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posted by n1 on Tuesday August 16 2016, @01:53AM   Printer-friendly
from the money-for-nothing dept.

Reuters and Yahoo Finance report that the Dow 30 NASDAQ and S&P 500 stock indexes all reached record high levels on Monday. According to Yahoo this last occurred in 1999.

Reuters cited as possible factors speculation that the central bank will not soon raise interest rates, rising oil prices due to speculation that oil producers may cut production, and a Bureau of Labor Statistics report issued earlier in the month.


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  • (Score: 4, Insightful) by Azuma Hazuki on Tuesday August 16 2016, @04:45AM

    by Azuma Hazuki (5086) on Tuesday August 16 2016, @04:45AM (#388566) Journal

    ...and that means we peons are gonna take another soaking.

    Nope. Fuck this shit and fuck the greedy rent-seeking useless parasites who've turned the US economy into their own private casino with the livelihoods of tens of millions as betting collateral. Time for a tax on each and every trade, double if it's made by a computer at high speed. THAT should cool this system's overinflated head a bit.

    While we're at it, put Glass-Steagal back and stop making it a perverse incentive to bet long on basic commodities people need in order to fucking survive. I can't believe this shit is allowed to happen.

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  • (Score: 1) by danuk on Tuesday August 16 2016, @12:58PM

    by danuk (5137) on Tuesday August 16 2016, @12:58PM (#388660)

    My favorite law for this would be, anyone who trades food stuff should have to take delivery of it and store it.

    • (Score: 2, Informative) by Francis on Tuesday August 16 2016, @01:42PM

      by Francis (5544) on Tuesday August 16 2016, @01:42PM (#388671)

      That's how that works. If you buy a certain number of futures in pork bellies or corn futures and you still hold the contract on the day that they deliver they will quite literally drop off how ever much of it you own. There's no way that you could be made to take delivery and store them before they've even been produced.

      Futures themselves aren't evil, they're an incredibly useful tool for farmers in managing their risks.

      • (Score: 3, Insightful) by HiThere on Tuesday August 16 2016, @07:04PM

        by HiThere (866) Subscriber Badge on Tuesday August 16 2016, @07:04PM (#388795) Journal

        Futures and commodity trading aren't inherently evil, but the current system is, especially high speed trading. So is anything that allows one to "corner the market". Monopolies of any sort can never be trusted, and that's essentially paying extra to create a monopoly that you can abuse, i.e. for the purpose of abusing it.

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  • (Score: 0) by Anonymous Coward on Thursday August 18 2016, @04:26AM

    by Anonymous Coward on Thursday August 18 2016, @04:26AM (#389487)

    While we're at it, put Glass-Steagal back and stop making it a perverse incentive to bet long on basic commodities people need in order to fucking survive.

    Guess which of your favorite people agrees with you! [bloomberg.com]