“The rules are designed to give the SEC a better handle on high-frequency trading, in which trades are transacted in milliseconds and dispersed among many trading centers,” Johnson reports. “Next-day access to trading data could be used by the SEC to promptly reconstruct market activity and perform other trading analyses, according to a summary of the proposal.”
Johnson reports, “The data also could assist investigators in finding manipulative, abusive or otherwise-illegal trading activity.”
Full article here.
Where was this when Apple nose dived to $79 a share from 200?
Goodbye freedom. Hello tyranny.
For second I thought MSNBC’s RSS was invading my feed. What does this have to do with Mac news?
yeah, this is tyranny – imagine the billions of dollars lost and millions of lives ruined by these “professionals” because no one dares to regulate them. a bunch of crooks…
It’s like a carry permit for a gun. Legal, responsible and honest folks don’t mind submitting to a background check and all the rest of the hassle, because they have nothing to hide, and understand how serious it is.
Some people really confuse freedom with anarchy : those guys that are doing millisecond transactions have access to data that is forbidden to ordinary mortals like you and me – they have a license to legally STEAL big time !!!
Why do you call it freedom is beyond my understanding …
I second that motion!!!!
I see thousands of traders “next day” reporting on thousands (millions?) of trades of millions (billions?) of shares traded each day. They will just have the programmers add a “dump” of data each day to the SEC.
This, of course will require $$$ for the SEC to add new computers, and thousands of new “government employees”, so that politically appointed Czars can puzzle over the too-big-to-check data and report more politically-agendified tinkering needed in the economy.
Sounds like the re-distribution of economic control to me.
And some confuse government controls with compassion. It was the government that caused this debacle, and now they’re going to fix it? Yeah right. Wake up folks. Please point to the constitutional basis for this “control.” Go ahead, I’ll wait.
@ Magin
Here’s so you won’t have to wait for long:
Article I, Section 8, Clause 3:
“[The Congress shall have power] To regulate Commerce with foreign Nations, and among the several States, and with the Indian tribes;”
There, happy now?
And no, it wasn’t the government that caused this debacle, it was unregulated greed.
Get over it.
more like… good-bye market manipulators. hello transparency.
Uhhh…then why do you vote if the government is so evil??? Why do these “conservative” senators and reps. run for office if they think that the government is the problem? That means they are the problem. They sure don’t mind taking a tax payer funded socialized paycheck to give kickbacks and take bribes for their billionaire cronies. It’s also my understanding that conservatives that point to the Constitution no little about it or change the words to suit some fantasy.
Also, It was the deregulation and hands off action that caused the recent financial debacle. Also, try the great stock market crash of 1929 where there was no regulations on trading and speculation. I could on and on and point out the destruction of these financial regulations the past 30 years have caused severe damage to the US economy and the vanishing middle class.
It’s about time – Good start
@rwahrens
Sorry buddy, that does not mean the SEC shall demand a list of next day trades from investors. Keep looking though, I think it’s right next to the abortion clause.
…Sign The Pledge
I do solemnly swear to uphold the principles of a socialism-free society and heretofore pledge my word that I shall strictly adhere to the following:
I will complain about the destruction of 1st Amendment Rights in this country, while I am duly being allowed to exercise my 1st Amendment Rights
I will complain about the destruction of my 2nd Amendment Rights in this country, while I am duly being allowed to exercise my 2nd Amendment rights by legally but brazenly brandishing unconcealed firearms in public.
I will foreswear the time-honored principles of fairness, decency, and respect by screaming unintelligible platitudes regarding tyranny, Nazi-ism, and socialism at public town halls. Also, I pledge to eliminate all government intervention in my life.
I will abstain from the use of and participation in any socialist goods and services including but not limited to the following:
Social Security
Medicare/Medicaid
State Children’s Health Insurance Programs (SCHIP)
Police, Fire, and Emergency Services
US Postal Service
Roads and Highways
Air Travel (regulated by the socialist FAA)
The US Railway System
Public Subways and Metro Systems
Public Bus and Lightrail Systems
Rest Areas on Highways
Sidewalks
All Government-Funded Local/State Projects
Public Water and Sewer Services (goodbye socialist toilet, shower, dishwasher, kitchen sink, outdoor hose!)
Public and State Universities and Colleges
Public Primary and Secondary Schools
Sesame Street
Publicly Funded Anti-Drug Use Education for Children
Public Museums
Libraries
Public Parks and Beaches
State and National Parks
Public Zoos
Unemployment Insurance
Municipal Garbage and Recycling Services
Treatment at Any Hospital or Clinic That Ever Received Funding From Local, State or Federal Government (pretty much all of them)
Medical Services and Medications That Were Created or Derived From Any Government Grant or Research Funding (again, pretty much all of them)
Socialist Byproducts of Government Investment Such as Duct Tape and Velcro (Nazi-NASA Inventions)
Use of the Internets, email, and networked computers, as the DoD’s ARPANET was the basis for subsequent computer networking
Foodstuffs, Meats, Produce and Crops That Were Grown With, Fed With, Raised With or That Contain Inputs From Crops Grown With Government Subsidies
Clothing Made from Crops (e.g. cotton) That Were Grown With or That Contain Inputs From Government Subsidies
If a veteran of the government-run socialist US military, I will forego my VA benefits and insist on paying for my own medical care
I will not tour socialist government buildings like the Capitol in Washington, D.C.
I pledge to never take myself, my family, or my children on a tour of the following types of socialist locations, including but not limited to:
Smithsonian Museums such as the Air and Space Museum or Museum of American History
The socialist Washington, Lincoln, and Jefferson Monuments
The government-operated Statue of Liberty
The Grand Canyon
The socialist World War II and Vietnam Veterans Memorials
The government-run socialist-propaganda location known as Arlington National Cemetery
All other public-funded socialist sites, whether it be in my state or in Washington, DC
I will urge my Member of Congress and Senators to forego their government salary and government-provided healthcare.
I will oppose and condemn the government-funded and therefore socialist military of the United States of America.
I will boycott the products of socialist defense contractors such as GE, Lockheed-Martin, Boeing, Northrop Grumman, General Dynamics, Raytheon, Humana, FedEx, General Motors, Honeywell, and hundreds of others that are paid by our socialist government to produce goods for our socialist army.
I will protest socialist security departments such as the Pentagon, FBI, CIA, Department of Homeland Security, TSA, Department of Justice and their socialist employees.
Upon reaching eligible retirement age, I will tear up my socialist Social Security checks.
Upon reaching age 65, I will forego Medicare and pay for my own private health insurance until I die.
SWORN ON A BIBLE AND SIGNED THIS DAY OF __________ IN THE YEAR ___.
_____________ _________________________
Signed Printed Name/Town and State
@Magin,
A good portion of this present problem we are in was exacerbated by our present President when he bad mouthed the economy as much as he did AFTER his Nov. 4th election so that he would look good when it when through its normal recovery cycle.
And if you really want to look at regulations, follow the money in the Senate Banking committee when they blocked (by party line vote) the attempt to properly regulate the unfettered behavior of Fannie and Freddie. The campaign contributions to those Democrats (led by Chairman Chris Dodd) led these greedy Senators to allow this horrific economy to occur… So much for the conservatives being alone with their cronies… Get real.
Alan Greenspan warned in 2005 that it needed to be done because if it wasn’t, “We are placing the total financial system of the future at a substantial risk.”
Magin: you have a strange definition of tyrrany.
Perhaps you should also petition the NFL to remove numbers from football uniforms — we don’t want to be able to identify the guy carrying the ball, that’d be “tyranny”.
“This, of course will require $$$ for the SEC to add new computers, and thousands of new “government employees”, so that politically appointed Czars can puzzle over the too-big-to-check data and report more politically-agendified tinkering needed in the economy.
Sounds like the re-distribution of economic control to me.”
Sounds like you just set up a fake “straw man” argument to me.
@Magin,
Re-read that clause, it says the Feds can “regulate” commerce, if it interstate or international.
Stock trading falls under both definitions. Look up the term regulate and you’ll see that yes they CAN demand whatever information they require to do that.
Moron.
@stev516
Your right on the money
@@Magin,
Don’t forget to include:
“Banking with any FDIC-member institution” (Socialized finance, you betcha!)
People need to get over the fact that yes, Mr. Johnson, sometimes stocks go down for entirely legitimate reasons. It’s supply and demand, after all. If there are more sellers than buyers, then yeah, expect the stock to go down.
So when your favorite stock takes a beating (and yes, this includes Apple), stop crying about market manipulators and “greedy” traders.
If you want to buy an investment that never goes down, try your local credit union savings account. Otherwise, stop bitching that the markets somehow need more government control… History shows repeatedly that when govt enters the picture, the law of unintended consequences kicks in, and inevitably things get worse, not better.
And yes, the govt’s hands were all over the sub-prime loan implosion of 2008. Fannie, Freddie etc were all up in it waist-deep. Just ask Barney Frank, who famously declared that nothing was wrong with the mortgage market in 2006 as he sought more sub-prime lending for Fannie & Freddie…
In 2008 George Bush authorized $900 Billion to bail out the banking industry. Yesterday the B of A CEO replied to a question about why the banks aren’t modifying loans to bail out homeowners on the verge of foreclosure: “That would take hundreds of billions of dollars!” Hello, Captain Irony!!!
And while we’re on the subject of irony, why don’t I get to complain that the “socialist” government has wasted approximately $100K of *MY* personal tax payments on its $225M/day wars in the Middle East? For what?
At least the OTHER $Trillion will go toward healing sick people and providing some sort of benefit to society. That seems to be defined as socialism, whereas piling it up and lighting a match to it is patriotism. Sheesh!!!
Hannity/Limbaugh/Beck are simply pandering to those who have never had an original thought and for whom the sum of 2+2 is still a mystery.
Except that, in the case of AAPL, it’s pretty well understood that the stock is subject to manipulation, because the company is highly secretive and information is at a premium. See Jim Kramer’s interview (later replayed on the Daily Show with Jon Stewart), in which he describes, in intricate detail, how one would manipulate AAPL. Then compare that description with actual movements in AAPL stock.
Aside from that, what Nicu said above is absolutely true – these high-frequency transactions are simply not fair play. They are accomplished using resources that are simply not available to the general public – at any cost. It is effectively a license to steal money from people who CANNOT compete fairly in the contest.
Hey Zeke, just because Bush acted like a socialist, doesn’t make it ok. A bailout is a bailout is a bailout.
Bush & Obama have pursued eerily similar policies regarding Wall St… So much for all that “change” Obama likes to pontificate about.
@Rob: “History shows repeatedly that when govt enters the picture, the law of unintended consequences kicks in, and inevitably things get worse, not better.”
Really? How about deregulation of S&Ls;in the ’80’s? That allowed the theft of hundreds of billions of dollars. Then in the ’00’s the deregulation of banking leads to the theft of $1 Trillion.
Electric utilities are regulated. Oil companies are not. Which one was a root cause of our latest recession?
How’s that deregulated airline travel working out for you? How about the unregulated cable companies? Yeah, government is the boogey man and unfettered free enterprise helps little old ladies across the street. Yeah, I want some of what you’re smoking.