October 6th, 2012 — Government
In Springsteen’s song, “Wrecking Ball,” the Giant’s Stadium at the Meadowlands in New Jersey muses on its life. The Stadium, a long-time spectator of the epic sports events taking place within it, now faces its own contest, one it knows to be its first and last, against a wrecking ball. True to its nature the Stadium is a warrior to the end.
At about the same age as Bruce is now, W.B. Yeats, Irish revolutionary poet, wrote about visiting a children’s school and asked his famous question, “How can we know the dancer from the dance?”
Likewise, at just a slightly older age than Yeats and Springsteen, I have to ask, “How can we know reforms from the reformers?” Continue reading →
September 11th, 2012 — Investing
Are you a “dumb investor”? Do you really think a “fat finger,” i.e., a typo, brought about the stock market crash last Wednesday morning? I’ve just finished a book called Dark Pools. It says NO WAY.
Have you yet realized that your pension fund or 401(k) is short, or likely to be short, of being enough to live on — even with Social Security? Do you have any idea that’s because wealthy traders are raiding your retirement funds?
Do you know that 70 percent of the stock market is now dominated by high-speed trading? These high speed traders are “gaming” stock exchanges around the world and and cheating both you and your retirement plan managers out of billions, if not trillions, of dollars!
This is much, much worse than the Libor scandal. Continue reading →
August 28th, 2012 — Investing
In “Fat Finger? No Way” I reviewed a book called Dark Pools. It explores how high-speed traders are siphoning off money from stock exchanges, institutional investors, and retail investors (“dumb money”).
Several people said my post made them furious, but what could they do about it? Before I share my thoughts about what might be done, I want to share a couple of personal stories and say a bit about Bruce Springsteen’s new album, Wrecking Ball. Financial reform, like the creative destruction of businesses, is going to take holding on while letting go of the past!
Two boys and a boat Continue reading →