By Pam Martens and Russ Martens: July 1, 2021 ~ Yesterday, the House Financial Services’ Subcommittee on Oversight and Investigations held a critically important hearing on the crypto craze that has engulfed U.S. financial markets. The hearing was titled: “America on ‘FIRE’: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” Before the witnesses could testify, the Republican Ranking Member of the Subcommittee, Congressman Tom Emmer of Minnesota, delivered Alice in Wonderland opening remarks that downplayed the legitimate concerns of the hearing and effectively characterized crypto as the best innovation since sliced bread. (Emmer is a former registered lobbyist in Minnesota and his Congressional campaign coffers are stuffed with money from the financial services industry.) It didn’t take long, however, for that farcical assessment to collapse under the weight of testimony from a Wall Street veteran, Alexis Goldstein, who is the current Director of Financial Policy for … Continue reading Witness Drops Bombshell at House Hearing: Hedge Funds Are Getting “100 Times” Leverage on Crypto