Derivatives

[ryan costa]

http://www.cbsnews.com/stories/2008/10/ ... 6199.shtml

Summary:

Derivatives used to be illegal. 'Derivatives' is a codeword for 'gambling'. Derivatives 'trading' caused a market crash about 100 years ago and were made illegal. The Commodity Futures Modernization Act of 2000 made them legal again. Page 262 of the Commodity Futures Modernization Act of 2000 made it impossible for States to enforce laws against them also. (so much for states rights).

Perhaps most of the legislators who voted for it never read it. It seems like they just pick out buzzwords from the first few pages of legislation.

http://en.wikipedia.org/wiki/Commodity_ ... ct_of_2000

Summary: loaded with "deregulation", including an Enron Loophole that allowed Enron to trade energy back and forth to itself before selling to customers. Apparently Clinton was just taking a nap during his last month in office and signed whatever the republican dominated congress handed him.