“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence
Wednesday, August 1, 2012
New Slogan - Ban the Machines
To add to the plethora of bumper stickers promoting nearly every cause in the universe, "Hug a Tree", "Save the Whales", "Think Green" and my favorite "Dads Against Daughters Dating - DADD", maybe we can all add this one: "Ban the Machines".
I am of course referring to the near biblical plague on the financial markets otherwise known as the High Frequency Trading Algorithms.
There is no redeeming value whatsoever in these things - none.
Knight Capital Trading Glitches Strike Wall Street
Wall Street was hit by a messy opening on Wednesday due to technology glitches at Knight Capital Group (KCG: 7.99, -2.34, -22.65%), causing confusion and shares of the market maker to plunge more than 20%.
The Securities and Exchange Commission is talking to the New York Stock Exchange over erroneous Knight Capital trades, sources told FOX Business's Charles Gasparino. The SEC and NYSE are examining possible algorithm mishaps and looking into a possible “fat finger” trading error, while Knight told Gasparino it is looking into the trading problems.