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As Broken Market Limps Along, SEC And CFTC Conduct Worthless Hearing: Watch It Live Here
Watch the highly conflicted trading industry representatives, and the highly corrupt regulators try to convince each other that the May 6th events were totally unique, will never happen again, why there is no need to change anything, and why the joke of that is single stock circuit breakers (another reactive not proactive "solution") is all that is needed to return investor confidence. We wish them all the best as they continue to buy and sell stocks from each other, now that everyone else is out of the market permanently. Readers can watch the "Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues Meeting" here. (click here if stream does not show up).
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Sounds compelling but I'll pass.
Corrupt and/or retarded?
There should be no salary for representatives. It would help keep people who aren't successful in life out and it would hopefully be an incentive to leave politics and go back to the private sector. But solutions are so last year, lets just watch it burn.
Corrupt and/or retarded?
Do they compound or simply aggregate?
Downey Jr said it best - "never go full retard"
"Corrupt and/or retarded?"
Corrupt and Retarded a Prerequisite
A Prerequisite to a position on the "Joint CFTC-SEC Advisory Committee"...
Broken? The market is as broken or sound as it was 20, 10 or 5 years ago. Why is it broken today more than it was 5 years ago?
Because 5 years ago you didn't have TBTF banks getting their grubby lil' hands on unlimited amounts of taxpayer money in order to shore up their balance sheets by buying stocks (read: cause of current melt-up).
That's quite a hyperbole. Heard the same BS in the 80s when people said the market was manipulated and "unsound" because there were too many LBO monsters buying up any garbage debt they could.
The markets are always unsound, instable and never to be trusted. Today is no different than 50 years ago. If you think today is so much wrose than the "good old days" then IMO you are flat out wrong.
I agree with this part --> "The markets are always unsound, instable and never to be trusted." But that's not the point of your original statement.
I respectfully disagree with this statement --> " If you think today is so much wrose than the "good old days" then IMO you are flat out wrong." The fact "there were too many LBO monsters buying up any garbage debt they could" is not the equivalent of what the TBTF banks are doing: Spending unlimited amount of capital at taxpayer expense. They've already gotten bailed out once, and there is little evidence that they will not get bailed out again. (Heck, if you lent me trillions of dollars at basically no interest and allowed me to bet on the stock market knowing that I have a backstop, I'm going all in ASAP!) In addition, at least these firms that specialized in LBOs (e.g. Drexel) were allowed to fail. You will not see TBTF firms like BofA, AIG, etc. fall anytime soon. That is why today is much worse that it was 50 years ago. The markets are rigged to a certain point, but never have they been this dangerous to Joe P. Taxpayer.
+1K burgers (with fries)
Is Mary Schapiro smoking a doobie ?! Idiocracy
They ought to just stream a looped video of a monkey trying to hump a football instead. It would be 10X as productive for everyone invovled.
Monkey = CONgress
Football = Us serfs
Bunch of monkey humpers
Mary looks like she's puffin' on a doobie in that screen capture .... and the other two just look stoned. A worthless hearing for sure.
Short of Darth Vader as SEC chair the BSD will run wild without any fear of reciprocity. Throw a minimum 10 year sentence at any manipulator of markets and we will see how quickly they fall in line.
Why again do we let exchanges be governed by self-regulatory organizations (SROs)?
Isn't it laughable how fertile this is for corruption?
Gary Gensler is one weird looking dude.
ES Sept Futures heading under 1103, look out below!!!! Glad I shorted me some at 112 this morning shortly after market opened.
I am amazed that the market is falling on such light volume. I think someone forgot to type "HF BidUp"
1101 now and sinking faster than a BP oil platform
"I am amazed that the market is falling on such light volume."
In my opinion, that's the signal that "they' want the market lower. I don't know why because we don't see the entire picture. But it's clear that on any one day they can move the market higher and that down days are usually high volume affairs. So a low volume day means to me "they" aren't fighting it and everyone else is spooked because the script has changed.
But maybe I think too much. :>)
The G-20 is supposed to be all about edicts, not discussions or dialogues.
Now what better way is there to get everyone to sit on the edge of their chairs?
Also, why don't we shine a light on exactly who owns who (or "whom" for you grammar wonks out there)? As I understand it, there is a shit ton of cross-ownership among B/Ds, exchanges, funds, and HFT trading firms. This type of vertical integration is, per textbook, assumed to fail due to lack of proper incentives/monopoly power. Tinkering with circuit breakers and all the rest of teh tweaks are not going to do shit.
I believe this area (the complexity and power of HF trading platforms) will be at the core of the undoing of this sucker.
Look no further than Soros and Strong.
I wonder when we will have a rule of law again
and put a stop to all the bullshit in our markets
It pisses me off
they need to let the market reflect reality
people need to go bankrupt and so do the people who lent them stupid loans ie the banks
then the productive and prudent can pick up these idiots assets
thats how its supposed to work anyway
now we have savers punished and the feckless rewarded
Makes your blood boil
the sooner they let the market reflect reality the sooner the economy can repair
The markets seem fixed today, they are actually reflecting reality.
its a start yes let it get sub 600 then we are talking
LOL, look at the dude on the right in the video still Tyler posted, he looks like he saying to himself , "Man, these mother f**ckers ain't got a clue"
Will there be trannies in attendance?
Schapiro looks like she's giving herself a dirty sanchez
She's smoking a doobie or giving a micro-blowjob.
Solution ?
Defragmentation
Electronic surveillance
No off exchange trading or matching
No short sell rule....replaced by shares outstanding limit via electronic tag....first come first served ...with order size limitations....
One second minimum...all orders
No minimum size account
Margin made simple....4 to one....
No off exchange derivatives.....
Employ the BATS model....
And this list is just the beginning....
..............................................
But let's do congratulate Merrill Lynch for finally adopting true discount brokerage at $4.95 per trade.....even though the going rate is 20 cents per 100 shares at many firms......Merrill milked its customers for many years....and is proving perhaps it's never too late ....
Dog and pony show for the masses. Nothing worthwhile here, move along.
If both of these agencies had done there job....well why bother going on.
Are people watching this? This is scary as hell. They are talking about keeping limit down in effect all the time. All low bids are thrown out automatically. They are going to end up painting HFT into a corner with people wanting to get out just being stuck holding them.
This must have been like the worthless hearing I saw here: http://cop.senate.gov/hearings/library/hearing-062210-geithner.cfm
Don't these people have some better jobs to go to?
Life is too short.
And Kim Kardashian and Lamar Odom are having extreme marital issues, while Scott is acting like a jackass. THESE are real people with real problems.
after a whole 2 weeks of courtship? How is that possible? She must have tried to eat Lamar - hopefully he was able to beat her off with his newest NBA champs trophy - we'll need him again next year - plus she's fat and ugly and deserves to die
oh, and that scott is a real JERK!!!
My god after watching this I've come to the conclusion that there are literally dozens of stocks out there stretching a celing without any support pillars and literally hundreds out there trying to keep massive ceilings up with rotten wood beams made out of twitchy greater fools.
I thought Mary Schapiro had more hair..hmm might be the angle.They will end up like England..gone
No need to worry if Mary Schapiro does her job or not. FINRA now polices trades on the NYSE and I'm sure FINRA (those upstanding defenders of the individual investor) will take care of the flash trades. I mean FINRA isn't just a useless sideshow of the brokerage industry and or securities dealers.... after all.... right????