Sunday, September 06, 2015
What's different?
While looking for old economic stats, I ran across this remarkably detailed story in an 1890 Bankers Magazine.
Sounds pretty much the same as modern manipulation. (1) Buy a packet of laws with complex and secret provisions. (2) Frontrun the laws with shorts and longs. (3) Profit enormously from the bailout.
What's DRAMATICALLY DIFFERENT? The FACT that this detailed story APPEARED IN A PUBLICATION. The whole story was TOLD TO THE PUBLIC BY JOURNALISTS, who actually CRITICIZED the Wall Street speculators!
Can't happen today. We still have NO FUCKING IDEA what happened in 2008, though it smells a lot like this story. Nobody has even ASKED THE FUCKING QUESTION, nobody dares to CRITICIZE the speculators.
¶ 11:03 AM 
Sounds pretty much the same as modern manipulation. (1) Buy a packet of laws with complex and secret provisions. (2) Frontrun the laws with shorts and longs. (3) Profit enormously from the bailout.
What's DRAMATICALLY DIFFERENT? The FACT that this detailed story APPEARED IN A PUBLICATION. The whole story was TOLD TO THE PUBLIC BY JOURNALISTS, who actually CRITICIZED the Wall Street speculators!
Can't happen today. We still have NO FUCKING IDEA what happened in 2008, though it smells a lot like this story. Nobody has even ASKED THE FUCKING QUESTION, nobody dares to CRITICIZE the speculators.
¶ 11:03 AM
