“Ask anybody who suffered the recent bloodletting at HedgeStreet: CFTC regulation can impose crushing burdens. It has nearly driven that innovative business into the ground.”
Chris F. Masse May 2nd, 2008
That was Tom W. Bell, of course. And 5 months after Tom W. Bell’s pronouncement, HedgeStreet v1 ate the bullet and bellied up.
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Doctor Pennock, isn’t “pragmatism” to take into perspective the hard facts povided by:
- the bankruptcy of the CFTC-regulated HedgeStreet v1,
- and the insolent health of the UK Gambling Commission-regulated BetFair?
Shouldn’t the “pragmatists” draw lessons from all that?
Or will the the “pragmatists” ignore the hard facts?
Of, yeah, please, let’s display “pragmatism”.
Back in your court, doc.
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Here’s Tom W. Bell’s old take that prediction markets fall outside of the CFTC’s jurisdiction.
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- Analysis (Industry) , Exchanges & Markets , Regulations
- Comments(3)
I respect you’re idealism, but the the status quo allows for almost zero innovation. This development opens the possibility (small though it may be) of greater innovation. Here is my rebuttal to your rebuttal to my rebuttal:
http://blog.oddhead.com/2008/0.....n-markets/
@David Pennock: I’m not for the status quo.
@David Pennock: I’m not an idealist. At the contrary, I stated disturbing facts.