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You Must Read The Occupiers' 325-Page Comment To The SEC

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The Occupy people have done a wonderful thing. On Monday, just as the comment period on the new regulation was closing, a subgroup of seven known as Occupy the SEC submitted a 325-page comment to all relevant federal agencies demanding a stricter "Volcker Rule" -- the part of Dodd-Frank that aims to limit the amount of proprietary trading, or risky bets made with a firm's own money (frequently and ultimately meaning YOUR money), in which megabanks can participate.


This is Important, as the comment explains:

Proprietary trading by large-scale banks was a principal cause of the recent financial crisis, and, if left unchecked, it has the potential to cause even worse crises in the future. In the words of a banking insider, Michael Madden, a former Lehman Brothers executive:

Proprietary trading played a big role in manufacturing the CDOs (collateralized debt obligations) and other instruments that were at the heart of the financial crisis. . . if firms weren't able to buy up the parts of these deals that wouldn't sell. . .the game would have stopped a lot sooner.

Go read it! We haven't read the full thing, but we will... later. (No, that's not even a joke this time. We will read it later! Unless something good comes on the teevee... No but really we look forward to reading it! Maybe...)

In the meantime, here are a couple of reviews from Reuters and Mother Jones.

[Occupy the SEC]

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Video screenshot, CBS 4 Miami

The mass murders at Sandy Hook Elementary in Newtown, Connecticut, and at Marjory Stoneman Douglas High School in Parkland, Florida, are still killing people. Two survivors of Parkland killed themselves in the past week, and this morning, the body of the father of one of the Sandy Hook children was found in Newtown. And something like 35,800 guns will be sold today, if 2019 stats are comparable to 2018 sales figures. But cheer up -- without Barack Obama scaring everyone with his promise to take all the guns, that's down 16 percent from the highest gun sales in history in 2016. Then again, despite the lower gun sales, there were nearly 40,000 deaths caused with firearms in 2018. It was the third record year in a row. We're Number One.

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