Sen. Cantwell Wants to Use Anti-Gambling Laws to Regulate Wall Street

Wednesday, December 02, 2009

“Derivatives” is just another word for gambling, as far as U.S. Senator Maria Cantwell (D-WA) is concerned, so she wants anti-gambling laws applied to Wall Street in an effort to end the era of “casino capitalism.” In the wake of last year’s financial crash, Cantwell favors giving state attorneys general the power to go after speculative trading which has become little more than a high-stakes game with investors. States had such authority until 2000, when Congress passed the Commodity Futures Modernization Act and deregulated the derivatives market.

 
“Let’s embrace productive capitalism, not casino capitalism, by restoring transparency and true competition in the commodities markets,” wrote Cantwell in an editorial on Huffington Post. “Our nation’s financial sector can act as a great force for job creation and production. We should not stand by and let their dimly lit casino bring us all down once again.”
-Noel Brinkerhoff
 
Wall Street's a Casino, So Maybe State Gambling Laws Apply (by Les Blumenthal, McClatchy Newspapers)
Wall Street Has a Gambling Problem (by Maria Cantwell, Huffington Post)

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