Flash Boys cover by Michael Lewis
books

Flash Boys Doesn’t Ask the Important Question

The new book, Flash Boys, by Michael Lewis has reignited the discussion of how our financial markets are rigged by high frequency trading. From my 2012 note:  To turn back to HFTs, why do we need this kind of transaction? How do they contribute to economic growth? These activities are --->> read more -->>
playing cards
economy

Wall St – not about investing but fixing the game

An article in the NY TImes today reports that NY Attorney General Schneiderman is pursuing various information providers, Thomson Reuters in the immediate case, for their practices of selling market sensitive information preferntially. Those paying a premium get information several minutes before its release to the general public. This is --->> read more -->>
No Picture
free-market ideology

Free Markets – free? markets? – lessons not learned

“Free market” has always struck me as a rather strange phrase. Never more so than in this period of financial market disasters. The phrase ‘free market’ continues to be used reflexively. Just as commentators go right on speaking of Wall St. as a source of capital and innovation, few want to ask --->> read more -->>
No Picture
economy

Controlling Gambling by Wall St. and the Big Banks – Bad for Business?

Anti-Wall St Does Not Mean Anti-Business President Obama’s proposals to break up the “too large to fail” mega banks and otherwise reapply the Glass Steagall Act to the financial sector has predictably brought loud complaints that this is populist and anti-business. Even the rhetoric of the reporters and expert talking --->> read more -->>