Posts Tagged ‘Glass-Steagall Act’

Nocera: Financial Reform Bill is Perfect – If You’re a Bank

Nocera: Financial Reform Bill is Perfect – If You’re a Bank

Courtesy of Joshua M Brown, The Reformed Broker 

Why do I blog so much about financial regulatory reform? Maybe because over a fairly short career of 12 years in the business, about half of those years were spent enduring some of the most destructive calamities in the history of free markets.  I’m 33 and have seen enough monetary death and dismemberment to last me 3 lifetimes.  Volatility and cycles I can deal with…locusts, pestilence and  nuclear detonations are a bit much already.

And I don’t want to hear from any of you Crash of ’87 wusses, we do those types of selloffs like every day.

Anyway, Joe Nocera is back and is dismayed at what he sees as a fairly useless potential bill to be hammered out over the next week or so as the Senate and House versions are melded together…

From the New York Times:

In the first place, there is nothing even remotely radical about anything in these bills. Nobody is suggesting setting up a new Securities and Exchange Commission, which reshaped Wall Street regulation when it was formed in 1934. Nobody is talking about breaking up banks the way they did in the 1930s with the passage of the Glass-Steagall Act. Nobody is even talking about a wholesale revamping of a regulatory system that so clearly failed in this crisis. “They are trying to attack the symptoms, instead of the basic issues,” said Christopher Whalen, managing  director of the Institutional Risk Analyst. There is something oh-so-reasonable about these bills, as if Congress was worried that they might do something that would — heaven forbid! — upset the banking industry.

The gist is that the new reforms being proposed are not even sufficient enough to have prevented the last crisis, let alone the next one. Well good, as long as the five largest banks can live with the proposals, I suppose they must be just fine for the rest of us. Rock on.


A Dubious Way to Prevent Fiscal Crisis (NYT) 

Photo by Jr. Deputy Accoutant

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This is a terrific article on health care reform by Ellen, who also wrote the books Nature’s Pharmacy and The Key to Ultimate Health . Another excellent article on the subject by Charles Hugh Smith is "Why "Healthcare Reform" Is Not Reform, Part I" (here). – Ilene


Let them eat cake,” the notoriously callous words ascribed to Marie Antoinette, were probably said a century earlier by Marie-Thérèse, the wife of Louis XIV. But whoever said them, the mindset the statement conveys of an aristocracy oblivious to the realities confronting the poor is still with us today. 

“Congressmen, what shall we do about the 30 million Americans lacking health insurance?”

“Why, that is simple. Force them to buy it. Fine them heavily if they don’t!”

“What if they don’t have the money?”

“Then take it from those who do!”

The health reform bills now coming through Congress are not focused on how to make health care cheaper or more effective, how to eliminate waste and fraud, or how to cut out expensive middlemen. As originally envisioned, the public option would have pursued those goals. But the public option has been dropped from the Senate bill and radically watered down in the House bill. Rather than focusing on making health care affordable, the bills focus on how to force people either to buy health insurance if they don’t have it, or to pay more for it if they do. If you don’t have insurance and don’t purchase it, you will be subject to a hefty fine. And if you do purchase it, premiums, co-pays, co-insurance payments and deductibles are liable to keep health care cripplingly expensive. Most of the people who don’t have health care can’t afford to pay the deductibles, so they will never use the plans they are forced to buy or be fined.  

To subsidize those who can’t pay, the Senate bill would make families earning two to four times the poverty level who don’t have employer-sponsored insurance surrender 8% to 12% of their income to insurance payments, or pay a fine. In another effort to make the insurance payments “affordable,” the Senate bill calls for the lowest cost plan to cover only sixty percent of…
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U.S. Commerce Secretary Wilbur Ross Speaks With CNBC's "Power Lunch" Today

By VW Staff. Originally published at ValueWalk.

WHEN: Today, Thursday, March 22, 2018

WHERE: CNBC’s “Power Lunch”

Following is the unofficial transcript of a FIRST ON CNBC interview with U.S. Commerce Secretary Wilbur Ross on CNBC’s “Power Lunch” (M-F 1PM – 3PM) today, Thursday, March 22nd. Following are links to video from the interview on

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Psychographics: the behavioural analysis that helped Cambridge Analytica know voters' minds


Psychographics: the behavioural analysis that helped Cambridge Analytica know voters' minds

Making connections through tracking behaviour. GarryKillian/Shutterstock

Courtesy of Michael Wade, IMD Business School

The dealings that have been revealed between Cambridge Analytica and Facebook have all the trappings of a Hollywood thriller: a Bond villain-style CEO, a reclusive billionaire, a naïve and conflicted whistle-blower, a hipster data scientist turned politico, an academic with seemingly questionable ethics, and of course a triumphant president and his influential family.

Much of the discussion has been on how Cambridge Analytica was able to obtain data on m...

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Zero Hedge

Funding Stress Contagion Spreads - European Banks Collapse To 11-Month Lows

Courtesy of ZeroHedge. View original post here.

Yesterday we exposed the globally contagious spread of funding market distress into the credit risk of major US banks, and today it has accelerated, spreading to Europe's banks as their stocks crashed to the lowest in 11 months...

Deutsche Bank is leading European banking's collapse...


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Insider Scoop

5 Biggest Price Target Changes For Thursday

Courtesy of Benzinga.

  • KeyBanc raised the price target for Shopify Inc. (NYSE: SHOP) from $150 to $170. Shopify shares closed at $149.40 on Wednesday.
  • Stifel Nicolaus lowered the price target for Facebook, Inc. (NASDAQ: FB) from $195 to $168. Facebook shares closed at $169.39 on Wednesday.
  • Cowen raised Ralph Lauren Corporation (NYSE: RL) price target from $110 to $122. Ralph Lauren shares closed at $109.47 on Wednesday.
  • Stifel Nicolaus boosted Blackbaud, Inc. (NASDAQ: ... more from Insider

Digital Currencies

Why accountants of the future will need to speak blockchain and cryptocurrency if they want your money


Why accountants of the future will need to speak blockchain and cryptocurrency if they want your money


Courtesy of Anwar Halari, The Open University

If you haven’t already heard of Bitcoin, you either haven’t been paying attention or you’re a time traveller who just touched down in 2018. Because by now, most of us will have heard of Bitcoin and some of us have even jumped on the bandwagon, investing in cryptocurrencies.

But despite its popularity, many people still don’t understand the technology that underlines it: blockchain. In...

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Chart School

Stall in Decline

Courtesy of Declan.

The good news for bulls was the lack of follow through on the selling. An argument could be made for bullish harami doji in some key indices with stops on a loss of yesterday's lows.

The Semiconductor Index held on to breakout support in what looked to be a successful defense by traders in what could still be a pullback buying opportunity. There was a MACD trigger 'sell' which was a follow-through from Friday - leaving only stochastics in the green. However, relative performance remains in bulls favor. Long opportunities...

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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)


"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...

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How your brain is wired to just say 'yes' to opioids

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.


How your brain is wired to just say ‘yes’ to opioids

A Philadelphia man, who struggles with opioid addiction, in 2017. AP Photo/Matt Rourke

Courtesy of Paul R. Sanberg, University of South Florida and Samantha Portis, University of South Florida


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Mapping The Market

The tricks propagandists use to beat science

Via Jean-Luc

How propagandist beat science – they did it for the tobacco industry and now it's in favor of the energy companies:

The tricks propagandists use to beat science

The original tobacco strategy involved several lines of attack. One of these was to fund research that supported the industry and then publish only the results that fit the required narrative. “For instance, in 1954 the TIRC distributed a pamphlet entitled ‘A Scientific Perspective on the Cigarette Controversy’ to nearly 200,000 doctors, journalists, and policy-makers, in which they emphasized favorable research and questioned results supporting the contrary view,” say Weatherall and co, who call this approach biased production.

A second approach promoted independent research that happened to support ...

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Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.


This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...

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NewsWare: Watch Today's Webinar!


We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...

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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.


EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...

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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.

To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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