Comment: Putting brakes on stock trading would make GameStop-type events worse

Slowing or staunching trades through a transaction tax as is proposed in the US would prolong the time it takes for a meteoric price rise to correct itself

23rd February, 2021
Comment: Putting brakes on stock trading would make GameStop-type events worse
‘President Joe Biden should resist the urge to pursue a financial transactions tax, because such a tax would inflict more pain on small investors rather than add sanity to stock markets.’ Picture: Getty

“God does not play dice with the universe,” Einstein once assured us. True. Instead, a gaggle of geeky gamers with goggles, toggles and Robinhood-like finance apps are determining our future.

Long before GameStop made headlines for its meteoric 1,700 per cent flash and crash and the US Congress demanded testimony from hedge fund executives, key parts of the economy were already being gamed.

Now, numerous US legislators are proposing a new tax on stock...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Arm of BlackRock builds up €20m short bet that Glanbia shares will continue to fall

Markets Barry J Whyte 2 months ago

Irish funds industry hits record high of $4.2 trillion, new data shows

Markets Barry J Whyte 2 months ago

Analysis: Central banking’s brave new world

Markets Jean Pisani-Ferry 2 months ago

Trading places: the rise of the citizen investor

Markets Rosanna Cooney 3 months ago