Comment Text:
i0-001
COIMMENT
CL-07466
From:
Sent:
To:
Cc:
Subject:
Dave Adkins
Sunday, March 14, 2010 12:06 PM
secretary
[email protected]
Regulation of Retail Forex
RIN 3038-AC61
I am having a hard time believing that small investors in the forex market is something that the CFTC needs to worry
about. There are people like Bernie Madoff still running loose and corrupt brokerage firms still operating. Why not spend
your energy there? The small investors are not breaking laws or stealing from anyone. People like Madoff have destroyed
the lives of thousands and you want to focus on those who don't,
what a waste of energy.
This is unfair to me as a small investor. Over the last two years I have been studying how to read and trade these markets.
Yes I have lost money over the last two years but now I am making money as I have learned from my mistakes and have
developed a working trading plan. I am not making a vast fortune but my losses are not that often and are small and I am
coming out with a profit every month now. I don't want to lose this investment opportunity due to shortsighted interference
by the CFTC.
The shortsightedness of government officials never fails to amaze me. You want to kneecap the honest hard working
people and let the thieves run. In the 1990's state governments started investigating Microsoft and the lawsuits started.
What did they accomplish with this nonsense?
The sharp devaluation of Microsoft's stock. Who paid the price? Millions of hard working people who have been investing
in their retirement with 401k plans. As Microsoft stock plunged millions of Americans lost thousands of dollars in their
401k plans. This proposed action by the CFTC is going to accomplish the same thing. This time it will be worse though,
the job losses at the brokerage firms will assist in this downward spiral of our economy. Some brokerage house will close,
making it worse again. But this is not the worse that will happen, small investors like me will be courted by from brokers in
Europe as soon as this stupid plan is implemented. All the money that is traded in this country will be funneled overseas
to brokerages that will be happy to have US customers. You can bet they are planning for this all over Europe as we
speak. This will just be another nail in the coffin of our economy. The sad thing is it if for nothing. No one will gain from
this and the losses will be great.
David Adkins
