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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (117039)	11/22/2008 7:51:58 PM
From: Mike M2	1 Recommendation Read Replies (1) \| Respond to of 132070

Skeeter, another good article goldnews.bullionvault.com Note the Commodites Futures Modernization Act of 2000 ho ho ho

To: Skeeter Bug who wrote (117039)	11/22/2008 8:50:24 PM
From: GuinnessGuy	Read Replies (1) \| Respond to of 132070

Skeets, BC was referring to the Commodity Futures MODERNIZATION Act passed in late 2000 right before congress adjourned. I was referring to that. Glass-Segal was something else that was repealed a year earlier. Clinton may have been all for the repeal. I haven't researched that. I find the CFM more interesting as, IMO, it was a more dangerous piece of legislation than the repeal of Glass-Segal. The CFM Act, after all, legalized an unregulated kind of gambling that had been outlawed since the debacle of 1907 that brought the market to its knees. Credit default swaps were made possible by Graham's rider in that late 2000 bill(the CFM act). And CDS's may well be the one thing that has frozen lending in banking business since no one really knows who is holding the toxins and how much they are holding. The main reason for that is that there was no clearing house for this kind of paper. This brought about a true wild wild west in investing, which is something that 'all hat and no cattle' Bush probably thought was a great thing to have around when he got into office. craig