SEC Votes To Allow Money Market Funds To Suspend Redemptions

[SevenEyedJeff]

Here's another reason for investors to buy US treasuries instead and keep the dollar propped up. The FED doesn't want to have to buy them all. Let's all just keep their ponzi scheme going a bit longer...

One note, does anyone know about zerohedge and are they legit? I actually picked this up off Jim Sinclair's site ( www.jsmineset.com ) , and the link took me there.

http://www.zerohedge.com/article/sus...gulation-4-1-v

Zero Hedge discussed a month ago the disastrous prospects of what would happen if the new proposal contemplated by the SEC, which would allow the suspension of redemptions from Money Market Funds, were to pass. Well, in a nearly unanimous vote, Money Market Funds now have the ability to suspend redemptions, courtesy of the SEC's just passed 4-1 vote. This explains the negative rate on bills: at this point, should there be another meltdown, money market investors will not, repeat not, be able to withdraw their money purely on the whim of Mary Schapiro. As the SEC noted: "We understand that suspending redemptions may impose hardships on investors who rely on their ability to redeem shares." Too bad investors' hardships considerations ended up being completely irrelevant.

[tmosley]

Zerohedge is an excellent resource, though I often find myself in disagreement with their projections (they projected deflation until only very recently, and are only now starting to catch on to gold). Their financial analysis is hard to beat, though.

I'm surprised you haven't read them, having been around here for a long time.

[SevenEyedJeff]

I've read Zerohedge before, but it's not exactly a household name. Anytime I read a story like, for example: "tungsten bars," on a site I don't know, I think it's prudent to find out if those running it are legit, or just disinfo agents.

I was surprised I didn't see news on the SEC vote on a site like Bloomberg or something a bit more MSM.