Economic history of the U.S.
ForumHistory: On learning from and writing history
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1Urquhart
I am finding it increasingly fascinating to read what people think who have absolutely no grasp of history. A recent case in point was, bless his soul, Joe Biden and his look back to when America "was one."
This past week, in the Financial Times of 23 October 2015, "How humans can take back control of the markets" Gillian Tett, who I think is great, said something which I don't think was so intelligent in the FT editorial.
"if the trading system is like the spaceship in '2001-A Space Odyssey' it is Hal at the helm."
It sounds catchy right? But, the implication is that the disarray,33 flash crashes in the American market of this year, is being caused by all this high speed trading. And that if the high speed trading were brought under control and regulation the markets would go back to normal and behave calmly. My assertion is that it never was and never will behave calmly....
A totally controlled financial market with the total elimination of 'moral hazard' means you have no real market.
https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_rece...
This past week, in the Financial Times of 23 October 2015, "How humans can take back control of the markets" Gillian Tett, who I think is great, said something which I don't think was so intelligent in the FT editorial.
"if the trading system is like the spaceship in '2001-A Space Odyssey' it is Hal at the helm."
It sounds catchy right? But, the implication is that the disarray,33 flash crashes in the American market of this year, is being caused by all this high speed trading. And that if the high speed trading were brought under control and regulation the markets would go back to normal and behave calmly. My assertion is that it never was and never will behave calmly....
A totally controlled financial market with the total elimination of 'moral hazard' means you have no real market.
https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_rece...
2dajashby
Bet you've never read The Space Merchants. Back then, of course, the idea was just science fiction...
3DinadansFriend
we should add "Gladiator at Law" to the reading list as well, as the USA is such a litigiousness environment!
