[FoRK] August 2007 Update of The Second Great Depression

Owen Byrne <owen at permafrost.net> on Wed Aug 1 18:14:13 PDT 2007

Adam, as usual, is just making things up. Go look at the requirements 
for an options trading account on e*trade.
Credit checks galore. And for the most dangerous options, there are 
further requirements, including maintaining
a minimum balance larger than the value of those options.

Owen


Lion Kimbro wrote:
> 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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