my margins are been reduced by 50%, i'm no longer allowed to trade in brokerages outside of the US even if they are regulated in other countries, i can no longer manage accounts outside of the US and US brokers no longer offer currenex because it's all of a sudden non-compliant. sucks for me because it is what i use for most of my trading.
ok. i dont know anything about currenx. sounds questionable. but you made the statement "screwed all US traders". it should have been a very few us traders. the problem i have is your petition supporting legislation by Rep. Michele Bachmann no less also wants to end the consumer protection agency. the consumer protection agency is a good thing.
"All US traders" may have been a broader generalization than necessary but as a US trader your choices are now much much more limited. Bachmann's stance on this is bold, I don't know her motivation but support the legislation 100% Consumers will be protected when politicians stop stealing from taxpayers and giving it to their cronies. The regulatory burden including capital requirements for a small investor firm or brokerage firm being greatly increased IMO don't really help consumers all that much.
The consumer protection agency is a colossal fucking waste of money, and it will fail to protect anyone from anything until it is too late, just like every other regulatory body failed to reign in subprime. The only people who think the Consumer protection agency will be a good thing is bureaucrats like Elizabeth Warren who will get nice cushy new jobs, where they will enrich themselves, all at the expense of the tax payer of course.
Freethinker sez: 'ok. i dont know anything about currenx. sounds questionable. but you made the statement "screwed all US traders". it should have been a very few us traders.' A very few US traders? Anyone who actually is a trader would know that currencies by far dwarf other markets- this act has put the US at a huge disadvantage and denies US currency brokers and traders the freedom to do what the rest of the world freely can. Leveraged mortgage derivatives was the issue with the economic bust here in the US, not currencies. What is worse, since the few hundred $B worth that already has left the US goes elsewhere, the anti-capitalist crowd now has caused a net loss of tax revenue that brokerages and traders will now not be paying- let's get it right and correct this, eh?