Posted 5 years ago on Aug. 3, 2012, 7:29 p.m. EST by ThomasKent
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Is feudalism the natural order of things? Somtime during the 20th century capitalism was captured by banking feudalism.
Max Keiser on Too Big to Fail
As the leader of one of the largest brokerage firms in the nation, Thomas M. Joyce has been an unapologetic advocate of electronic trading and one of the most vociferous critics of companies that struggled to keep up with the ever-changing stock market.
Nimble Knight Capital
Computers have given us robo-callers, avatars, and telephone answering menus that have a very limited ability to interact with customers and screen calls. The computer has replaced people who were doing these functions. This has created millions of dislocated workers. Yet the cost of living continues to rise while these people have even less earning power. Would a knowledge revolution have caused or allowed this to happen?
Computers are fast. Computers have been involved in several Wall St. crashes. The most popular explanation for the 1987 crash was selling by program traders. Accountants investigating such a crash today may be faced with a problem similar to finding a needle in a haystack. When people work with exotic computers systems they don’t really know what’s happening, what happened or what’s going to happen. Billions of dollars disappearing without human initiation or intervention while government and investors are oblivious. This is sort of the opposite of knowledge.
Briefing: Computer traders blamed for Wall Street crash
When the Dow Jones stock market index suffered its largest ever single-day drop (May 2010), fingers were soon pointing at the high-frequency traders and the computer programs they rely on. Are computers now too powerful to be allowed in financial markets?
Could computer traders bring down Wall Street? It certainly seemed plausible at 2.30 pm in New York on 6 May. Traders went into a panic as the Dow Jones index, which follows 30 large publicly traded companies plunged an unprecedented 6 per cent in 20 minutes – for no apparent reason.
It took six months for the government to find out what a computer did in twenty minutes by one robo-trader. This is only the tip of the iceberg. There are robo-traders everywhere and no one knows what they are doing.