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Fed & Treasury Really Need To Keep Their Eye On The Ball

At this critical juncture of the recovery, politicians need to put petty projects aside and focus on what's important. We need a concerted effort to address the issues that pose a threat to the new era of second derivative led expansion. What should be done with dollar? When should the Beard raise rates? How can we turn job losses into job creation? But that's not the exhaustive list. There are other issues that deserve the undivided attention of the Treasury Secretary and the Federal Reserve Chairman right now. Such as what to do with the UIGEA.

Barney Frank and 18 other members of Congress sent a letter to TG and the Beard encouraging them to stop letting minor things like economic reconstruction take precedence over the true path to healthy growth, internet gambling.

Frank's letter explains that the UIGEA (Unlawful Internet Gambling Enforcement Act ) rules were officially approved on January 19th, one day before current U.S. President Barack Obama took office. It implores, "We realize this is not a task you requested. We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis, and it contradicts the stated intent of the Financial Services Committee."

So the message is clear- high frequency trading, enemy of the state; high frequency gambling, cornerstone of a society in dire need of greater personal financial self-control.