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EternalHoH -> RE: Bachmann promises $2/gal Gas (8/20/2011 12:39:37 PM)
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quote:
ORIGINAL: willbeurdaddy
The red herring was claiming that Federal preemption clauses have fuckall to do with whether something is "gambling" or not.
So they are going to pass a law that specifically allows for gambling and bucket shops within the commodities arena and not expect that actual result? That's your premise? I can bridge a logic gap that you claim is too big of a leap?
Meanwhile, back here on planet earth.....
Pre-empting state gambling laws for OTC derivatives and bringing back a commodities markets version of a bucket shop, something that had been illegal since 1907, is primarily what the CFMA accomplished.
Enron wanted to be the pioneer in the corporate-run bookie business. Wendy Gramm was on the Enron board, and husband Phil spearheaded and delivered the CFMA. Unfortunately, Enron blew themselves up 'playing bookie', an early casualty. Ken Lay only went to jail for hiding his corporate gambling losses in dummy corporations more than one paper-trail away from dimwit investors. Today, the oil companies (and to a larger extent, the investment banks) who run their own oil derivatives trading desks are succeeding at doing what Enron failed at, and in the process pushing energy prices higher because of that investor appetite. And it all would have been illegal without the CFMA of 2000.
But its good to know that, according to some guy out in Idaho who gets all of his world knowledge at the end of a DSL connection, that such a reality is nothing more than propaganda spun by liberals, and the SEC is conveniently in on it.
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