Wall Street at its finest ... Hedge Broker Shuts Down Firm With Chilling Letter About the Market - Occupy Cafe2024-03-29T07:09:34Zhttp://www.occupycafe.org/forum/topics/wall-street-at-its-finest-hedge-broker-shuts-down-firm-with?commentId=6451976%3AComment%3A18252&feed=yes&xn_auth=noIt's odd because one of the t…tag:www.occupycafe.org,2011-12-19:6451976:Comment:184352011-12-19T19:02:35.879ZGisele Theriaulthttp://www.occupycafe.org/profile/GiseleTheriault
<p>It's odd because one of the things I think about a lot is how socialism has been transformed into a dirty word. People don't seem to realize that schools and police forces and road systems are all socialist. That got me to thinking about what should or shouldn't be socialized. What we socialize are what society deems essencial to basic modern life. Everyone is dependent on these tools of civilization working smoothly for us to advance as individuals so we socialized them.</p>
<p>Basic…</p>
<p>It's odd because one of the things I think about a lot is how socialism has been transformed into a dirty word. People don't seem to realize that schools and police forces and road systems are all socialist. That got me to thinking about what should or shouldn't be socialized. What we socialize are what society deems essencial to basic modern life. Everyone is dependent on these tools of civilization working smoothly for us to advance as individuals so we socialized them.</p>
<p>Basic banking is an essencial service. It would be impossible from a practical perspective to do without banks assuming we don't want to become hermits keeping our money in our mattresses. Certainly modern society could not exist without them. If private banks don't want to be regulated then we need one national bank that is socialized so that people have the freedom to choose a financially conservative bank.</p>
<p>I doubt it will ever happen but it's a good threat.</p> Gisele, Vic..I am glad you ar…tag:www.occupycafe.org,2011-12-19:6451976:Comment:185252011-12-19T13:40:38.304ZLindsay Newland Bowkerhttp://www.occupycafe.org/profile/LindsayNewlandBowker
<p>Gisele, Vic..I am glad you are keeping this focus on derivatives in the front of awareness and that you understand the significance of that hedge fund electing to close with such a public notice. It is a warning to all of us that the walls are falling down.</p>
<p>The issue that effects all of us is that creatures of law, banks and financial markets, whose actions do affect every aspect of our lives, were for a decade let totally loose, free of all the tethers that tried to insure that…</p>
<p>Gisele, Vic..I am glad you are keeping this focus on derivatives in the front of awareness and that you understand the significance of that hedge fund electing to close with such a public notice. It is a warning to all of us that the walls are falling down.</p>
<p>The issue that effects all of us is that creatures of law, banks and financial markets, whose actions do affect every aspect of our lives, were for a decade let totally loose, free of all the tethers that tried to insure that their operations were accountable to public interests, could not cause us harm. As a member of the NYS Banking Board (1986-1997), when speaking for consumers, issue by issue, application by application, I always pointed back to the wonderful language of the Glass Stegall ( which use to separate speculation from banking) that said "banks are affected with a public interest" because of the impacts their operations can have on us. That was thrown out along withthat lawful declaration that banks are affceted with a public interest..even that standard is gone from law with the repeal of Glass Stegall. </p>
<p>I love the language in the move to ammend 28th amendment to the constitution in response to Citizens United that would put this in our consiution..it more or less says all corporations whether for profit or not , are creatures of law..allowed to come into being only by permission of the state ( that is still true and has always been true) and not natural persons. that it is not a right to form a corporation that is not in the public interest and that it is a public right through law/regulation. So it would make the language of Glass Stegall a matter of consitutional law in plain english. Very important.</p> Banking and bankers are at th…tag:www.occupycafe.org,2011-12-19:6451976:Comment:184272011-12-19T08:37:41.702ZVic Desotellehttp://www.occupycafe.org/profile/VicDesotelle
<p>Banking and bankers are at the core of the problem and have been for over 200 years.Watch "The Money Masters" on youtube (see another one of my blog posts for link) and learn what you don't know so we can change it.</p>
<p><a href="http://www.occupycafe.org/profiles/blogs/the-money-masters-video-is-a-must-see-for-those-moving-deeper" target="_blank">http://www.occupycafe.org/profiles/blogs/the-money-masters-video-is-a-must-see-for-those-moving-deeper</a></p>
<p>Vic<br/><br/></p>
<p>Banking and bankers are at the core of the problem and have been for over 200 years.Watch "The Money Masters" on youtube (see another one of my blog posts for link) and learn what you don't know so we can change it.</p>
<p><a href="http://www.occupycafe.org/profiles/blogs/the-money-masters-video-is-a-must-see-for-those-moving-deeper" target="_blank">http://www.occupycafe.org/profiles/blogs/the-money-masters-video-is-a-must-see-for-those-moving-deeper</a></p>
<p>Vic<br/><br/></p> This is terrifying. Do you be…tag:www.occupycafe.org,2011-12-19:6451976:Comment:182522011-12-19T02:41:42.183ZGisele Theriaulthttp://www.occupycafe.org/profile/GiseleTheriault
<p>This is terrifying. Do you believe we are in for a total collapse? What would that mean? I know nothing about banking systems.</p>
<p>This is terrifying. Do you believe we are in for a total collapse? What would that mean? I know nothing about banking systems.</p> Hi Vic,
Yes, this caught my…tag:www.occupycafe.org,2011-12-17:6451976:Comment:180782011-12-17T20:22:33.953ZLindsay Newland Bowkerhttp://www.occupycafe.org/profile/LindsayNewlandBowker
<p>Hi Vic,</p>
<p> </p>
<p>Yes, this caught my eye too. I posted and blogged about it some time ago here.</p>
<p> </p>
<p>What she is saying is correct. There is a ginormous commodities bubble just lingering on the verge of an explosion that will be far worse than the mortgage scandal and will probably most hurt pension funds..the crash will be global and devastating. all this is done mostly, you know with other people's money, pension funds and insurance company funds which back the policies…</p>
<p>Hi Vic,</p>
<p> </p>
<p>Yes, this caught my eye too. I posted and blogged about it some time ago here.</p>
<p> </p>
<p>What she is saying is correct. There is a ginormous commodities bubble just lingering on the verge of an explosion that will be far worse than the mortgage scandal and will probably most hurt pension funds..the crash will be global and devastating. all this is done mostly, you know with other people's money, pension funds and insurance company funds which back the policies we haveall paid for an count on..the hedge funds make their money on the trades. It's like a hi stakes game of musical chairs..who will be left holding the bag when the music stops?</p>
<p>Dodd Frank, enacted and Law was to have provided some but not all the corrections needed to bring oversight to commodities speculation but it has been delayed and disemboweled and blocked and the only thing actually implemented was an insipid piece on position limits in October.</p>
<p> </p>
<p>I just finished a big piece at TED Conversations on this with lots of links if you are interested in more background on how food commodities speculation affects us all:</p>
<p><a href="http://www.ted.com/conversations/6056/commodities_speculation_a_cau.html">http://www.ted.com/conversations/6056/commodities_speculation_a_cau.html</a></p>
<p>Thanks for calling attention to it again here at Occupy Cafe.. </p> Yes; it does have an edge of…tag:www.occupycafe.org,2011-12-17:6451976:Comment:179672011-12-17T03:21:00.601ZVic Desotellehttp://www.occupycafe.org/profile/VicDesotelle
<p>Yes; it does have an edge of 'fishy', I agree. I closely watch this edge of a sharpening blade, where truth and lies meld into a cheesy mess. I believe that we must find ways to discuss what gets revealed when discussing these edgy stories, as it's the place where mythical transformation has a chance to happen.</p>
<p>Yes; it does have an edge of 'fishy', I agree. I closely watch this edge of a sharpening blade, where truth and lies meld into a cheesy mess. I believe that we must find ways to discuss what gets revealed when discussing these edgy stories, as it's the place where mythical transformation has a chance to happen.</p> Hi Jitendra,
Contrived?
Do yo…tag:www.occupycafe.org,2011-11-26:6451976:Comment:130972011-11-26T13:33:55.472ZLindsay Newland Bowkerhttp://www.occupycafe.org/profile/LindsayNewlandBowker
<p>Hi Jitendra,</p>
<p>Contrived?</p>
<p>Do you disagree with my analysis that us ordinary folk will be most hurt when this commodities bubble bursts?</p>
<p><br></br> Over the 11 years I was on the New York State Banking Board (1986-1997) the now so called too big to fail banks were forming through voracious mergers and acquisitions. Their one aim was to repeal Glass-Stegall ( which forbade speculation by banks) and to get into the derivatives business. Both of these were accomplished in…</p>
<p>Hi Jitendra,</p>
<p>Contrived?</p>
<p>Do you disagree with my analysis that us ordinary folk will be most hurt when this commodities bubble bursts?</p>
<p><br/> Over the 11 years I was on the New York State Banking Board (1986-1997) the now so called too big to fail banks were forming through voracious mergers and acquisitions. Their one aim was to repeal Glass-Stegall ( which forbade speculation by banks) and to get into the derivatives business. Both of these were accomplished in 1999.</p>
<p>One type of derivative, credit default swaps, used in connection with mortgages, was the causes of the 2008 crisis and market collapse. </p>
<p> I have been doing a lot of research on food derivatives, especially on whether they .have contributed to rising food prices and the resultant dramatic increase in the the numbers in chronic hunger globally The type of derivative most prevalent in commodities is a price index. There seems to be no dispute that the huge amount of money that floated into commodities after the credit default swap mess has caused a ginormous bubble which will burst and cause as much harm as the 2008 credit default swap collapse..</p>
<p>The customer money at stake in derivatives market isn’t the money of rich individuals. it’s the money of pension funds and other large portfolios held for ordinary working people.</p>
<p>I thought it important to mention that. </p>
<p>I think it’s important to understand how inextricably linked we all are to the unregulated operations of the derivatives markets worldwide. We can't insulate ourselves from that by banking at crdeit unions and joining dollar banks. We can't even insulate ourselves from that by living off the grid or giving up our cars, or shopping at thrift stores and goodwill..</p>
<p>My comment was addressed only to these two points in the exchange..not to any side commentary about Limbaugh or about President Obama. I think it is important to understand that if we want a better future with a new economy that we all have to get behind re instating Glass Stegall and implementing the regulatory reforms that were in the original Dodd-Frank as passed into law. </p>
<p>That has to happen before we can rebuild.</p>
<p><br/> We are all at risk in what that broker is pointing to whether or not we have a penny in the market.</p>
<p>I know very little about the particulars of the MF Global seizure ( Here’s a background article<br/> <a rel="nofollow" href="http://www.businessweek.com/news/2011-11-26/mf-global-s-bankruptcy-trustee-set-to-be-ex-fbi-director-freeh.html">http://www.businessweek.com/news/2011-11-26/mf-global-s-bankruptcy-...</a>) I can tell you that in my day on the Banking Board, regulatory agency takeovers such as that described were done to protect the public.</p>
<p>The people at the bottom of the pack get hit first and hardest. On my island that’s people who have no bank accounts..and certainly no market investments..they have no loans or debts of any kind..they are people who get paid in cash pay their electric bills with money orders at the post office. They are the millions who can no longer feed or clothe themselves or run their cars or fuel their boats or heat their homes because of what derivatives and our present endless growth centered system economic does to the prices of basic and essential goods and services.</p>
<p>The commodities bubble referred to in the brokers letter has already driven millions more to food banks, food stamps and soup kitchens; driven millions more into permanent homelessness. Homeless shelters all over America are filled to capacity an nable to take nay more in.</p>
<p>(Ps guess who runs the financial end of the food stamps and makes more money when more people are on the program?..JP Morgan Chase.., the very same folk who are at the heart of the commodities derivatives bubble..and its CEO Jamie Dimon is one of many key Democrats in the 1%..the 1% isn't all right wing conservative )</p>
<p>Contrived?</p>
<p>Or Making an important point..very central to understanding what our present reality is, us 99%, and some very essential steps that have to be taken to try and correct our course.?</p> Something about this letter a…tag:www.occupycafe.org,2011-11-26:6451976:Comment:130942011-11-26T06:00:56.187ZJitendra Darlinghttp://www.occupycafe.org/profile/JitendraDarling
<p>Something about this letter and the tone of the entire exchange seems a bit fishy [contrived]. </p>
<p>Something about this letter and the tone of the entire exchange seems a bit fishy [contrived]. </p> I actually see this is a very…tag:www.occupycafe.org,2011-11-21:6451976:Comment:122042011-11-21T00:45:21.376ZLindsay Newland Bowkerhttp://www.occupycafe.org/profile/LindsayNewlandBowker
<p>I actually see this is a very responsible..act we should be asking all of our pension funds to wise up and totally divest form these risyk purely speculative commeodities funds. This is a fairly new speculative tier in the markets that doesn't serve trade, doesn't serve, prodiction. doesn't serve humanty, doesn't serve anything morally defensible.</p>
<p>All of us should stand with this lady and we can do that by standiing with and for the original as approved and passed into law…</p>
<p>I actually see this is a very responsible..act we should be asking all of our pension funds to wise up and totally divest form these risyk purely speculative commeodities funds. This is a fairly new speculative tier in the markets that doesn't serve trade, doesn't serve, prodiction. doesn't serve humanty, doesn't serve anything morally defensible.</p>
<p>All of us should stand with this lady and we can do that by standiing with and for the original as approved and passed into law provisions of Dodd-Frank. and working together to get quite a bit beyod that. to forbidding this purely speculative tier of the market. </p>
<p>The instruments that she is referring to, "derivatives" overshadow and distort legitimate economic transactions whic serve peole ( us people) serve job creating tranactions in "free markets"..they are like a tapeworm..a cancer on top of infesting, impairing what does serve us. Not all derivatives are purely speculative, purely about profit but what she is pointing to is.long only .commodtities price indexes They are not the whole market..not the whole story.</p>
<p>The particular segment she is referring to , commodities derivatives which are price indexes, is a huge bubble about to burst with devastating consequences that will affect all of us..you, me. the already chronically poor, the 70-80 million joining them every year.</p>
<p>This is exactly what I have been urging we take to time to understand, take time to name and hold up as we the 99%. This courageous financial services adviser is doingthis work.. .she is refusing to contiune to play a high stakes game of "musical chairs" that will leave "dumb money" holding the bag and taking the loss.</p>
<p>Three guesses what "dumb money" is.</p>
<p>It is the pension funds of school teachers, publc employees, policemen,..ordinary working folk; it is you educatin fund ; your IRA; your ilong term investment in deferred compensation, the education funs your folks set up so you coud go to colege debt free.. It is not the people who created and earned huge profits on these funds with our money. </p>