Triumphrat

Flyingscott

In 2000 Senator Phil Gramm, Republican of Texas, introduced the Commodity Futures Modernization Act. Senator Gramm's legislation prevented Federal or state supervision of these transactions and allowed off the book transactions (financial betting) to be hidden by "special exemptions". These exemptions are directly responsible for current financial market problems. Senator Gramm, who is currently vice chairman of the Swiss investment firm UBS, was well lobbied by (guess who) Bear Sterns to have the legislation quietly attached to the Omnibus Spending bill during Christmas break. It was passed by Congress and signed by the President.

For every dollar lost in this financial betting, there was a financial winner among those winners are China, Russia and most mid-eastern countries.

Neat package huh?

Of course, Phil Gramm is John McCain's finance guy.

The bill was passed by Republican controlled Congress and signed by the Democrat President, Bill Clinton.

How stupid do the political parties think we are? I guess pretty stupid.


http://www.stroock.com/SiteFiles/Pub134.pdf

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gaptooth grin

well (THEY) get away with it.im sorry to say that we may be long over due for a political adjustment,of sorts,,,,,,,

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sweatmachine

Hardly twins technical talk, I'm moving this to Twins Hangout.

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NEPatriots9

How 'bout moving it to the "who gives a crap" forum.

tba-golfer

Flyingscott

I'm a bit at sea here, as to your point.
But, a couple of thoughts:
1. UBS has taken it in the shorts more than any other firm (Bear, being the exception.) So, certainly Phil G. didn't do his Swiss homies any favors.
2. Futures trades, and derivative trades are not necessarily a 'zero sum game.' Hedgers and speculators have their own unique motivations and end purposes for entering into contracts.
3. Your assertion that China, Russia, et. al. have been the financial winners... I don't know where you are deriving this notion, and would like to see some data.

Is your post relating to US housing/mortgage woes? Oil? Agriculture?

Give us a little more to work with here.

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RonD

no ones a winner when america is in recession, even china or india the american markets huge and if you guys are in recession whos going to purchase there products ,were feeling the impact in our superanuation investments and our stockmarket is down, but our economy is ok so when america sneezes we get a cold..

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neuroboy74

i can dig your issues with the disparities in the financial markets in general. as big an issue stateside is the privatization of gain and socialization of losses when the hens come home to roost as risky investments turn sour (speaking of bear stearns). there was interesting look at that whole fiasco by daniel gross at slate.com entitled "please do not feed the bear"

i'll leave it there. . . can't say i think this is really the place to air this stuff though it definitely warrants "being given a crap about" elsewhere on the internets.

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Drifter

GREED simple as that.

Mattrat

Here's an idea...Let's all go to a politics forum and talk about rejetting carbs and which pipes sound best.

Stupid Place for a political discussion, IMHO

may I suggest http://www.uspoliticsonline.com/

randycp

Way off topic

BS too