The recent financial reform bill that passed the House and Senate was so important that even the people who created it don’t know exactly what it will do. And we can debate all day what’s the most important part of the bill, but I’d like to suggest that it’s the ban on the despicable practice known as “Movie Futures Trading” (MFT) that will have the most positive affect on the country.
MFT is the process by which people bet on how much money a work of art — a film — will “earn” at the box office. Much as the stock market speculators nearly caused the collapse of our entire financial system, so to does this crass gambling enterprise threaten the very foundation of an industry that is vital to our economy and to our standing in the world. Interim MPAA president Bob Pisano put it best when he said:
“After proposals for these speculative gaming platforms came to light, our industry came together to oppose these plans with an unprecedented coalition that included entertainment industry workers, creators, independent producers and distributors, studios and theater owners. We are pleased with final passage of this important legislation. Congress has acted decisively to ban proposed trading in box office futures and to make important reforms in the country’s financial regulatory system. We applaud the work the bill’s authors have done, and of course, the many Senators and Members who supported the provisions to prevent movie futures trading.”
Essentially, it encourages people to “root against” certain films — films produced by studios that already have a hard time ensuring their products make money.
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Tags: movies, politics & government by Ricky Sprague
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