In the United States the Democrat and Republican parties are still at loggerheads in Congress over "Obamacare", and as a result many "non-essential" services have been shut down, and getting on for a million US government workers have been told to stay at home. Here's a video report from Al Jazeera on the current state of the nation in the land of the free:
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The global financial crisis took yet another turn for the worse on Monday. According to Yahoo! Finance:
MF Global's meltdown in less than a week made it the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.
The chief executive of MF Global Holdings Ltd. is Jon Corzine. According to The Economist recently, Mr. Corzine is:
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The CFTC has just released a brief statement by Commissioner Bart Chilton. We reproduce it here in full:
Landmark financial reforms were passed by the Congress and signed by the President earlier this year. The new law will ensure more efficient and effective markets, better protect consumers and cast light upon current "dark" markets that have been out of view of regulators — markets which led, in large part, — to the economic calamity that began two years ago.
More on CFTC Goes Cap in Hand to Obama. Dodd-Frank "In Jeopardy"
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After a variety of trials and tribulations along the way the Wall Street Reform and Consumer Protection Act, now officially renamed Dodd-Frank after its two sponsors, was finally signed into law by US President Barack Obama on July 21st. According to The Economist magazine:
More on The Countdown Has Begun for the Retail Forex Revolution
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Fresh from his onslaught on retail forex traders, Barack Obama today took aim at another target instead. Those nasty, greedy bankers. According to Bloomberg Mr. Obama said in an interview with ABC that:
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When I started writing this blog in the Spring of 2009 I put forward the proposition that thanks to the advent of the internet and online retail forex brokers it had become possible for anyone possessing an entrepreneurial spirit, and prepared to put in the required effort over a number of years, to learn how to turn $1000 that they were willing and able to lose into a business that could support their family and themselves. I didn't say it was easy, but I did suggest it was possible. All that is about to change. It never was easy, and it looks like it's going to get ten times more difficult, for US citizens at least.
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In a recent letter to the Commodity Futures Trading Commission the National Futures Association commented on proposed further increases in net capital requirements for Futures Commission Merchants and Introducing Brokers.
Whilst the NFA:
More on NFA "Respectfully" Criticizes SEC Capital Requirements
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