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Originally Posted by Ken Long  Guys, Just reading through these letters, and there are some really great ones here, James and PipBuster especially. I have no idea what the CFTC will decide, but it dosent look good. Just the idea that they're proposing this shows their intent.
This wont really have as much of an effect on us as traders as it will on the smaller US brokerages. We all have the ability to switch our accounts at any time, and most of the large brokers have already made the neccessary arrangements.
? Do you really think this was proposed to protect the inexperienced Forex trader? Or to control the brokerage industry, and squeeze out the small brokers?
They know we can move to offshore brokers, and already are. I propose that this has little to do with us, and is all about control of the industry and elimination of the little brokers. Just a little more of the usual US Christian Conservative Controls. They still think they own and run this country, and can control the peoples minds and actions.
Further, I suspect they dont really want us making money in this manner. They would really like to limit the entire trading business to a select few of the high end money managers and investment banks they're pals with (GS), and keep the rest of the population "barefoot and broke" so to speak, working for employers, providing services and products that they value, and can profit from. |
Why don't you leave the politics out of this? But since you brought it up, the truth is that it's all part of the Federal power grab that's taken place over the last two years. It's no coincidence that the White House is quietly legistlating new capital/currency controls as well. Even the so-called "health" bill attacks investors with a new targeted tax. It has nothing to do your imagined suspects. It stems from the same lust for power and wealth redistribution schemes as tax-on-trade (i.e., Cap-in-Trade), the most recent bill, the takeover of auto companies/banks, etc.
Rest assured no one wants small, independent traders to amass enough wealth to challenge the collectivists and overturn their greedy, draconian, tax/spend/regulate-centered legislation. They'd rather leave these markets to those who finance them (Soros).