Quote For The Day II

"Although [the Volcker rule] will never be implemented, we need to be honest about proprietary trading. I spent 25 years as a prop trader, many on this site have spent decades at it and we KNOW - although we never admit to it - what it does to markets.

We want volatility, that's the lifesblood -- the key to making real dough and when we have control of the product as well as the mechanism of the trade -- well, honey -- that's the best, we are unstoppable and can ratchet those trades back and forth every day and plan to buy boats and big houses.

Anyone in the industry who doesn't make the connection of prop trading with wildly overpriced assets, boom/busts, huge leverage, increased risks -- many systemic -- and COLLAPSES and CRISES -- is not making the leaps between obvious cause and effect here. And WE should, because we have been engaged in it and know that it's true.Meanwhile, nothing will change, so I'm buying more Morgan Stanley -- that's also the truth.Position: MS" - Daniel Dicker, Senior Contributor, TheStreet.com.