Monday, November 7, 2016

Wall Street welfare bums have gotten to Matt Levine

Matt Levine said  that HFT is not important:

The thing is, high-frequency trading just isn't that important. You just shouldn't trade stocks that much. If you do, "high-frequency trading" probably saves you a bit of money, versus, you know, the absence of high-frequency trading; it probably costs you a bit of money, though, versus an ideal market structure. Either way the numbers are probably small. As a subject matter it is full of intellectual interest and fun little puzzles, but as an important issue in American life it ranks pretty far down there. And yet it is the thing that I write about that gets the most intense emotional response. 
That would be his Boss, Bloomberg, king of the Wall Street welfare bums talking.   Bloomberg and Hillary are all about saving Wall Street and their trading privileges.  Chuck Schumer is freaking out now that actual traders can have their own trading pit.  They are especially freaking that sound money, money that accurately predicts probability of arrival, they hope it never comes, Their privilege is all about controlling the queue.

Next time you get a phone call from the welfare bums, Matt, tell them its too late, the Rednecks are on this case. Bloomberg, Schumer and Hillary, they will use the law too protect their turf, at our expense.

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