Well, there you have it. The CFTC commissioners have voted to instute a position limits program based on “points” rather than one based on “dollars.” I expect the next announcement will be that the CFTC is changing their slogan from “Ensuring The Integrity Of The Futures & Options Markets” to “Ensuring The Integrity Of J.P Morgan’s Balance Sheet By Protecting Their Short Position In The Silver Market.”
Bart Chilton has succeeded once again in convincing the blogosphere that he was the lone commissioner who was in support of enforcing the Frank-Dodd (aka Donk-Fraud) legislation. If you believe that, I’m not sure what you’ve been smoking, but it most likely rhymes with “point.” Regulating the oversized derivatives exposure of the banks exhibits about as much tangible value to the American taxpayer as the ownership of trillions of frequent flier miles in bankrupt People’s Express. To quote Mr. Chilton, it’s a “glide path” alright… right into an airport in a fashionable land called Fascism. Frequent flier points may not maintain their value, but we should lobby for the International Monetary Fund’s special drawing rights to be redeemable on Jet Blue… just in case we need to leave.
Here’s the official announcement from your Commodity Futures Trading Commission. Make sure you Congressman sees it. If this is integrity, I’m going to need a new dictionary: http://www.cftc.gov/PressRoom/SpeechesTestimony/chiltonstatement011311.html
To link to the official TradeWithDave “We told you so” Bart Chilton file, click here: http://tradewithdave.com/?p=4618
Here’s a link to the play-by-play Arrested Development of the CFTC’s integrity: http://tradewithdave.com/?p=5384
One woman named Brooksley Born nearly single-handedly saved the world from this entire crisis if not for Alan Greenspan’s denial of the truth: http://tradewithdave.com/?p=1215