from The Daily Bell:
Derivatives Reform on the Ropes … New rules to regulate derivatives, adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street and a setback for financial reform. They may also signal worse things to come … The regulations, required under the Dodd-Frank reform law, are intended to impose transparency and competition on the notoriously opaque multitrillion-dollar market for derivatives, which is dominated by five banks: JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley. – New York Times
Dominant Social Theme: We have this billion trillion market under control. Don’t worry.
Free-Market Analysis: Derivatives reform? We hardly think so …
First of all, nobody knows how big the derivatives market is and no one knows how many dollars are at risk.
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