The Rand Paul thread reminded me of last night’s Fresh Air interview, it was quite insightful into the mentality that seems to be running this country.
I don’t listen to the program near as much as I used to, so it was nice to see she’s hanging on to her title as America’s best investigative interviewer… er, in my humble opinion :cheese:
On A ‘Rigged’ Wall Street, Milliseconds Make All The Difference
“The stock market is rigged,” Michael Lewis tells Fresh Air’s Terry Gross. “It’s rigged for the benefit for really a handful of insiders. It’s rigged to ... maximize the take of Wall Street, of banks, the exchanges and the high-frequency traders at the expense of ordinary investors.”
Lewis is the author of several books about the world of finance, including Liar’s Poker and The Big Short. His new book Flash Boys is about the form of computerized transactions known as high-frequency trading, in which the fastest computers with the highest connection speeds get the information first, and make the trade before anyone else can. A millisecond — even a nanosecond — can make all the difference between how much money is made or lost on any transaction.
You’d be surprised to hear what investment banks do to get that nanosecond edge, and how they often use it in ways Lewis describes as predatory. ...
And to think all this occurred since the 2008 melt down… like Homer Simpson says: “I didn’t learn a thing”