Posted on 09/20/2011 7:04:43 AM PDT by JesseWatters
"In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold. In addition, the added cost of security regulations have forced me to create an offshore brokerage firm to handle foreign accounts that are now too expensive to handle from the United States. Revenue and jobs that would have been created in the U.S. are now being created abroad instead. In addition, I am moving several asset management jobs from Newport Beach, California to Singapore."
(Excerpt) Read more at nation.foxnews.com ...
I agree. Very well developed and clearly outlined both the problem and solution.
“everybody knows if you don’t have a piece of steel in your hands 8 hours a day, you ain’t “working””
You spend that kind of time at the range every day???!!! Oh, man, I’m jealous!
:)
Let’s see you sell a stock without a broker.
The notion that only people who work with their hands and produce physical goods qualify as “workers” is one step above the union hatred for anyone white collar.
I understand the jist of what you’re saying, but they’re still JOBS.
AND they need to wear a hard-hat and be carrying a 10 lb hammer. Or it doesn't count.
bttt
I agree. Excellent post!!!
That’s the kind of attitude that fosters phrases like “Workers’ Rights”...
What do you do?
“I guess in a group that’s as large as FR there are going to be some mental midgets.”
Hmmmm... maybe Brownsfan’s Law has some merit? :)
In a rational discussion, I would offer that I was thinking stock broker, not financial broker. I’d further admit that I am unfamiliar with all that financial brokers do, so I’m unqualified to comment on them. Stock brokers, I know a bit more about them. And finally, I’d admit that most jobs are better than nothing, except class action lawyers.
That’s all assuming a rational discussion. It used to happen on FR, not very much anymore. It’s more of a food fight now. I’ve learned a lot here in the past. Sadly, not so much recently, and I’ll expect more zings than anything else for this post. I wonder how that translates to the GOP as a whole? Hmmmmmm.
BTW, 63 and 87 Vette? I had an 87 I sold last year, I miss it, but it was killing me on repairs! Might pull the trigger for a C5 this spring, if the economy doesn’t tank even further.
I’m waiting for your better idea on how to facilitate lending and borrowing.
By that measure, the people who work at the hardware store aren’t “workers”, because they didn’t make the hardware.
I am a client of Peter Schiff’s and the people he employs (no matter what they are called - broker, etc.) are worth every penny.
“Financial brokers create nothing.”
Free markets without brokers are like machinery without lubrication. They tend to freeze up. This fact is not readily apparent, but you can see the results in places like the old Soviet Union. No one possessed ANY of the vital information that the free market both provides and requires, such as prices, or what consumers actually want to spend their money on.
“The first one to call another freeper any of the above loses credibility.”
Sorry, but you were the first. Baaaaant!!!
Really I'm not looking for a fight, but that's just ignorant. The VAST majority of jobs don't directly produce something (even in factories), they just facilitate some minor part of the process (delivery of parts, quality testing, packaging, inventory management, cleaning, tool repair, machine maintenance, forklift driver, utilities, etc.) Being a broker (or any other sales position) is facilitating a transaction that would not otherwise happen for a item that would not get manufactured if some did not buy it.
“Free markets without brokers are like machinery without lubrication.”
Like an athlete, band, actor, or prostitute without a manager/pimp. So I guess a broker is just a glorified pimp.
They may not create wealth outright but they facilitate and
negotiate more agreeable terms.
I’m waiting for your better idea on how to facilitate lending and borrowing.Just because you don't know the answer doesn't mean a better way isn't possible.
For one would be the potential borrower advertises for need of capital. Potential (private) lenders respond and negotiate a interest rate...
Under usury laws that would be illegal. Any guesses who/what business got that law enacted? Think real hard.
If you want to use a broker there would always be one...the fact you HAVE TO use a broker is another matter.
So, are you one of the "morons", or the"mental midgets"?
I’ve read through the thread, and IMO, brokers are part of the financial grease that facilitates movement of money. Do they make something in the traditional sense? Maybe not, but then again, I don’t either when I write software. It is really just a glorified instruction manual. But without it, your computer is pretty useless.
Without brokers much of our financial activity would be severely hampered. I’d argue they make our economy run smoother. But like many things, they are part of a service industry and not manufacturing anything.
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