Many of us bought it, few of us thought it through. If the ratings agencies hadn’t failed us, we’d be in capitalist/humanist nirvana. What a shame.aargh!!

any position that ends up as open at days ends gets included in the Var calculation is a prop positions. Full stop.

Can I make it any clearer? Can it be made any simpler?

Sorry, but, you’re still as clueless as ever, Sorry for the ad hominem but in this case it’s warranted.

If I were to take you seriously, which many do, I’d need to concede your insights are valid.

Perhaps you’re too young to have known Volcker in his prime. There was little doubt he took his role seriously, and at the time there was no doubt he acted,as Fed chairman, in that capacity,as he saw fit, come what may.

He acted as a principled man, many disagreed and still do. But he was fearsome. To this day, I’m not sure he made the right choice re NAIRU, but he laid his position on the table to be refuted. It wasn’t, once inflation (and the threat of hyperinflation) was slain.

He’s still yelling “bullshit” to the chucklheads in the O adminstration ( or the Clinton arm of the party still in power re finance) that they are at finance’s mercy.

The “prop trading” definition that the IBs make is a nonsensical argument that you should be able to debunk in a nanosecond, if you chose to. That you don’t demonstrates the depth of your cluelessness. Stick to movie futures and wine options. you’re completely out of your depth here, and while I respect a lot of your repoting/analysis, you need to be called out on your political calculus re Volcker. You are not an authority.

You insinuate that he was usurped. My read is that O & co were outfoxed. To me that’s an imperfect, but wonderful develpoment, one I wish were shared and adopted by more influential bloggers.