[FoRK] August 2007 Update of The Second Great Depression

Lion Kimbro <lionkimbro at gmail.com> on Wed Aug 1 17:43:20 PDT 2007

On 8/1/07, Adam L Beberg <beberg at mithral.com> wrote:
> For example you can right now open a currency trading account and get
> 100x margin i.e. the broker will loan you $99 for every $1, and that
> dollar could be a loan from a bank, and you're just Joe Public. Just
> imagine what professionals can think up.

  Waaaiiit-a-second here, ...

  Is that really **true?**

  Are you sure?

  Like, I sign up for E*Trade, and I know that you can trade on
  margin.  I forget what the percentage was;  I think it was something
  like "50%," maybe even 100%.  Hell, let's be gratuitous, and pretend
  it's 200%.

  But 10,000%?

  Are you sure?

  Can you back this up with something?

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