Kiss Your Job GoodBye

[cstfx]

"We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again." - President Barack Obama 2/14/2009

http://www.whitehouse.gov/blog/09/02/14/A-major-milestone/

 

[DmanX]

Yeah it's called the Derivatives Markets Transparency and Accountability Act of 2009.

http://agriculture.house.gov/inside/Legislation/111/PETEMN_001_xml.pdf


And here are the proposed rules w FIA rebuttal to each (just so you get an idea of the types of rational thinking that's going to temper the proposal):

http://www.futuresindustry.org/files/pdf/FIA_attachment_Final.pdf

 

[gnome]

Quote from cstfx:

"We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again." - President Barack Obama 2/14/2009

http://www.whitehouse.gov/blog/09/02/14/A-major-milestone/

Speculators only partly at fault. What about deficit spend-thrift Congress? What about Congress enabling non-qualified borrowers to get mortgages based upon lies? What about Federal Reserve irresponsibly keeping rates so low and pumping the money supply 15-20% per year?

Of course it's easy to point the finger at speculators and forget about the other culprits. After all, it's easy (and simplistic enough) for the hoi polloi to graps on to the idea of "evil speculators"... "Yeah, NObama's gonna get them speculators and make my life better"...

 

[cstfx]

This is part of the class warfare that Obama and Co. have unleashed. Just like Bush did with the terrorists (and even what Chavez is doing with his "US about to invade any minute" shtick) they are creating an enemy for the sheep to focus their attention. It's an old magicians trick: have them look here instead of where you don't want them to see.

 

[JSSPMK]

Quote from gnome:

Speculators only partly at fault. What about deficit spend-thrift Congress? What about Congress enabling non-qualified borrowers to get mortgages based upon lies? What about Federal Reserve irresponsibly keeping rates so low and pumping the money supply 15-20% per year?

Of course it's easy to point the finger at speculators and forget about the other culprits. After all, it's easy (and simplistic enough) for the hoi polloi to graps on to the idea of "evil speculators"... "Yeah, NObama's gonna get them speculators and make my life better"...

What did I do? I just ride on a train, don't drive that train

 

[bkveen3]

Quote from cstfx:

This is part of the class warfare that Obama and Co. have unleashed. Just like Bush did with the terrorists (and even what Chavez is doing with his "US about to invade any minute" shtick) they are creating an enemy for the sheep to focus their attention. It's an old magicians trick: have them look here instead of where you don't want them to see.

Best answer.

 

[Lucrum]

Quote from cstfx:

"We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again." - President Barack Obama 2/14/2009

http://www.whitehouse.gov/blog/09/02/14/A-major-milestone/

And we have ET members, claiming to be traders, who supported this buffoon.

 

[clacy]

Quote from cstfx:

This is part of the class warfare that Obama and Co. have unleashed. Just like Bush did with the terrorists (and even what Chavez is doing with his "US about to invade any minute" shtick) they are creating an enemy for the sheep to focus their attention. It's an old magicians trick: have them look here instead of where you don't want them to see.

Class warfare is THE KEY strategy of the democrats and has been for decades.

It has been working recently.

 

[clacy]

Quote from cstfx:

This is part of the class warfare that Obama and Co. have unleashed. Just like Bush did with the terrorists (and even what Chavez is doing with his "US about to invade any minute" shtick) they are creating an enemy for the sheep to focus their attention. It's an old magicians trick: have them look here instead of where you don't want them to see.

 

[obama-lama]

Quote from DmanX:


And here are the proposed rules w FIA rebuttal to each (just so you get an idea of the types of rational thinking that's going to temper the proposal):

http://www.futuresindustry.org/files/pdf/FIA_attachment_Final.pdf

You can see the writing on the wall a mile away: Retail speculator will be a defined group. Once in place:

Say goodbye to intraday margins. Also probable commercials, institutionals, etc have completely different (lower than retail) margin. After all, that's considered productive activity.

Commissions go up. At minimum, volume break tiers are upped. Exchanges have to make up lost volume revenue. Isn't it nice that major exchanges are public entities, responsible to shareholders instead of customers?

Fees go up. Brokers will pass through data fees. Perhaps even create a new for-profit revenue stream. Moreover, where's the money for those 200 new full-time (oversight) employees going to come from?

Retail account requirements. Can you say PDT-F (pattern day trader-futures). Equities are 25K. Futures are supposedly riskier. Skys the limit with the geniuses.

Retail taxes. FOR RETAIL, 1256 contract preferential taxation goes away. FOR RETAIL, transaction tax around the corner as well.

All this designed especially for you, the retail speculator. For your own protection, as well as the good of the financial system, and therefore the good of the country.

Once unthinkable, now unstoppable.
obama-lama


PS. This is a good thread to make THIS linkage:
http://www.elitetrader.com/vb/showthread.php?threadid=154004