Obama wants to suspend your right to withdraw money from your money market account!

[w¡n9Nµ7 §£@¥€r 123]

Money market funds are supposed to be the stalwart of safety and security among the plethora of global investment alternatives ... The primary purpose of money markets is to provide virtually instantaneous access to a portfolio of practically risk-free investment alternatives.

...

Yet new regulations proposed by the administration ... suggests that money market fund managers will have the option to “suspend redemptions to allow for the orderly liquidation of fund assets.” ... The next time there is a market crash, and you try to withdraw what you thought was “absolutely” safe money, a back office person will get back to you saying, “Sorry – your money is now frozen. Bank runs have become illegal.” This is precisely the regulation now proposed by the administration.

http://www.prisonplanet.com/this-is-the-go...een-denied.html

Edited January 10, 2010 by w¡n9Nµ7 §£@¥€r

[w¡n9Nµ7 §£@¥€r 123]

bump

[scandal 951]

This is a good thing. Prevent a run on a fund from destroying it.

[SMR 368]

If the FDIC wants to make a rule like this is a prerequisite to obtaining FDIC insurance, that is reasonable so long as the blackout is limited to a reasonable amount of time, not more than a week or so. If this is going to be the case, there should also be a rule that the bank has to explain the rule to the investor before investing money.

If we aren't talking about FDIC insured accounts, the government should really be hands off. It isn't their liability and it isn't their problem. The whole bailout mentality has set a precedent that leads to government control of anything that could harm the economy. That isn't a free market.

[PhiLandShiR 18]

If the FDIC wants to make a rule like this is a prerequisite to obtaining FDIC insurance, that is reasonable so long as the blackout is limited to a reasonable amount of time, not more than a week or so. If this is going to be the case, there should also be a rule that the bank has to explain the rule to the investor before investing money.

If we aren't talking about FDIC insured accounts, the government should really be hands off. It isn't their liability and it isn't their problem. The whole bailout mentality has set a precedent that leads to government control of anything that could harm the economy. That isn't a free market.

Its never been a free market.

A somewhat free market caused the crash back in the 1920/30's.

The market needs to have some restrictions on it because it controls the economy.

-P