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To: agent99 who wrote (6473)	2/12/1999 4:49:00 PM
From: TraderAlan	Respond to of 12617

Thank you mommy government.

To: agent99 who wrote (6473)	2/12/1999 4:55:00 PM
From: Dan Clark	Read Replies (2) \| Respond to of 12617

Goverment supporting the big money??? When I look at this and the previous posting, my first reaction is, "Great, maybe they can get rid of some of the hype." On the other hand... If I were paranoid, I could make an argument that this is part of a thinly veiled attempt by the large brokerages and financial institutions to stop day trading and direct trading on ECNs by individuals. For instance, does "They also want the GAO to analyze how day trading is conducted,..." and "...what kind of investor protections currently exist." mean that they want all orders to go through a traditional brokerage and other traditional financial institutions? Currently, I am pulling my money out of one of these large brokerages to trade more actively. My experience with them has been quite poor. Poor execution, poor prices and poor (high) fees. I find it highly suspicious that members of firms that would benefit from this type of regulation are on the investigating committees. Are they worried about the individual investor, or are they worried about their own compensation packages that run to six and seven digits (millions)? Given these "licensed" financial institutions deplorable history in looking out for their customers, one can only wonder about motivations. What are your thoughts?

To: agent99 who wrote (6473)	2/15/1999 11:49:00 AM
From: Daniel Goncharoff	Respond to of 12617

Re the govt review of day trading: I worked in the securities industry for many years, and have been surprised at the extent that daytrading has been allowed to expand with few constraints. The laws and rules surrounding securities trading still come from the Securities Acts passed in the 30s after the humbling circumstances of the Crash. In fact, an interesting fact from that time is that the LTCM of the time was a Goldman Sachs mutual fund which lost everything, taking the fortunes of many people with it. (I think Eddie Cantor was the most prominent loser.) My point is that the philosophy of securities regulation has always been the protection of the public. That is why we are so comfortable giving $10,000 or $50,000 or $100,000 to a company half-way across the country, confident that we will be able to get our money back. Day trading works in part because that regime exists, and it is important that the regulators ensure the quality of the firms we trade through. Frankly, she should insist upon it, since I am not in a position to do a complete independent check of every firm. I want to know they are sufficiently capitalised so that when I want my money back, I get it. Anyone who doesn't think this is important is fooling themselves... DanG

To: agent99 who wrote (6473)	2/24/1999 9:30:00 AM
From: pae	Read Replies (1) \| Respond to of 12617

Anybody catch Ron Klink on CNBC this AM? He thinks stocks should trade at the "value" of the security; guess he hasn't heard about willing buyers and willing sellers setting prices. "Momentum" investing is bad. Trading costs are so low that evil daytraders can make money on a "teeny". Blah, blah, blah... Yes of course he is hugely misguided. But should we be writing our senators and congressman to prevent what is currently just a request for an "investigation" and the attendant free publicity turning into some really stupid legislation? Or can we safely ignore this idiot and wait for the storm to pass? I remain concerned that some clump of self-promoting idiots is going to capitalize on the free publicity focused on daytrading and pass some bill that makes intraday profits taxable at 80% or something equally anal. All this daytrading noise on the tube is making me nostalgic for O.J. and zipper-gate. Perhaps we should all chip in to buy monica a ticket to wherever O.J. is currently holed up. pae