Since when should banks be allowed to use proprietary trading systems and supercomputers sitting on top of Internet hubs to make trades with positions lasting no longer than 11 seconds, and trading with microsecond accuracy, and doing it all day long, every day? This is not their business model or within their charter.
The stock market has turned into a gambling casino, and the reason we built it was to capitalize American businesses.
In fact, that is why we have the banking industry in the first place, to help the capitalization of everything that America needs.
However if banks are out playing in the gambling casino, that which we call the stock market and making high-frequency trades, they are in essence gaming the system, and scraping the cream off the electronic money flows.
Is this really in the best interest of the United States of America? Absolutely not, anyone who suggests otherwise is obviously a banker, a politician who is collecting campaign contributions, or one of the "Quants" sitting in a back room figuring out algorithms to run on these supercomputers.
The reality is that America is not served by this, and our regulatory bodies don't seem to want to fix this.
To operate a bank in the United States of America you have to comply with rules and regulations.
In the absence of rules and regulations we have investment banks, which are not the way most citizens think of banks playing games behind the scenes.
They say they must do this to keep their profits up.
And if they can keep their profits up they can loan money to small businesses.
That's absolutely garbage, they are not making loans to small businesses and they made a ton of money off this high-frequency trading.
And what do we do, we put more regulations on smaller banks, rather than just telling the investment banks and larger banks to stop this nonsense.
Quite frankly, it appears to me that the Obama Administration's Financial Regulatory Reform Bill is worthless, and while it may be good in name only to help appease the citizens and consumers to boost confidence and trust in Wall Street, it appears to be setting us up for future financial challenges.
Welcome to the world of political facades and created realities.
We already noted the problems that occur with high-frequency trading where high volumes are trading on line and then drop off rapidly, when we all witnessed the flash crash in May of 2010.
Rather than fixing the problem, we have politicians running around with lobbyists and making deals.
And we have many corporations re-writing those bills so they don't have to comply at all.
In many cases they shouldn't have to comply because they aren't the ones doing the high-frequency trading, or the ones that have caused the problem.
Nevertheless, they have to hire lobbyists to make sure that they don't get caught in the vortex and the onslaught of over regulation of the financial sector.
No one wants to cut off capital to American businesses, but capitalization has already been cut off and this financial reform bill will not fix that problem nor will it solve the problem of bubble building in the future.
All we've done is add more bureaucracy to the problem and more regulatory oversight on certain businesses, while other businesses which are really causing the problem get away with murder.
For all of these people that claim to be of high intellect, and sitting in committees for hundreds and hundreds of hours trying to figure this all out, it is amazing that they have come up with such horse manure, and then try to pan it off on American people as financial reform.
I am appalled and it is an absolute insult to my intelligence for anyone to think that they can come up with such a horrible bill and pass it off as a job well done, while these Congressmen go back to their districts and tout their superior legislative skills.
It's time to throw all these bums out of office, and it's time for real financial reform on Wall Street, and that would include keeping the banks boring like they used to be.
It's time to give some money flow and capitalization back to America's small businesses so we can dig ourselves add this recession and get jobs going.
Please consider all this.
The stock market has turned into a gambling casino, and the reason we built it was to capitalize American businesses.
In fact, that is why we have the banking industry in the first place, to help the capitalization of everything that America needs.
However if banks are out playing in the gambling casino, that which we call the stock market and making high-frequency trades, they are in essence gaming the system, and scraping the cream off the electronic money flows.
Is this really in the best interest of the United States of America? Absolutely not, anyone who suggests otherwise is obviously a banker, a politician who is collecting campaign contributions, or one of the "Quants" sitting in a back room figuring out algorithms to run on these supercomputers.
The reality is that America is not served by this, and our regulatory bodies don't seem to want to fix this.
To operate a bank in the United States of America you have to comply with rules and regulations.
In the absence of rules and regulations we have investment banks, which are not the way most citizens think of banks playing games behind the scenes.
They say they must do this to keep their profits up.
And if they can keep their profits up they can loan money to small businesses.
That's absolutely garbage, they are not making loans to small businesses and they made a ton of money off this high-frequency trading.
And what do we do, we put more regulations on smaller banks, rather than just telling the investment banks and larger banks to stop this nonsense.
Quite frankly, it appears to me that the Obama Administration's Financial Regulatory Reform Bill is worthless, and while it may be good in name only to help appease the citizens and consumers to boost confidence and trust in Wall Street, it appears to be setting us up for future financial challenges.
Welcome to the world of political facades and created realities.
We already noted the problems that occur with high-frequency trading where high volumes are trading on line and then drop off rapidly, when we all witnessed the flash crash in May of 2010.
Rather than fixing the problem, we have politicians running around with lobbyists and making deals.
And we have many corporations re-writing those bills so they don't have to comply at all.
In many cases they shouldn't have to comply because they aren't the ones doing the high-frequency trading, or the ones that have caused the problem.
Nevertheless, they have to hire lobbyists to make sure that they don't get caught in the vortex and the onslaught of over regulation of the financial sector.
No one wants to cut off capital to American businesses, but capitalization has already been cut off and this financial reform bill will not fix that problem nor will it solve the problem of bubble building in the future.
All we've done is add more bureaucracy to the problem and more regulatory oversight on certain businesses, while other businesses which are really causing the problem get away with murder.
For all of these people that claim to be of high intellect, and sitting in committees for hundreds and hundreds of hours trying to figure this all out, it is amazing that they have come up with such horse manure, and then try to pan it off on American people as financial reform.
I am appalled and it is an absolute insult to my intelligence for anyone to think that they can come up with such a horrible bill and pass it off as a job well done, while these Congressmen go back to their districts and tout their superior legislative skills.
It's time to throw all these bums out of office, and it's time for real financial reform on Wall Street, and that would include keeping the banks boring like they used to be.
It's time to give some money flow and capitalization back to America's small businesses so we can dig ourselves add this recession and get jobs going.
Please consider all this.
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