Sometimes you can learn more world events from the financial press....

[RadioRaheem84]

http://www.youtube.com/watch?v=VSwWy4E6I04

I am surprised a European Business channel allowed Max Keiser to make his case without interruption.

I have noticed that the business press is a bit more open about world affairs than the mainstream political press. I've read the Economist and the Financial Times several times when they were never worried about a politician being elected in said country because they knew they could squeeze them into submission or influence policy to their favor.

Another news channel CNBC had a panelist calling for the resignation of Tim Geithner! I don't know if they just assume that the public is too dumb to understand whats going on or if they're that assured that business is the true power that they can be pretty blunt when it comes to things.

[What Would Durruti Do?]

I liked what Max was saying until he started talking about gold. Reserve currency isn't the problem, it's the fucking system.

That's definitely true about the financial press. Money runs the world after all.

[RadioRaheem84]

It has a lot to do with the fact that when it comes to the elite's money, they don't mess around. Politics is a game to them so they can read between the lines when they watch CNN, but need the full story when it comes to financial news.

[RadioRaheem84]

If bankers even agree that derivatives are the cause of the crisis and need to be regulated. Why isn't the Obama administration regulating them? Last I heard his team passed some regulatory policy regarding OTC derivatives but this was thought of too little and too late.

[RadioRaheem84]

http://www.youtube.com/watch?v=5P6fH0DMMWA&feature=related

Satyajit Das on derivatives and why Obama's plan to regulate them is worthless

OBAMA'S ANSWER TO OTC DERIVATIVES REGULATION:


Regulation of OTC Derivatives
The section of the White Paper addressing the regulation of the OTC derivatives market largely incorporates the proposals included in the letter from Secretary Geithner to the US Congressional leadership on May 13, 2009, as reported in our earlier eAlert (http://elink.allenovery.com/getFile.aspx?ItemType=eAlert&id=49edcb68-a8f3-46ab-a01a-d01f0a7480e0). The proposals include a requirement that all "standardized" OTC derivatives contracts – not just credit default swaps (CDS) – must be cleared through regulated central counterparties (CCPs). Neither Geithner's letter nor the White Paper state what constitutes a "standardized" as opposed to "customized" OTC derivative contract, although both explain that if an OTC derivative is accepted for clearing by one or more fully regulated CCPs it creates a presumption that it is a standardized contract. CFTC Chairman Gensler testified before the Senate Committee on Agriculture, Nutrition and Forestry on June 4, 2009 and set out additional criteria that are likely to form part of a statutory definition of "standardized", including: the volume of transactions in the contract; the similarity of terms to other standardized contracts; whether differences in terms are of economic significance; and the extent to which terms in OTC contracts are disseminated to third parties. Those contracts which fall outside the definition of "standardized" will be required to be reported to regulated trade repositories.
In addition, OTC derivatives dealers would be subject to prudential supervision and business conduct, reporting and other requirements and all OTC derivatives would be required to have an "audit trail" through certain recordkeeping and reporting requirements. As a parallel to the requirement for clearing standardized OTC derivatives contracts, such contracts should also be traded either on a regulated exchange or on a "regulated transparency electronic trade execution system for OTC derivatives." Finally, the White Paper includes a requirement that the SEC and CFTC have the authority to prevent market abuse and other fraudulent activity and would grant the CFTC the authority to establish position limits on OTC derivatives with a "significant price discovery" function for contracts traded on an exchange.


http://www.allenovery.com/AOWEB/AreasOfExpertise/Editorial.aspx?contentTypeID=1&itemID=51902&aofeID=311&prefLangID=410




So that's it? Basically Obama is creating an idiotic clearinghouse, another regulatory office that might fall asleep at the switch to approve of a good OTC derivative? First off, these over the counter derivatives are a scam as admitted by many bankers in the biz. They all admit that they need to be done away with. Obama's proposal does nothing but have them continue to work through the system.

It would be as if a well known scam like time share scams were supposed to be flushed from the market but instead of getting rid of them, an office is created to review and approve the selling of certain time shares. And this is supposed to be "tough" regulation?