Stupid excuses |
sfnative |
Dec-05-09 11:58 AM |
#64 |
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Timmy Lies |
colsohlibgal |
Dec-05-09 11:58 AM |
#65 |
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Geithner is Full of Bull! |
Daphne08 |
Dec-05-09 12:00 PM |
#66 |
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K&R. //nt |
Overseas |
Dec-05-09 12:23 PM |
#71 |
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So the Obama administration is trying to kill this idea. |
Better Believe It |
Dec-05-09 12:47 PM |
#72 |
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Well, then. It must be a really viable way to leverage a lien on the corruption within the market. |
HCE SuiGeneris |
Dec-05-09 12:56 PM |
#74 |
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Mustn't tax the rich, the masses be damned! nt |
valerief |
Dec-05-09 01:18 PM |
#76 |
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Treasury Secretary, Timothy Geitner...... said banks and other market participants |
Joe Chi Minh |
Dec-05-09 01:32 PM |
#77 |
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Pour encourager les autres. |
Ghost Dog |
Dec-05-09 04:46 PM |
#90 |
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Mais, bien sur! |
Joe Chi Minh |
Dec-05-09 06:10 PM |
#97 |
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Timmy is always right. I trust him and his marvelous economic team. |
neshanic still |
Dec-05-09 01:49 PM |
#83 |
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Honestly, I didn't think my opinion of Obama's financial picks could get worse, |
Better Today |
Dec-05-09 05:01 PM |
#91 |
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And then he makes no attempt to come up with an alternative. He's not trustworthy. (nt) |
w4rma |
Dec-05-09 05:04 PM |
#92 |
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Well IF he ",has not seen the version of that that he think works",, |
benld74 |
Dec-05-09 09:25 PM |
#101 |
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Geithner should never have been hired. He's largely responsible for the crash |
autorank |
Dec-05-09 09:51 PM |
#104 |
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Tee hee... Good one! |
Joe Chi Minh |
Dec-06-09 05:14 PM |
#111 |
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As far as I'm concerned... |
femrap |
Dec-05-09 10:59 PM |
#107 |
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"Can't implement a tax. People might get around it." |
BobTheSubgenius |
Dec-06-09 12:08 AM |
#108 |
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Every body tries to get around taxes and yet they still have an Income Tax... |
WCGreen |
Dec-06-09 12:12 AM |
#109 |
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the only quarrel I had with that tax is it wasn't high enough. |
yurbud |
Dec-06-09 12:27 PM |
#110 |
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