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back to war against everyday americans |
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Posted by Orange Blossom Special on Tue Aug 31 21:20:34 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, and Energy Act of 2008.....while the proposed rules called for a maximum leverage of 10:1, the final rules allow the National Future Association (NFA) to determine the margin requirements for the currencies within a defined set of CFTC parameters. Currently the parameters include 50:1 leverage for major currencies and 20:1 leverage for all other currencies. Major currency dealers oppose these changes. Dealers argue that it will actually have a negative net affect on retail currency traders. Instead of protecting the consumer, the CFTC’s actions will drive small volume retail traders to overseas dealers where leverage can be as high as 700:1! There are also unregulated dealers overseas who will take advantage of retail traders seeking 100:1 leverage. More importantly, final regulation will kill retail trading in the United State. Dealers argue that forex is a $1 billion industry that provides millions of solid jobs in the United States. The final regulation will drive small retail customers offshore. The result will be less fraud protection for the retail trader, a loss of millions of jobs in the United States, and no significant gain in consumer protection as a result. ******** In other words, to protect you, the little person, who can't even get dressed right without a nytimes column on what to wear, needs protection from losing your 100 dollar account for trading in the evenings. Instead of getting 40 dollars a movement, it was shrunk to 10 dollars. 10 dollars is too much for those in congress who park their boats in tax havens to think of you in control of. They wanted it to be two dollars, but have settled for 5 in the meantime. You little peons |
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