Posted 3 years ago on Oct. 25, 2013, 4:17 p.m. EST by HCHC4
This content is user submitted and not an official statement
The so called "flash crash" is something everyone needs to know about. It shows the centralized power that Wall St has over the market, and therefore the entire economy.
During the FD fiasco, a few law makers started to get intense. Not intense enough for the typical radical, but intense in terms of their usual slug self.
So they start to get bold-ish. Attempt to do a few minor things that may actually make a difference -capital requirements, etc.
Shortly afterwards, the biggest one day drop in the history of the market:
Now there will be plenty of talking heads on CNBC who say it was because of XYZ, blah blah blah, but after the flash crash, guess what got watered down significantly.
Yes, Dodd-Frank. Point proven. No need to worry about lawmakers anymore, if they get too bold we will just crash the economy and then they can deal with that big pile of mess.
“The few who understand the system, will either be so interested from its profits or so dependent on its favors, that there will be no opposition from that class.” . . . “Let me issue and control a nation’s money and I care not who writes the laws.” - Mayer Amschel Bauer Rothschild, 1744-1812
“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.” - John Adams, 1735-1826, letter to Thomas Jefferson.