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To: Ahda who wrote (62138)	12/21/2000 12:25:19 AM
From: long-gone	Respond to of 116770

Wednesday December 20 7:44 PM ET CFTC Chairman Rainer to Step Down By Andrew Clark WASHINGTON (Reuters) - Commodity Futures Trading Commission Chairman William Rainer will step down from his post as the top regulator of U.S. futures markets on Jan. 19, the CFTC announced on Wednesday. Rainer, a Democrat and longtime friend of President Clinton (news - web sites), has headed the agency since August 1999, guiding it through major changes which culminated with congressional passage last week of a sweeping overhaul of U.S. futures laws. ``Public service is a privilege and I am grateful to have had the opportunity to serve in this capacity,'' Rainer said in a statement. ``I appreciate the hard work and effectiveness of my fellow Commissioners ... and of the dedicated professional staff at the agency.'' Rainer's term was scheduled to run until April 2004. His resignation will clear the way for President-elect George W. Bush (news - web sites) to nominate his own candidate for the post. A Wall Street veteran and co-founder of the bond trading firm Greenwich Capital Markets, Rainer took control of an agency with frayed ties on Capitol Hill, other financial regulators and with the futures exchanges it supervised -- a legacy of the often confrontational approach of his predecessor, Washington lawyer Brooksley Born. But he moved swiftly to mend those fences. In his first major policy speech, he surprised many by proposing a major deregulation of U.S. futures exchanges and a fundamental change in the CFTC's role from frontline regulation to oversight, changes aimed at addressing long-standing complaints from U.S. exchanges that they labored under tough constraints that put them at a disadvantage to foreign rivals. Rainer also quickly shut the door on controversial suggestions the CFTC might seek to extend its authority over privately-arranged, or over-the-counter, derivatives like swaps -- a move that could have thrown the legal status of trillions of dollars of contracts into question. That healed a rift with the Federal Reserve, Treasury and Securities and Exchange Commission (news - web sites), and paved the way for a landmark report by the four regulators recommending the huge market remain free of government oversight. Rainer, together with SEC Chairman Arthur Levitt, was also instrumental in settling a seemingly-intractable dispute between the two agencies over lifting an 18-year-old U.S. ban on the trading of futures on single stocks. Under intense pressure from Congress, the CFTC and SEC agreed in September to jointly regulate the new products and to allow them to be traded by both stock and futures brokers, on both stock and futures exchanges. The three issues ultimately became the cornerstones of the protracted, but ultimately successful, congressional effort to deregulate U.S. futures and derivatives markets to help them better face growing global competition. The legislation, broadly acclaimed as a key step toward ensuring continued U.S. leadership in global financial markets, was included in a catchall budget deal as Congress wrapped up its business on Friday and adjourned for the year. dailynews.yahoo.com

To: Ahda who wrote (62138)	12/21/2000 12:39:39 AM
From: d:oug	Read Replies (1) \| Respond to of 116770

Darleen, Not sure but i think we both agree with that "One Ahhaha." That story we all heard about the person who had too much bad luck happen to him realized that if he reacted to his down in luck situation in a manner expected by others as in to cry and scream and finally jump off a very tall building, that infact that will happen, so he made himself and others laugh as he made jokes like done in that dot com pink article. Most likely as you and many others have pointed out like that SI poster called ahahah or something, that there are out there folks in that example that did a double no no and borrowed on their credit card a loan to ride the dot com Nasdaq as it was going up, and at present still in it waiting and hoping for it to go back up so that they can do an exit and hopefully just get the investment returned and use that to pay off the credit card of 18 - 28 % loan rates. Folks tell me that what you have suggested did happen, does really happen. They max out'ed a credit card in those past months when the Nasdaq was going up up up and in the mail receive another offer to transfer that owes amount to another plastic at a low low rate good for 3 months. Sure, as in 3 months they thought they would exit Nasdaq with a nice profit, and along the way in these months max'ed out again that plastic they zero'ed out by transferring it to the new one. Like musical chairs these credit cards game was, as they hopped that when the good times Nasdaq music stops that the dancer would be holding their plastic in hand and be unable to set down the amount owed them onto another plastic, and thusly they can now after the 3 months low rate of 2.9% jack it up to 18.9% while you have no more in the mail offers to transfer. The music stopped. A person told me that while the rate was 2.9% on a $7,000 balance that they could only pay the minimum each month, which was ok since it was not much eventhought this had to be done 5 times each month with each 5 plastics. Now the lamb's clothing is off the bank showing a wolf. These are your average middle class usa people with good jobs that now have to squeeze every dollar from their paychecks just to pay those minimums on their many plastics each month. They are not able to pay off their plastics and see that each month their balance remains high with little movement lower while something like 1/2 of the minimum is interest due. How will this pan out is really you wondering as a question. Who will pay off these credit card loans when some of these folks lose their good jobs and either get those low service jobs or go on unemployment if the economy does do a very slow down. Like longone Richard says, the banks will get their money back if the Fed once again jumps in with taxpayer money, some of it being from those folks now in bad debt through their paying taxes when times were good. Once again the average tax payer supplies the money to keep the bankers from losing, and some of these taxpayers will be those the banks in my opinion con'ed them into a debt situation the banks knew was guaranteed to be large enough that the plastic holders could not handle when the music stopped, which was ok by them just so lots of folks could not transfer their debt out from their plastic to another. Interesting that this here post has prevented the post I was going to do as a reply to the conflict I was having with Hutch. There were my fingers ready to reply to those posters that all saw me bash Hutch's post and that lead them to bash me but telling Hutch that the post of his I bashed was excellent and great to deliver a bashing to me through a counter to my views. But your "One Ahhah" distracted me and so it will not happen which is good but not necessary in my view but good for this thread as too much GATA and anti-GATA has crowded out the regular posting of sharing information by these attacks. So rather than that long post I was going to do to show how 1/2 of what Hutch posted was incorrect and/or inaccurate I will make a joke of it as a replacement. To those who praise Hutch to bash dougak its the thoughts that counts not the actual words as what Hutch said being excellent or not is not important as but to say it was like that saying Gary's grandfather would say. "I hear a lot of tin cans rattling and as my Grandfather used to say, the less marbles in the can the louder it will rattle." d:o)g