MF Global did Free Market the right way. We should salute them.

Discussion in 'Economics' started by Chausey, Nov 18, 2011.

  1. Chausey


    This is free market. The customers lost. Now they want the edifice of regulation to bail them out. Everybody wants a bailout indirectly if they want others to fix their problems.
  2. You stupid fuck, these were segregated customer accounts not equity holders or creditors.

    Ironically the free market will eventually work because customers will be bailed out by the CME and industry members because its integrity and existence depends on it.
  3. Crispy


    Trolliest troll that ever trolled a troll...

    This thread starter could not be more transparent with its intentions. Feed it at your risk.. :D
  4. Attaboy!
  5. Free markets and anarchy are not the same thing.
    Capitalism requires a minimal legal framework that needs to be efficiently enforced without prejudice.
    MF Global clearly broke the rules and committed criminal acts.
    If we cannot rely on the law to protect people from having money stolen from them then we have anarchy.
    I don't want a bailout. I want the money that has been stolen from me to be returned. I wouldn't expect to walk out of a 7Eleven with a candy bar that I hadn't paid for and not face charges.
    Likewise, Jon Corzine must face charges.
    Clearly this thread is just a wind up.
  6. No, that wasn't "free market", that was a company lying to its customers to make money for itself.
  7. Chausey


    As long as the money comes from "industry" and not government, then that is still free market and I hope that's what they do. The industry created the rules, the industry broke the rules, the industry should make it right. If they don't, that's free market too, but self destruction. Obama better not bail them or the Fed, although we would never know for sure if they did.
  8. Chausey


    Excuse me, how is this different? Jesus Christ. Please tell me where the nice companies are so I can avoid investing in them.
  9. Chausey


    You can have rules set by the industry itself and if any firm working inside that breaks the rules, then the industry sets it right for the sake of its own reputation. You don't need the Federal Courts to stand behind a free market platform. Making people whole would take 1 or 2 days, now these poor customers will waste more money on lawyers for appeals and 10 years of legal wrangling.
    Regarding what happens personally to Corzine, if the damn system didn't have the Feds, they would be the only ones to do anything and not rehiring the bastard would keep the parasite out. Now he likely won't serve time and probably get rehired by a top firm and make a few million a year. Talk about punishment. Anybody want to shovel more money into their trading account now? There is no accountability to this system inside of it. I hope every trader has a lawyer hired permanently because this is just the beginning of an avalanche of fraud to come over the next 10-20 years. I have a new idea for Congress, they should hire all these new lawyers graduating and every trader who opens an account, gets a newly appointed government lawyer ready to go when the call comes in.
  10. Mvector


    #10     Nov 19, 2011