Discussion in 'Wall St. News' started by Chuck Krug, Apr 27, 2013.
Great article, thanks. Unfortunately this really screws over the image of honest traders. Seems likely that these corrupt a-holes will keep pushing until we have another rise of communism in our hands.
The penalties they pay are also just ridiculous. This article made me think that bank robbers are actually honorable people, not robbers in general - just bank robbers.
d08> 95% of the public doesn't know the difference between a banker, a broker and a trader, so don't worry about that imho.
It's awful but true. The average person never really questions who sets the price of gas, gold etc. And the old supply and demand theory means nothing in a big world.
These are private for profit banks. They should be free to manipulate prices in any legal way they like, provided competition exists. The problem comes when banks misrepresent the nature of the process by which prices are determined and collude with one another; yet misrepresent the process as competitive.
This is why in a capitalist economy government is needed to play the role of referee and to protect free markets, but not free markets in the sense that capitalists use that expression, but rather free markets in the opposite sense; meaning that participants are competing with one another in an open and transparent market. Government's proper role therefore is to protect the latter kind of free market from capitalists.
This is why those that want a very limited role for government in a capitalist economy are wrong headed. They don't understand that the laissez faire capitalism they long for will not be kind to them. Capitalism only works well when there is well-considered regulation aimed at maximizing competition. Once the capitalists get in bed with the regulators you get the worst kind of capitalism.
Talk about innocent until proven guilty eh? Word has leaked of an investigation and they are already on par with the Illuminati & Masons.
Of course it's rigged. good article, but not sure how much will change. this is the ol boys' club where people with money won't roll over on others with money. if they do....it's game over for their career, reputation, and family will have much more stress to deal with. easier said than done.
the sad part is.......the financial wars will continue. from Greece to Ireland to spain, Portugal, Italy, Iceland, and maybe france will soon be doomed. then Germany. SE asia likely all lying about growth. china, USA also lying. it's only a matter of time before everyone bets against the stock markets in America. Payback. when? maybe a couple years.....but it will happen and have us wondering how similar we are to Greece.
good times ahead..... eventually, sell everything.
"SWISS FRANC TRADER: can u put 6m swiss libor in low pls?...
PRIMARY SUBMITTER: Whats it worth
SWISS FRANC TRADER: ive got some sushi rolls from yesterday?...
PRIMARY SUBMITTER: ok low 6m, just for u
SWISS FRANC TRADER: wooooooohooooooo. . . thatd be awesome"
:eek: :eek: :eek:
The price of gas is exactly what came to mind as I read the 1st page of this article -- didn't even bother to read they rest. At any rate, the mainstream media ran a piece about falling gas prices and the high inventory levels as the price hovered around $3.65 per gallon in these parts. In a matter of days (days, as in 2) the price went to $3.99, then $4.15. Since when does gas jump $0.50 per gallon in 2 days? I remember when gas was stuck at $1.59 per gallon almost indefinitely. That was the price for years and years. Now? $0.50 jump in a day? There ain't a freaking way in hell the inventory levels changed so drastically to cause the price to drop from 4+ $'s per gallon, down to $3.65, and then back up to $4.15 where it currently sits. This is the purest form of price fixing or market manipulation. Anyone who has traded crude futures knows how leveraged these markets are and how much money can be made in a matter of days.
I actually hope it continues because they price swings are great for the pocket book if you can trade them but obviously, you don't have the advantage the banks do.
the sad part is this-
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