March 15 (Bloomberg) — Senate Banking Committee Chairman Christopher Dodd unveiled a plan to overhaul financial rules and empower the Federal Reserve to break up large firms that pose a “grave threat” to U.S. economic stability.

The Fed, with a two-thirds vote by a proposed Financial Stability Oversight Council, would be able to require companies to divest holdings, “but only as a last resort,” according to a summary of Dodd’s legislation released today by his office.

“The failures that led to this crisis require bold action,” Dodd said at a Washington news conference. “We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them.”

Dodd’s plan creates a nine-member council of federal financial regulators led by the Treasury Department secretary to identify and respond to risks throughout the financial system. Large bank holding companies that have received funds from the $700 billion bailout won’t be able to avoid Federal Reserve supervision by getting rid of their banks, according to the draft.

Dodd’s legislation also includes a version of the so-called Volcker Rule to require regulators to ban proprietary trading, investment in and sponsorship of hedge funds and private equity funds and to limit relationships with the funds, according to the summary. The actual regulation would be developed after a study by the new council, according to the summary

Credit card delinquency rates declined in Feb. compared to Jan.

Oh The Huge Manatee (LIESman .vs. Santelli)

You know it’s going to get good when LIESman says something like “there is a point in time when ignorance goes from being amusing to being dangerous” to a grizzled trader like Santelli.

Well, Liesman did, and…. (we’ll do facts after the video)

Now for the facts:

http://market-ticker.org/

No. They will make it go down just when everyone decides that they won’t let it go down and piles back in. Florida has it right. They can see the whole playing field and not only call the plays but tilt the field.

doesn’t add gold stocks to their portfolio?

This market has got to be the most manipulated piece of crap in the history of markets.

 I’ll probably drop dead before they ever allow this market to go down again. Who the hell is the mystery buyer that comes in everyday in the last hour?

Kentucky - good thing McHugh is wrong alot

The DOW just turned positive and in all likelyhood will finish up for the day!

I wonder (not) how this could happen?

“2 stinkin c”  Sheesh that’s not so good.  This time will be better!  Good luck!

based on your stated  MAX PAIN - the only way they can keep from paying out, is to SMACK the market in the nose over the next three days.  Will it happen - don’t know, but it is amazing how they manage to close things very close to the max pain number many times.  Lots of economic numbers over the next few days and FOMC tomorrow - so they may know the news is not going to be good for the markets and that gives them a chance to steal everyones profits.    Just keep an eye on your basket - they might send a big Easter Bunny after it - maybe not! 

last time it ran to .22 and then fell to 2 stinkin c over the next 15 months.

Is this time different? Well fwr was bought out by cliff and ran up to a buck for the buy out a few months ago.

I still don’t know, but holding till the buyout seems like a good plan.

Just listened to McHugh at financial sense on the potential H& S top in the HUI.

stockcharts.com/h-sc/ui?s=&p=D&yr=1&mn=6&dy=0&id=p02046657904

He says a break below 400 would be confirmation and we could see a move to 200.  The full stochastic has rolled over on the daily and there is weakness in the rsi and macd.  He thinks a deflationary spiral with the withdrawal of liquidity could hurt the stocks while gold remained stable.

Congrats!  Just don’t forget us Po folks when you’re living in Squillionaire Acres. 

I agree. I’m just trying to figure out how they are going to make their money so I can try to avoid losing mine.

Would I be correct in interpreting your statement to mean that a fairly severe fall might occur before Friday.

Buygold1 re: volume…. what’s that ole adage… volume preceeds price. 

GoldenMaples… I’m gonna be holding my shares, not anxious to sell that one, especially since the price has improved.  Twill be nice to see some drill results on their other gold prospects.

Cheers

mentioned it friday, up 33% on near 11m shares today, close to 200% in 7 days.

if the rest of my pf does that for the next 3 weeks I might start to grin a bit. not much mind you…..

The  CROOKS  will figure out a way to keep anyone from making any money except themselves!

Has anyone ever seen the options this far out of kilter from the price. For example the max pain for SPY as best I can tell is 105. It is currently trading 115 at the beginning of OE week. Either the market takes a pretty hard hit or some people are going to make a killing with their in the money calls. Do I have it wrong?

Rob likes it his partner sure likes it the grades don’t look that bad and they have locked up lots of land and beyond to explore when the time is right.

I hear no rumblings from either camp as to dissapointment,so lets see how it all plays out over time.

 Good volume in little Minera today too. Probably finish 4x’s the norm.

Careful with those dragons, friend! 

“a seller”  WHAT!  You mean you don’t want no Hochschild shares?   HeHe 

 If those idiots at Hothschild are buying I’ll be a seller.

Farmgal is on other computer…
First..Aussies…Just met Mike McGwaine from Queensland..he saw plant and is going with his other friend and wives to Pannama in 2 huge motorcoaches ..Carpio set up their reflectors with Buck Best Buy for free..and Rocky is checking their air con for good measure..Mike is in sand and gravel and minerals and is a contractor….They say hello to all Aussies..

Next just in on the radio ….GST is increasing to 12.5 from 10 tax…But and a big BUT..many many items I screamed about are now getting removed from the GST tax AND Duty Import tax..washers driers many many foodstuffs…tractors and equipment plumbing and drainage pipe, cereals,agriculture packaging items and equipment…AND TAPIPIA FOOD and appurtences haa.. less heat at border ..1.00 tax on oil companies for damage to roads …all in all it should fill the 60 million dollar hole in this years budget….but the C entral Bank is going to be able to make some of the banks BUY Treasuries…you all know what that mans …the once huge asset to debt ratio at the local banks will come down a little ….and PRint Print Print the Central Bank do ……can anyone spell INFLATION….If only the lawyer listened to backing some of these bonds with silver and gold….they would sell out in 5 seconds…but alas poor yorek…I have another dragon to slay first….
Love ya all..gatta go…

South Africa now only world’s No.4 gold miner

For many years the world’s largest gold producer by far has fallen to No’4 in the global gold production league.

Author: Lawrence Williams
Posted:  Monday , 15 Mar 2010
SYDNEY -

According to figures produced by South Africa’s Chamber of Mines, a further decline in the country’s mined gold output in 2009 has now relegated it to fourth position in the World Gold production stakes.  It had been the world’s largest gold producer for most of the 20th Century and early 21st until it lost that position to China.  Now, the latest figures also put it behind Australia and the U.S. in global gold output.

In 2009, South Africa produced 204.9 tonnes of gold, a 5.8% decline on the 2008 production number.  The 5.8% year-on-year decline in production in 2009 was, however, not as large a fall as in 2008 when the drop was 14.5%, mostly as a result of the country’s electricity crisis when power shortages early in the year forced most mines to cut production.

mineweb

Is anyone familiar here familiar with copper grades.  Does this sound like it would be an economic deposit?  ( I know there are many other factors)  I generally favor gold and silver over copper but the copper price has been surprising.

From the Minera Andes website
TORONTO, ONTARIO - March 8, 2010 - Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) is pleased to announce exploration results from our 100% owned copper project, Los Azules, in San Juan province (Argentina). Exploration commenced in mid-December 2009 and four diamond drills are currently operating on the project.

Highlights include: 1.08% cu over 145 meters (Hole 46); 0.92% cu over 76.8 meters (Hole 47); 1.01% cu over 216 meters (Hole 48); and 1.05% over 236 meters (Hole 49). The intercepts are from in-fill drilling that is confirming the presence of an important high-grade secondary enrichment zone.

To date, eight holes have been completed and four are in progress. A total of 5,032 meters (of a current program of 8800 meters) has been drilled to date, with all holes reaching minimum targets depths of 400 meters. Hole 45 is a step-out hole drilled approximately 200 meters west of any previous drilling, and it contains 0.35% Cu over 194.9 meters from 456 meters to the bottom of the hole at 650.9 meters. It is the deepest hole that has been drilled on the project.

The objective of this field season’s drilling program is to expand the known limits of mineralization, delineate the high-grade secondary enrichment zone and to increase the confidence level of the existing Los Azules resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper.

Rob McEwen, Executive Chairman and CEO of Minera Andes commented:

“The initial drilling is progressing as planned, and, in contrast to previous drilling campaigns, we have successfully completed all of the drill holes so far this season to their target depths and beyond. We are excited by the excellent results obtained so far, especially in the high grades and good thickness of the secondary enrichment zone. In addition, the drilling this season is proving that the mineralization extends to greater depths than had been previously drilled, and results to date of the step-out drilling are also very positive.”

mneaf website