Author Michael Lewis is out with a jarring claim: The stock market is “rigged.”

The man behind the new book “Flash Boys” appeared on CBS’ “60 Minutes” Sunday to explain why, and has a lot of people talking Monday morning.

“[The] stock market’s rigged. The United States stock market, the most iconic market in global capitalism is rigged,” he told Steve Kroft. “By a combination of these stock exchanges, the big Wall Street banks and high-frequency traders.”

http://www.theblaze.com/stories/2014/03/...is-rigged/

(03-31-2014 02:58 PM)Fitbud Wrote:  Author Michael Lewis is out with a jarring claim: The stock market is “rigged.”

The man behind the new book “Flash Boys” appeared on CBS’ “60 Minutes” Sunday to explain why, and has a lot of people talking Monday morning.

“[The] stock market’s rigged. The United States stock market, the most iconic market in global capitalism is rigged,” he told Steve Kroft. “By a combination of these stock exchanges, the big Wall Street banks and high-frequency traders.”

http://www.theblaze.com/stories/2014/03/...is-rigged/

I saw that and thought the "high speed" trading stuff was BS. Glad that dude found a way to beat it and set up his own exchange. Hopefully that exchange makes it. The whole scheme made me think of the scam in Office Space where tiny amounts of $ added up to millions and millions of dollars.

Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

All I know is it has created more wealth for more people than any institution in the history of the world...rigged or not...I am going to be comfortable in my retirement years because of it.

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

Bulls make money, bears make money, pigs get slaughtered.

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

Hahaha I would love to see how the whistle blower on that scam is treated....would probably end up face down in the Anacostia.

(03-31-2014 04:47 PM)All Dukes_All Day Wrote:  

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

Hahaha I would love to see how the whistle blower on that scam is treated....would probably end up face down in the Anacostia.

"Swimming with the fishes"

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

Apparently, last year Obama signed the Stop Trading on Congressional Knowledge Act into law and them promptly Obama signed another bill reversing big pieces of the same law. That's DC for you. All smoke and mirrors.

How Congress Quietly Overhauled it's Insider Trading Law

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

In fairness to them, they did finally subject themselves to the insider trading stuff. I believe they did that in 2012.

(03-31-2014 05:05 PM)HeartOfDixie Wrote:  

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

In fairness to them, they did finally subject themselves to the insider trading stuff. I believe they did that in 2012.

Sure they did....wink wink..nod nod.

(03-31-2014 05:05 PM)HeartOfDixie Wrote:  

(03-31-2014 04:43 PM)Fo Shizzle Wrote:  

(03-31-2014 04:35 PM)VA49er Wrote:  

(03-31-2014 04:27 PM)QuestionSocratic Wrote:  Hyperbole always sells books and ratings for 60 Minutes. I still recall when 60 Minutes almost managed to destroy the Washington state apple industry and Audi after misleading (or actually, fraudulent) stories.

That said, the underlying point of the piece is the equivalent of the bully cutting into the lunch line. It is certainly suspect but at this point, probably legal. Should it be illegal? Maybe. The financial industry always maintains that trust in the system is paramount and this certainly gives the Chicken Littles something to get their panties in a wad.

But as was demonstrated, technology can always trump technology. Clearly the high speed traders found the loophole and used it to their advantage and now that it is closed, they will surely try to find a new way. It's human nature. Just what every lawyer does every day.

I don't think it is illegal only because it's something new that lawmakers hadn't thought of before. Yes, I do believe it should be illegal. I also don't think that loophole has been closed and it's still happening.

If someone wants to address the REAL illegal stuff? How about addressing the fact that those in power in Washington use information that only they are privy to in their decisions to buy and sell stocks...ie...Pelosi/Visa. All you have to do is look at the stock portfolios of Senators and Congressmen...before and after they have been in office a term. This has been documented over and over and yet those in Washington simply find a way to not address this issue. If you or I did what they did?...Schit.

In fairness to them, they did finally subject themselves to the insider trading stuff. I believe they did that in 2012.

Not so sure about that. Check out the link.

LINK

The mainstream media gets in on the story only five short years after ZeroHedge.

http://zerohedge.blogspot.com/2009/04/in...idity.html

(04-01-2014 12:25 PM)BlazerFan11 Wrote:  The mainstream media gets in on the story only five short years after ZeroHedge.

http://zerohedge.blogspot.com/2009/04/in...idity.html

I was thinking the same thing. My mom called me and told me to watch, and I already knew what the story was going to be about just listening to her trying to begin to describe it.

Hey Fit.. I got one for you..

If you go to a Gentleman's Club.. The stripper flirting with you doesn't really like you, she wants your money.. Shhhh.

Here's a fair and balanced discussion

http://finance.yahoo.com/news/watch-figh...40783.html