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Well now. Was this what we were expecting in the Wall Street reform law? Geitner, giving exemptions to one of the major causes of the supposed financial collapse.
Last year’s Wall Street reform bill required derivatives to be centrally cleared, a safety measure which helps ensure that the overall market does not falter if a bank or hedge fund cannot make good on its trade.
Foreign exchange derivatives, also known as the FX or ForEx market, are among the most profitable trading operations on Wall Street.
Financial reform advocates argue that the FX derivatives Treasury wants to shield from regulation would have cratered if the Fed had not established emergency lending facilities with central banks in other countries.
This blanket FX exemption opens up an unacceptable loophole in Dodd-Frank derivatives reforms.
Quote:
I can’t believe the first decision the administration would make to carry out Dodd-Frank would be an anti-transparency decision. The idea that the foreign-exchange markets are not at risk is preposterous — we now know that they required multitrillion-dollar bailouts.
I won't pretend to know much about ForEx....but I will say nothing surprises me about this Administration. On the face, it's all about castigating those evil financial institutions. Behind the scenes is a completely different story. I wonder how many Liberals, whose jowls were drooling over financial reform, will actually find fault with this particular deal?
I truly despise liberalism. This is another example of why.
I won't pretend to know much about ForEx....but I will say nothing surprises me about this Administration. On the face, it's all about castigating those evil financial institutions. Behind the scenes is a completely different story. I wonder how many Liberals, whose jowls were drooling over financial reform, will actually find fault with this particular deal?
I truly despise liberalism. This is another example of why.
It does not have anything to do with party, the fact is both parties are controlled by the banksters. I know the {R}s were in the minority but where was their plan? did they have one? Where is the {R} party outrage over Geithners actions? I doubt if we hear a peep or maybe from the Paul's.
The bill was wrote about extensively in the forum, and I was on board on several points and even backed a plan by Franken. But then the very usual thing took place it was watered down so much it was not worth a bucket of spit.And that is how it is always going to be our so called leaders know who their daddy is.
It does not have anything to do with party, the fact is both parties are controlled by the banksters. I know the {R}s were in the minority but where was their plan? did they have one? Where is the {R} party outrage over Geithners actions? I doubt if we hear a peep or maybe from the Paul's.
The bill was wrote about extensively in the forum, and I was on board on several points and even backed a plan by Franken. But then the very usual thing took place it was watered down so much it was not worth a bucket of spit.And that is how it is always going to be our so called leaders know who their daddy is.
You make valid points...but it only applies to legislators. What about those millions of Liberals who were frothing at the mouth for Chris Dodd to castrate Wall Street? Where are the howls from the Left? Surely this should make them mad, right?
Crickets.
Get fighting mad over Wall Street....insist that reform is necessary to make the rich pay for their sins.....and when it gets watered down as you put it....not a f*****g word from the Left.
This is exactly why I despise liberalism. All bark and no bite. And oozing with hypocrisy.
I'm curious to know how many of you actually understand derivatives, what they are, what they are used for and who are the FX derivatives market partcipants ? The claim that FX derivatives single handedly triggered a bail out if beyond laughable.
I oppose these regulations because they are hypocritical and politically motivated. The idea of a sweeping derivative reform is just a populist banker-bashing publicity stunt by uninspired democrats, which is now happily supported by equally uninspired republicans (aren't they supposed to hate regulation unless it involves abortion ??). As is often the case in washington, bad ideas get plenty of bi-partisan support.
Wait, forex trading was a major cause of the financial crash? I thought the cause was overwhelmingly understood to be subprime mortgages. In all my reading (up until this article) I haven't heard foreign currency exchange ever labeled as a major cause of the crash.
It does not have anything to do with party, the fact is both parties are controlled by the banksters. I know the {R}s were in the minority but where was their plan? did they have one? Where is the {R} party outrage over Geithners actions? I doubt if we hear a peep or maybe from the Paul's.
The bill was wrote about extensively in the forum, and I was on board on several points and even backed a plan by Franken. But then the very usual thing took place it was watered down so much it was not worth a bucket of spit.And that is how it is always going to be our so called leaders know who their daddy is.
Ron Paul tried..his Audit the Fed bill got slashed to nothing meaningful.
He's been trying and getting blocked on all sides by both R's and D's.
Well now. Was this what we were expecting in the Wall Street reform law? Geitner, giving exemptions to one of the major causes of the supposed financial collapse.
What is actually incredible, are the number of people who read, yet do not understand what they read. Then follow that up with a demonstration of that lack of comprehension..
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