End Of The Free Markets Is Now!

[my2cents]

Quote from The Kin:

Call me naive but the proposal calls for merging a shit load of federal agencies. One would tend to think that would lead to less regulation.

Why certainly! Just look at how less regulated it has become to board a plane under the directives of the TSA. Look at how efficient the handling of the Katrina disaster was under FEMA. Look how effective our border control is with Mexico under U.S. Customs & Border Control. Look at the reduction of illegal aliens and how efficient our immigration policy has become under U.S. Immigration and Customs Enforcement.

All of these agencies were separate entities until they were merged through the Homeland Security Act of 2003 which united 22 agencies.

We traded 22 independent agencies for a behemoth called "The Department of Homeland Security". To think growing up I was taught that the preservation of our national security was provided by the Dept. of Defense.

It's akin to the loss of all the Mom and Pop businesses in America to Wal-Mart.

But it gets better. Because now the Director of Homeland Security Michael Chertoff wants to regulate the Congressional oversight of his department in the name of efficiency.

Who will they be accountable to?

I have to laugh, regulate Congress, what for? They don't do anything to begin with.

And now they want to take greater control of the financial markets. Where will it end?

One last thought, take a good look at your digital driver license. Then the next time you meet someone from out of state take a good look at theirs. Notice the resemblance? Yeah you already carrying around your national ID card in your wallet compliments of the TSA division of Homeland Security.

As our rights are eroded just pray you don't end up in the cell next to me.

Just,
My2cents

 

[bellman]

Obviously in retrospect at the time of the most pessimism the bottom occurs, but that helps us not at all in the present

Quote from RiceRocket:

This post origninating from the guy who called Obama a "baboon". I understand some people are fearful the world is coming to an end, but realize that many times has mankind gone through these crises. Right at the time of the most pessimism the inflection point comes into existence. The turn is right around the corner in my opinion. There's so much fear out there now that opportunists are ready to strike.

 

[Enfinity]

To all of you that are rejecting the reality that the banking system is systemically insolvent...face it and accept it while you still have options.

If this was a traditional correction the indexes would have been racing north months ago. This is the real deal. Talking about max pessimism and inflections is the epitome of moral hazard in our situation.

 

[buzzy2]

The Fed: New financial supercop? new financial Gestapo?

If the Fed finds that the actions of some market participants pose risks for the overall financial system or the economy, "the Federal Reserve should have authority to require corrective action to address current risks or to constrain future risk-taking," the summary said.

Too broad, too ambiguous, they don't even define "risky actions", risky actions are whatever the Fed thinks they are, or whatever they don't like.

 

[The Kin]

Btw, iT'S TIME TO SHORT THE MARKET. If Congress does not want to pass this bill at first, I have a feeling the PPT will take a little vacation and we might see a market correction to create more panic.

 

[bellman]

You would lose... they would change the rules again, and simply print more money. But you might be on the right track.

Quote from Enfinity:

Buzzy -

There's nothing slow about it anymore. Wakeup people, everything you've built/earned in your life will be stripped from you if you don't say no. It's getting to the point were the patriotic thing is to strip the banks of their power by withdrawing our deposits.

 

[TacTrader]

Quote from my2cents:

[One last thought, take a good look at your digital driver license. Then the next time you meet someone from out of state take a good look at theirs. Notice the resemblance? Yeah you already carrying around your national ID card in your wallet compliments of the TSA division of Homeland Security.

As our rights are eroded just pray you don't end up in the cell next to me.

Just,
My2cents [/B]

I see licenses from every state on a regular basis...they are as different as the people who carry them. Not to say it could never happen, but as long as the states are individuals, there will be state drivers licenses.

Stephen

 

[Enfinity]

Where you are misunderstood is in believing that "printing money", which by the way has NOT happened in any form or fashion, would fix the credit crisis.

THE TREASURY WILL NOT PRINT MONEY BECAUSE THEY LOSE CONTROL OF COMMERCE AND TAXATION WITH A MEANS OF PHYSICAL EXCHANGE!

Quote from bellman:

You would lose... they would change the rules again, and simply print more money. But you might be on the right track.

 

[zdreg]

Quote from buzzy2:

So new powers do not cover just wall st investment banks, but also hedge funds and commodities markets, if they are thought to "pose a risk to the financial system".

What's next? a SWAT team up your a** if you go long oil, gold, short the dollar, short LEH???

Short SIFs and they freeze your account??

I'd love to hear what Jimmy Rogers have to say about this.

jim rogers has said for years you should get your money and other assets out of the US.

 

[Covert]

Quote from bighog:



"SELF REGULATION" has not worked, will not work and never will work. Regs were not dreamed up, regs, rules, etc were inplemented to CORRECT mischievous practices in the past. Take away the regs and "BOOM" the children will be back to playing games.



Markets have never really been FREE from the mischievous bad guys. Review mkt history and you will believe that regardless of what FOX jams down your throat.

What, exactly is wrong with the 'regulation' that the CFTC has given. Please, tell me tales of any counterparty risk that has occurred in the futures markets....go on... There has never been one dollar lost due to couterparty risk on a futures exchange. Sure, clearing firms have gone belly up, but the clearing houses have always maintained structure and guaranteed the trades. Why, would you say, that this system needs to be overhauled and lumped into an off-exchange cesspool of designer derivatives? This is, pure and simple, a knee jerk reaction in an election year. Don't pay attention. The lobbying efforts of the exchanges, as well as that of the IBanks and hedge funds will make certain that this proposal will never be worth more than the paper it's printed on.