Election Results 2012

We had a great 2012 election night, celebrating in New York City!

1.  President Obama won re-elecction!  Obama had 332 electoral votes to Romney's 206. The popular vote stands at approximately 50.6% for Obama and 47.8 for Romney.

2.  Elizabeth Warren beat Republican Scott Brown in Massachusetts! (54% to 46%).

3.  Grace Meng,endorsed by DFNYC, ran for the seat vacated by Gary Ackerman in Queens and she soundly defeated her Republican opponent.

4.  Mark Murphy lost his challenge to incumbent Republican Congressman Michael Grimm in NY's new 11th district, covering Staten Island and parts of Brooklyn

5.  Sean Patrick Maloney beat incumbent Republican Nan Hayworth in the new 18th congressional seat in the Hudson Valley. In 2010, Nan Hayworth had beat John Hall, a terrific former Congressman that DFNYC helped elect in 2006. So it is very nice to have this seat back for a progressive Democrat like Sean.

6. Manan Trivedi, Democrat running in PA's 5th Congressional District, lost to incumbent Republican Jim Gerlach

7. Unfortunately, Andrew Gounardes did not win his race for State Senate against incumbent Republican Marty Golden in South Brooklyn.

8.  Incumbent Democrat Joseph Addabbo won his race against his Republican challenger, City Councilman Eric Ulrich. 

9. Voters in the four states that that had marriage equality ballot initiatives all voted in favor of equality for gays & lesbians.  DFNYC was proud to join the 20 Million More campaign to assist with the grassroots efforts on these ballot measures.

Tax to Discourage High Frequency Trading: Your Opinion?

Update:
Lee Shepard, writing in Forbes on Oct. 16, stated "The United States should adopt a financial transactions tax (FTT) to kill high frequency trading (HFT)..."  Click here to read the full article.

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The first anniversary of Occupy Wall Street coming up this Monday, Sept. 17, and OWS is teaming up with Act Up for a 7am rally for a Robinhood Tax. Related to that is the financial industry practice of high frequency trading.

Since the "flash crash" of May 6th 2010 in which the stock market plunged about 1000 points in minutes and then recovered, there has been a lot of focus on high frequency trading - a practice in which certain trading firms use sophisticated technology and algorithms that automatically trigger certain quick purchases and sales of stock. 

Advocates of a tax on high frequency trading suggest that placing a tax on it would be both fair and a solid revenue raiser because high frequency trading concentrates wealth, is not designed to provide capital and credit, but rather, to scoop large amounts of cash out of the market, and in some cases, allows high frequency traders to have access to market information sooner than other investors.  (Clarification: HFT would not be taxed directly; the idea is to have a general tax on financial transactions that is so small - fraction of a penny - that it would not discourage other investing, just the high volume computerized trading of HFT.)

Opponents of a high frequency trading tax state that the practice will still exist but will be moved overseas, and that it does not hurt small investors.  Is this a legitimate argument, or just something the 1% says to maintain insider trading practices and because of a knee-jerk reaction against any sort of tax or regulation?  It's not a rhetorical question - we want to know your opinion.  Please email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. 

Here are some links:

Lee Shepard, writing in Forbes on Oct. 16, stated "The United States should adopt a financial transactions tax (FTT) to kill high frequency trading (HFT)..."  Click here to read the full article.

Global Economic Intersection:  The Great Debate: High Frequency Trading and Transaction Taxes

Wall Street Journal Article:  Mark Cuban: High-Frequency Traders Are the Ultimate Hackers

Forbes:  High Frequency Trading Doesn't Hurt Individual Investors

Think Progress:  High Frequency Trading Pioneer: Today's Trading Has Absolutely No social Value

Stop Voter Disenfranchisement in Swing States - Make Calls from Home

Erin Cummings, a volunteer with the Pennsylvania Democratic Party, sent an email about their new virtual phone bank.  You can make calls to Pennsylvania from your home to help protect the vote.

To sign up, click here to open the PA Dem's website, and when you fill out the form, choose "Virtual through our website" for volunteering. 

For more info, click here for the home page of the PA Dems.

DFNYC Stands with the Victims in Colorado - By Rosalie Caliendo