The greed of the scoundrels in charge knows no boundaries and nothing will stop them until the last dollar of personal savings is wrung out of the US economic corpse. It's a sure bet you won't hear a word about this juicy morsel on the evening news and the timing of this decision so proximate to Obama's state address, is interesting to say the least. It's almost as if the Banker Cartel is openly challenging the President's power and authority. While Obama lays down promises to help the masses recover from a stumbling economy, the bankers flip him the bird to show him who's really in charge of fate of the average Joe. At any rate this sad news courtesy the failed regulators over at the SEC, is a fine example of why the founding Fathers of the US warned of the dangers of allowing bankers to control the domestic money supply. Something nasty is coming down the pipeline and the table is being set for a feast, but Joe Sixpack who grew the food for the meal is not invited.

ESL

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.

http://www.zerohedge.com/article/suspending-money-market-redemptions-now-legel-sec-approves-new-money-market-regulation-4-1-v