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Chilton drops opposition to Volcker rule as FIDC and Fed approve

  • Not letting the poor weather affect their meetings (or perhaps they were conducted by teleconference), the FDIC and the Fed vote to approve the Volcker rule which is designed to ban prop trading by banks. The CFTC postponed its vote due to the snow.
  • The CFTC's Bart Chilton - previously a critic of the rule for not being tough enough - has dropped his opposition, saying the final version closes loopholes and tries to end speculative trading dressed up as hedging (we'll call it the London Whale amendment).
  • On the other hand, the final document is 882 pages and compliance has been delayed for a year until July 2015 ... loopholes meet trucks.
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Comments (4)
  • Rhee Ali Tee
    , contributor
    Comments (46) | Send Message
     
    If they dropped their opposition, then one can only be suspicious of how they may have tweaked it. Ber-Bank-QE, Fellen, and the other banksters couldn't possibly agree to anything fair or that encourages true free markets--
    10 Dec 2013, 12:00 PM Reply Like
  • dsr70
    , contributor
    Comments (1407) | Send Message
     
    The groundwork has been laid long ago that there is no freedom to run a business in the US. This continues that. The government can dictate rules to no end. We are in a post-Constitutional America.

     

    No matter what you think a bank should do or not, this is totalitarian. The answer is to find a more conservative bank or CU, or start your own.
    10 Dec 2013, 01:37 PM Reply Like
  • Rhee Ali Tee
    , contributor
    Comments (46) | Send Message
     
    Without Ike and his government we wouldn't have the wealth we have today. This was due to a 91 percent tax placed on the upper crust and the multi-nationals. Half of that tax could be returned if they showed they reinvested their money in our country. This was before outsourcing and the Fed having absolute powers and a rubber stamp by our House of Representatives were in existence. Small businesses have not benefitted from the continuous bailouts and bond buying programs forced on us by the Fed in the last seven years or more. They must be praying all small guys will go broke and the franchises and Wal-Mart take over. It's not the government, as much as it is an irresponsible government combined with a greedy, run-amok financial system.
    10 Dec 2013, 02:09 PM Reply Like
  • dsr70
    , contributor
    Comments (1407) | Send Message
     
    Taxes aren't even the main issue anymore Rhee. It's control. Rules, regulations, laws, department edicts, etc. Then on top of that add that entrenched interests teaming up with the left to pass laws against competitors. We have a seriously broken system of government.

     

    Where we part is this: the solution is not more government, more taxes, or better people running the government. The solution is less government. There is no substitute for that. Dispersed power is best, and that only happens with a small government and people individually running their lives.
    10 Dec 2013, 04:42 PM Reply Like
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