GRASSROOTS EFFORT to take on the SEC (esp. read if you are sick of the SEC)

Discussion in 'Trading' started by Ron In-a-sauna, Feb 22, 2003.

  1. Are you sick of the SEC in all their "infinite" wisdom ruining our markets, me too. This new movement to regulate short selling STINKS of politics and undoubtedly can hurt our markets, our profession and for many of us our livelihood. This link for this article was recently posted on RT

    http://news.ft.com/servlet/ContentS...y&c=StoryFT&cid=1045510926950&p=1012571727088

    Remember the day trading rule and the $25,000 rule that DEFINITLEY hurt us, it started from a few murmurs like this. I dont know about you, but i wish i would have done more back then to try and de-rail that as well...maybe to no avail but at least i would feel better.

    I started this thread to discuss what we can do in terms of writing emails, gathering siganture, phone calls, writing the SEC, etc.... ET has what 15,000 members now. its time to use that clout to the benefit of trading rather than whine about somebodys dumb poll...

    I am not wasting any time or space to discuss why this is bad for trading, as i assume everyone on here will be in agreement. what is not coincidental is this is politcally motivated by, as far as i can tell know fannie and freddie making alot of the stink, and these are non-capitalist enteties trying to impose anti-capitlist measures on our free markets. we cant let anymore anti-capitalism seep inot our market which we all know must remain as free and pure as possible.

    The SEC is reviewing proposals NEXT WEEK. I am just beginning my research now so i dont even know what politicians are pressing this issue, but we need to find out and threaten to BOOT them out of office, the only thing that will motivate them and get their attention. BOTTOM LINE is we need to not only talk about it but also DO SOMETHING ABOUT IT...if you are someone who will take the time to whine and cry on ET about the SEC but wont take the same time to write their rep or call their congressman, this is not the thread for you. I cant stand people that bitch about an issue and then dont practice their democratic gift to do something.

    AND the other issue is there is talk they want to EXPAND the SEC? i cringe at the thought. the basic nature of a regulator is to regulate so long as we have the SEC they will try and find ways to tinker with the market to justify no only their existence but also their paycheck. and now they want more of these bozos. let them investigate fraud and corrupt CEO's and books all tehy want BUT STAY OUT OF OUR MARKETS!!!!!!

    out.
     
  2. ding. ding. ding. (thats the fight bell siganling the round is over)
     
  3. Like for PDT, they are asking you what you think just to have new arguments to present not to take them into account :D

    I bet that some day they will also ask 50000$ to open a future account, I have already heard the rumor on that :)

    With electronic market they don't need independant traders or small brokers anymore to be middle men between them and the mass public so they will begin to concentrate, it's a logical business way of doing things in an oligopolistic world, so why are you so surprised ? And another thing they will prefer that mass public put their money into funds hand manager than they trade for their own so expect new law towards that also: why bother with uncontrollable public while they can control a few managers that are their salaries in banks :D You are so naive if you think that market exists for your interest.
     
  4. white17

    white17

    RIAS: I'm having trouble locating the exact propsed rule change. If I'm going to write someone I want to read and understand the proposal prior to writing. Can you post an exact link or the proposal itself please>
     
  5. Higher fees, higher account, higher margin call, higher speed, higher taxes : prepare for that or you will be washed out like some french floor traders who didn't expect it. If you are swinger you won't feel too much affected but if you are scalper the difference can be huge.
     

  6. Harry, you are so french its not even funny! you are just the type of person i DONT want on my thread. its easy to take the cynics view, its easy to list all the reasons why the deck is stacked against you, because you are mostly right...but what is not easy for people to do is to do something about it, even though it takes the same effort! i just wrote my senators, congressman and the SEC, that gives me the RIGHT to bitch about it. just like a vote and that gives me the right to bitch about politics. but someone who crys but deonst take the time to get off their lazy ass and vote or write their rep IMO has no right to bitch about the legislation that gets passed! LEAD, FOLLOW, or get out of the way comes to mind, as does FIRST ONE TO CRITICIZE LAST ONE TO HELP

    harry, i have said this before, you are a wierd dude and i often find myself disagreeing with you on issues, but i do respect you and feel you are an intelligent person with whom one can have an intelligent debate with so keep coming back!!!
     
  7. there is no formal proposed rule change yet, which is why this is the best time to head it off and take the wind from their sails. in my experience "proposed rule chages" almost always become law, so i dont want to even see it get that far. remember they are regulators and they get PAID to pass this crap!!!!
     
  8. It's not being cynical it's just being realistic :) If you want to be really efficient to change I think you'll have to find some genious ideas I don't know what but it's like David and Goliath. You know I'm for David so I encourage you to do so. Nevertheless if you have to keep your energy for something else like for trading. If I could I would put some SEC's in prison :D


     
  9. Personally LOVE the PDT rule and hope they don't change it. There is no need for people less than that amount to daytrade the market. You have to understand there are numerous people who would rather goto companies like Bright and other props, or sit home and gamble rather than goto A.C. There needs to be grassroots to increase this amount to 50,000 so we don't have another daytrader shoot up the office cause he blew his account. 25k is not a lot of money. Get a job and raise that amount then daytrade. The SEC finally got it right!! Congrats!
     
    #10     Feb 22, 2003