CFTC tightens limits on brokerages using customer funds

Um, laws against commingling and stealing from segregated client accounts are already in place.  Why doesn't the government worry about enforcing existing laws instead of ginning up new regulation, that will again--go unenforced?

http://www.reuters.com/article/2011/12/05/us-financial-cftc-meeting-idUSTRE7B410420111205

CFTC to holding hearing on position limits

The CFTC will be holding a hearing on March 25 to examine position limits in the gold, silver and copper futures markets. I've blogged a few entries on the need to limit and enforce concentrated positions in commodities markets in order to prevent price manipulation, including this entry yesterday: http://gregnguyen.blogspot.com/2010/02/gold-and-silver-suppression-confirmed.html (the original link was incorrect--click on it again).

http://www.gata.org/node/8364

Let's see if anything positive comes out of this meeting. I'll post the results when available.

Deficit Reduction Commission

Obama is forming a "deficit reduction commission"--with the charter of trying to reduce our exploding federal budget deficit. We all know how this is going to end up.

Recall the formation of the Department of Energy (DOE) by the Carter Administration back in the 1970's, in the midst of the Arab oil embargoes. It was created to reduce America's dependence on foreign crude oil. More than thirty years later, imports from oil-producing countries has more than doubled percentage-wise--from both friendly and not-so-friendly exporters. The DOE has obviously failed, as America is more vulnerable than ever to geopolitical supply shocks. Yet, the DOE has now grown into a multi-billion dollar cost center. It is a penultimate example of bureaucratic largesse.

In the same breath, Congress is planning to boost the national debt limit another $1.9 trillion, after raising the limit on December 28 (see zerohedge blog) to barely keep our country above water. The irony is deafening.

http://www.zerohedge.com/article/democrats-seek-stunning-19-trillion-increase-debt-ceiling-143-trillion