Oversight in financial markets
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Look, I’m no economist, but it doesn’t take one to figure out that hedge funds and all the other various complicated financial instruments need to be brought under greater oversight by the federal government. You don’t have to argue for bloated bureaucracy to realize that transparency and regulation can be a good thing when multimillionaires are pissing away money with no limitations.
Case in point, witness the oil futures market, where they are blaming the flight of hedge funds for their latest low price woes:
“The new speculators—those who were caught up in a herding mentality and helped to cause the bubble trouble—have exerted added momentum to the swift price declines,” says Bart Chilton, a commissioner with the U.S. Commodities Futures Trading Commission, which regulates oil trading.
So put some requirements on them. Make them declare where they are investing money, and – more importantly – WHOSE money they are investing.
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