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CNBC Video Of Peter DeFazio, Ya Know The Guy Who Wants To Shut Down Day Trading

Posted by Timothy Sykes on Thu 5th of Mar, 2009 03:00:06 PM
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Remember when I posted about the Congressional proposal for a 0.25% trader tax? I asked everyone to sign the petition against this dumb piece of legislation and so far 46,000 people–basically all the hardcore traders in the US–have signed it–(weaaaaaaak, you need to send to non-traders too, anybody who believes in capitalism/market freedom)

Well, below is video of the dude who proposed the anti-financial-speculation rules, who doesn’t understand market liquidity and who is likely to get bludgeoned to death by any number of ugly looking day traders should the bill pass:

Listen to his smug little story and prepare to be outraged that he thinks the market is anything like the 1930s…when day trading wasn’t possible due to the fact that online discount brokers didn’t get invented until the 1990s!

The guy doesn’t seem to get his little rule is going to hurt the smallest of market players and especially ALL the online discount brokers…companies that each employ a few thousand people DeFazio.

My God, if these penny-stock-sap-like-unable-to-do-proper-research-half-brains actually have any kind of power, I just might have to run for Congress to smack these guys around a bit.

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  • cash
    tim please run of congress.

    now this guy is just an idiot, but who is worse him or the the peolpe of oregon that put him in office.

    you just can not teach stupid and this guy is a born idiot.

    people from oregon i am calling you out how in the hell can this guy be in office. are you people really that stoned up there?
  • Coen
    Every time i hear the guy....i get really pissed, whats the economic benifit of gamblers (daytraders)....omg...i was still calm and relexed the first 1.5 minutes...but THEN...omggggG!!! SUPER RETARD!!!
  • OptionsTrader
  • gil
    unbelievable what A patronizing A hole he calls day traders - "Gamblers"
    he should go timothysykes.com and check out the return of A daytrader
  • bluecollartrader
    What an AssHat Peter DiFazio is.
  • Josef H
    Quote: "Main Street shouldn't have to pay for Wall Street gamblers" - Peter DiFazio (County Hick Bum Fuck out of Oregan)

    He talks as if the GOV are heros (if not victims), standing on rules based on the 1930's. I don't see the GOV bailing me out with 30 billion dollars. He is seeing things through his own perspective and have not completely thought it through. If he thinks the GOV is fucked now ... wait to see what happens after that bill is passed. We may be looking at the next stock trading "Black Market", in our near futures.

    If so, let me move to Belize now and start up the next "ThinkorSwim". He is setting himself and the GOV up, traders will eventually move their investments over seas, if this bill passes.
  • the good news is this bill will unite all traders for once, in a way trader monthly never could
  • saadi
    what a fu** tard. why can't we go back to the old'n days where we were allowed to tar and feather mofo's like this.
  • Zb
    This guy's got "clueless old-timer" written all over him. Aren't "long-term" investments into say GE, Citibank, and American Airlines essentially gambles as well? By his own logic, what people need to be doing is exiting the stock market altogether and just buy real assets. Instead he's promoting the mutual fund industry and such.

    The real culprits (see article below) aren't going to be taxed...but karma's a bitch so we'll let fate take care of these losers...too bad these lawmakers can't dive into the bank accounts of greedy Wall St. and real estate professionals and make these real gamblers pay.

    http://www.bloomberg.com/apps/news?pid=newsarch...
  • Zb
    Another thing....what pisses me off about these a-holes on TV is that they seem to be perfectly fine with the fact that America's been turned into a service economy over the past few decades, that we essentially buy and sell shit for a living anyway...and that it's turned into a financial/investor nation instead of a producer nation, but now they come out of the woodworks and blame who...TRADERS?? What about the MF's who have sold our nation's strengths (IP, manufacturing) for the sake of personal gain in the form of stock options and bonuses? Of course politicians know nothing of this, for they aren't in bed with corporate executives at all.
  • Obviously this guy is a grade A ***** of ****. Long term investments are the riskiest investment in my opinion. Sure it worked during the good times, but so did many things. This guys face is almost scarier than his proposal and thats bad. I say this Peter De'Retardo if I was you I would go LONG plastic surgery and SHORT your stupid proposal, of course. Your going after the wrong people here. If you want to call day trading "gambling" then you might as well call every start up business or anything for that matter gambling. I prefer to call it balls, which you have none of!
  • Mike
    Is this guy a freaking moron? "We don't matter", he only cares about mutual funds, retirement funds? You f___K__g idiot! Who the hell do you think supports these losses, the insurance in options, day traders, etc., that's who!

    Without us there is NO SUPPORT FOR THE "SO-CALLED" DERIVATIVE Insurance for this collapses in the system, you jackass politicians, masterminded - for the devastation of the MUTUAL FUNDS, RETIREMENT FUNDS - not we the traders, who make our living from our investments!

    You should worry more about minding our store, the business of RUNNING AMERICA, and not how to pick the pockets of "we the people" that move these markets.....
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Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
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Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)