“Front Porch” (fb) friends and family, here is another example of my faith in humanity, especially young people. Check out these links on how the stock market is rigged and how one virtuous young Canadian, Brad Katsuyama, is trying to level the playing field. ‘The stock market is rigged, Michael Lewis tells Fresh Airs Terry Gross. Its rigged for the benefit for really a handful of insiders. Its rigged to ... maximize the take of Wall Street, of banks, the exchanges and the high-frequency traders at the expense of ordinary investors.’ Michael wrote the book “Flash Boys, a Wall Street Revolt” about Brad Katsuyama, and his findings and attempt to equalize the stock market trading arena for all. First, here is a link to the NPR article with a link to the Fresh Air interview - npr.org/2014/04/01/297686724/on-a-rigged-wall-street-milliseconds-make-all-the-difference. Next, check out this exchange on CNBC between IEXs Brad Katsuyama and BATS Global Markets president William OBrien - cnbc/id/101544772. Remember another posting I made a few months ago about Thomas Herndon, a young University of Massachusetts Amherst economics graduate student who discovered the intentional errors in a study by Carmen Reinhart and Ken Rogoff claiming a debt-to- GDP threshold for stagnation? This error strewn report was to justify budget austerity versus deficit stimulant spending. The Europeans fell for it. Obama didn’t. Now look at whose economy is recovering. I love young people.
Posted on: Wed, 02 Apr 2014 00:46:43 +0000
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