Was he a good guy or a operative? A s Bix Weir wrote, we will see where his next job comes from. A rewarded position for keeping the game going?
What is also alarming is how many of our military leaders have been let go. If you don't agree with Obama, you soon find your walking papers. In two years, we won't have anyone to stop him, will we. Jordan got a free pass from Obama, we now are covering their debts. We are in very grave danger.
The CFTC does not set or regulate prices. The Commission is charged with promoting the integrity of the futures and swaps markets. The Commission is charged with protecting the public from fraud, manipulation and other abuses.
Since the Commodity Exchange Act passed in 1936, position limits have been a tool to curb or prevent excessive speculation that may burden interstate commerce.
For a fuller understanding of this long history, I would like to include in the record and in the proposed rule’s preamble the excellent testimony of our former General Counsel Dan Berkovitz from July of 2009 titled: “Position Limits and the Hedge Exemption, Brief Legislative History.”
In the Dodd-Frank Act, Congress directed the Commission to impose limits on speculative positions in physical commodity futures and options contracts and economically equivalent swaps.
The CFTC finalized a rule in October 2011 that addressed Congress’ direction to prevent any single trader from obtaining too large a share of the market to ensure that derivatives markets remain fair and competitive. Last fall, a federal court vacated the rule.
It is critically important, however, that these position limits be established as Congress required.
The agency has historically interpreted our obligations to promote market integrity to include ensuring that markets do not become too concentrated. When the CFTC set position limits in the past, it sought to ensure that the markets were made up of a broad group of participants with no one speculator having an outsized position. This promotes the integrity of the price discovery function in the market by limiting the size of any one speculator’s footprint in the market.
Position limits further protect the markets and clearinghouses, as such limits diminish the possible burdens when any individual participant may need to sell or liquidate a position in times of individual stress.
Thus, position limits help to protect the markets both in times of clear skies and when there is a storm on the horizon.
With a strong proposal ready for the Commission’s consideration today, we determined that the best path forward to expedite position limits implementation was to pursue the new rule and dismiss the appeal of the court’s ruling, subject to the Commission’s approval of this proposal.
Today’s proposed rule is consistent with congressional intent. The rule would establish position limits in 28 referenced commodities in agricultural, energy and metals markets as part of a phased approach.
It would establish one position limits regime for the spot month and another for single-month and all-months-combined limits.
Today’s proposed position limits rule builds on over four years of significant public input. In fact, this is the ninth public meeting during my tenure as Chairman to consider position limits
An open letter by Silver Doctors suggested that Chilton resign and become a whistle blower. The only problem with that is he might have to flee to Russia and live next door to Edward Snowden. Pelosi, Feinstein, Boxer, Biden, Reid, Graham and McCain of Keating 5 fame (fill in the blanks for the rest) would probably demand Chilton stand trial for any revelations that “damage the national security” by targeting the “too big to fail” with revelations of their criminal activity.
Since Chilton was unable to reform or prosecute any of the lawbreakers in the commodity markets, do we know who will replace him? It seems nowadays, looking at changes internationally in governments where the United States sticks its nose in other people’s business the changes are worse than what came before. Will that be the case with Chilton’s departure? Maybe Eric Holder’s statements might hint at a future replacement as Holder feels that the big banks are too big to prosecute.
Maybe things will get so bad with Obamacare, as it becomes widely recognized for the disaster that it is, and with his approval numbers slipping into single digits that it will give his opponents enough courage to start impeachment proceedings, starting with Obama with Chief Justice Roberts as the next in line. It certainly looks like there is no way to fix this socialist wet dream and the likelihood of total failure, even with weak Republican opposition, is certain. This is the weakest point in the Obama Administration. Call your Congressman/woman and demand they get rid of this Obamanation. All the rest will fall in line and assist in lowering Obama’s approval ratings to impeachment levels.
I believe the NSA has the goods on Chief Justice Roberts. It has always stood out to me from the day he blundered the swearing in.
Great post hapiwonder. It's actually a curse to see through this stuff. The Republican opposition isn't weak, they just are to late to do anything about it. I'm sure during the Roman fall, there was opposition. But when 47% are depended on the government, how much can you influence. Specially when the 4% up for grabs are concentrating on gay rights, abortion, guns. We are fractured as a nation. We have posters such as powermountain, who distain for Bush, will blind him from the same antics Obama pulls. We are a weaken nation and history shows us that the path it always goes down. I can hold my head up high. I voted for John Anderson, Ross P, Forbes and Ron Paul. Maybe they all didn't have ideas that we all could share, but I feel we would be a better nation had they won.
BTW anyone know what happens when the charter for the FED expires. Should that not happen in January 2014?
Yes, the command level officers being let go is quite troubling particularly in light of the reasoning behind it. Think USMC 29 Palms survey... and giving the wrong answer.
Yeah.. we should keep on top military brass even if they have been caught committing fraud and theft and other such criminal activities... oleBush would not have gotten rid of such people... he would have promoted them and sent them to the Middle East to screw up that region even more than Bush and friends had already screwed it up!!!