Bush Administration Proposes Most Sweeping Overhaul of Financial Regulation Since Dep

Bush made 1% of the country (The oil industry) EXTREMELY wealthy.

Too bad for the rest of you !

As a Canadian I love it because were an oil based economy in large part.

BUT

As a human being I say throw the bum out and take back your country from this moron.

:cool:
 
Actually I read somewhere ( I think the NY Times or IBD) that this actually favors the CFTC. I would think however that rather than raising margin requirements for futures, they would simply start enforcing the current levels. I think the $500 intraday margins may be the first thing to go. But futures really aren't as risky as stocks. Yes there is more leverage, but stocks can lose 50% in one day, futures have limit moves, i.e. ES can only move a certain percent before the trading is halted.
 
Predatory lending is NOT the cause of our woes. Certainly the individuals on the borrowing side have nothing to complain about. They get to live larger than would otherwise be possible for a few years, then either default on the loan if they are upside down, or sell if they actually accumulated some equity.

Falling housing prices are not the cause of problems either. In principle it improves the living conditions of the lower and middle classes becauses as the housing prices fall guess what! MORE people can afford to live in a nice house.

Stagflation is the true culprit here. Offering institutions a 30 day loan at 2% interest during hyperinflationary monetary expansion is the true crime. Blaming the housing market or the subprime market is simply the diversion.

Quote from toc:

There was an article that Elliot Spitzer was exposed because he tried to tell the truth about the 'predatory lending' schemes like Sub-prime. Schemes which were encouraged by the Bush White House.

While no condoning of Spitzer's whoring around, the impact of his misdeeds was far less than the devastating financial hit that sub prime mess has and will result to the middle and lower class families. Guess who ending up resigning and we call it FREEDOM AND DEMOCRACY. All hypocracy of fleecing the vulnerable of the society.
More...
 
Quote from TGregg:

That's just great. Let's take the advice of people that love growing the money supply so fast they have to stop reporting the widest measure of it. Also, we can put a bunch of lawyers in charge. But not any lawyers, just the ones who are slightly corrupt and lie the best. And let's make those lawyers accountable to the masses, so when the public gets mad at some company we can hound them into bankruptcy. Every company will have to contribute to campaign coffers if they want to stay in business. We should put labels on our politicians like NASCAR drivers have - at least we'd know who their big sponsors are.
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Where, indeed, will it all lead? I'm picturing the Folks at the "NEW and Improved" SEC all wearing gray double breasted suits with company logos sewn on from head to toe. And US House members in blue suits and Senators in gold fireproof suits similarly emblazoned with company logos. Grassley has the ADM logo across his chest, McCain has the Lockheed Martin logo across his back and Cheney's in a choir robe with Haliburton logo running down each sleeve. And a ball cap with Slumburger on the bill and EXXON on his back. .
 
Quote from toc:

There was an article that Elliot Spitzer was exposed because he tried to tell the truth about the 'predatory lending' schemes like Sub-prime. Schemes which were encouraged by the Bush White House.

While no condoning of Spitzer's whoring around, the impact of his misdeeds was far less than the devastating financial hit that sub prime mess has and will result to the middle and lower class families. Guess who ending up resigning and we call it FREEDOM AND DEMOCRACY. All hypocracy of fleecing the vulnerable of the society.
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Stories not out yet. Wait. See next post.
 
Quote from wavefinder:

"--merge the Securities and Exchange Commission with the Commodity Futures Trading Commission."

Does anyone know what impact this would have on the Futures market? [/B]
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Hmmm....an excuse to eliminate 60/40 tax treatment for futures contracts?
 
NEWS RELEASE

FOR IMMEDIATE RELEASE:

NASAA Statement on Treasury Department's Financial Services Regulatory Restructuring Plan

WASHINGTON, D.C. March 31, 2008—The following is a statement by Karen Tyler, President of the North American Securities Administrators Association (NASAA) and North Dakota Securities Commissioner, regarding the Treasury Department’s Blueprint for Regulatory Reform. NASAA is the oldest international organization devoted to investor protection. NASAA’s membership consists of the securities administrators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Canada, Mexico and Puerto Rico.

“The Treasury Department’s blueprint is designed to boost Wall Street’s competitiveness, not Main Street investor protection.

“Let’s not lose sight of the blueprint’s heritage. It was born in the wake of a trilogy of capital market competitiveness reports that, published alongside record earnings and bonuses on Wall Street, essentially fell flat.

“In our response to Treasury’s request for comments on regulatory restructuring last year, NASAA’s position was, and continues to be, unambiguous: the existing regulatory system, as it pertains to the securities markets, needs no fundamental restructuring. The focus of state securities regulators is clear and singular: investor protection must remain the centerpiece of the securities regulatory system.

“A macro-level solution to the current self-inflicted capital market duress, must not result in a compromise of investor protection on Main Street. While clearly there are areas of the overall structure that should be altered or enhanced, our nation’s investors do not need a new regulatory structure to provide the protection they deserve. What they need is a willingness on the part of all regulators to carry out their investor protection mandate.

“NASAA supports a strong and effective financial services regulatory structure. Such a structure requires preserving the authority of state securities regulators who protect more than 100 million retail investors.”


For More Information:
Bob Webster, Director of Communications
202-737-0900

http://www.nasaa.org/NASAA_Newsroom/Current_NASAA_Headlines/8420.cfm
 
Quote from wavefinder:

http://biz.yahoo.com/ap/080329/fed_overhaul.html?.v=8


I'm really interested in this part.......


"--merge the Securities and Exchange Commission with the Commodity Futures Trading Commission."



Does anyone know what impact this would have on the Futures market?
More...

SEC and CFTC merger will not be good for futures speculators.

Here are some scenarios I think about. Any one or combination of can be implemented at anytime!

1) Intraday Margins go bye-bye

2) Exchange minimum margins are segregated, based on account type.... commercials, hedgies, institutionals maintain similar to exisiting requirements. Speculators get to enjoy a 50% of notional value margin requirement. This puts equities and futures margins on equal footing.

3) PDT rules get applied to futures speculation accounts. Since futures are supposedly "riskier" than equities, a 50K or more account size is required.

4) CME and all other US futures exchanges lose 80% of their retail volume. As a result of decreasing volume, Oil, Gold and other commodity contracts become dually listed... Euro-based contracts become contracts of choice.

5) As a result of dwindling retail trade, only a handful of retail FCMs remain in business. No more competition for commissions.

6) With Treasury involved, only commercials retain the 60/40 tax treatment.

7) With the segregation of account types, the playing field changes... let's just call it the electronic pit.

Until such time as MY government forces me out of business, no worries.

Osorico :eek:
 
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