Re: brokers as middlemen

[snow <snow@smoke.suba.com>]

On Mon, 15 Jul 1996, Timothy C. May wrote:
> At 5:48 PM 7/15/96, L. Detweiler wrote:
> >that could be regarded as the ultimate capitalist market-- something
> >that eliminates all "unnecessary" middlemen. I suspect the stock exchanges
> >of the future will *not* be regulated because they *cannot* be. it
> >will be a matter of buyers and sellers choosing the systems that
> >best suit them regardless of what governments feel is appropriate, fair,
> >or whatever.
> I emphatically agree! There is little need for regulation in this new
> environment, and "reputations matter." And regulation is becoming
> problematic.
> (To cite one example. Some are calling for registration and regulation of
> "investment advice," which is largely unregulated in the U.S. today. That
> is, I can self-publish a newsletter, "Tim's Stock Picks," and the First
> Amendment says this can't be restricted (Caveat: But I can't sell "Tim's
> Legal Advice," "Tim's Earthquake Safety Advice," or "Tim's Medical Advice"
> to clients...go figure). Some want investment newsletter writers "held

     While IANAL, and I don't know for sure about "Tim's Legal Advice", 
there is NOLO press, I don't think they are lawyers. I don't understand 
why you couldn't print "Tim's Earthquake Saftey Advice" as long as the 
advice wasn't totally erroneous. As to the last, you most certainly _can_ 
publish "Tim's Health Advise, or Tim's Homeopathic Newsletter and give 
essentially medical advise. 

     The non-crypto snake oil business is a big as ever in the US. 

Petro, Christopher C.
petro@suba.com <prefered for any non-list stuff>
snow@smoke.suba.com