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Exactly. Well said.

just to add.... You're wrong that institutions like mutual funds don't care about a tax. A tax is just a cost and they care about all costs - especially if they can easily avoid the cost by trading abroad from their desks in Boston, Chicago and New York. It's almost impossible to tax...

Yes, it would be nice for the exchanges (and, yes, I do realize that Merrill and Goldman pretty much own the NYSE because they can threaten to cross trades in house and SIG owns the PHILEX, etc.) to get the spreads and commissions back the way they were before ECNs and commission deregulation...

I nominate this for "best comment on the thread" award. Truly hit the nail on the head.

Although, Anaconda, I can't see the exchanges getting behind the tax. They depend solely on volume and this would kill volume.

Exactly. Regulation and taxation has nothing at all to do with the stated intentions for the regulation and taxation. It has everything to do with creating economic rents for industry insiders and big companies. However, I do think that they will probably extend exemptions, if any, to all...

You're a trader, right? 9,000 hedge funds thousands more investment and trading partnerships Tens or hundreds of thousands more managed accounts (which is what Madoff's schtick was supposed to be). How many frauds? You can count them on two hands and a couple of toes. So....What's...

</i> Close tag. Sorry

I understand Galbraith very well and slot him where he belongs - as does the field of economics. But Galbraith is not the issue. The issue is Galbraith's ideas and <i>that>/i> is what is being slotted. "Things have a way of getting monopolistic if strength is left to its own devices. " is...

Renaissance does not have steady profits. Don't confuse Medallion's positive returns with steadiness. You can have positive but very lumpy returns. Besides, mid-year last year Medallion lost most or all of its return for the year and then made them it back in the second part of the year...

Thunder, I was an economics major. Thus, I happen to be very familiar with Galbraith and because most of Roosevelt's advisers and cabinet members were great fans of Stalin, I'm very familiar with Roosevelt and his desire to spread socialism as well. Galbraith was an intense admirer of the...

Thank you. I don't have strong views - mostly because I haven't thought about it much. However, it seems that any restrictions will be discriminatory. I'm not sure voting is the problem. I think it's the problem is that congress and the president routinely ignore the constitution. the...

That's the claim of every person who proposes socialist ideas. However, stating that this is what will happen doesn't make it so. So far, the only place where the rich get richer (by capitalizing on their political connections because they can buy political power by buying politicians) and...

I'm an immigrant from the Soviet Union and I understand Rand's visceral reaction to communism that people who have never lived under its boot can't. I don't find her writing style particularly compelling and found her Atlas Shrugged to be too repetitive and long. I preferred "The...

I'm all for it - except my sign would read "do not remove rock on pain of death". BTW, I'm no fan of Mary or Sharon (or Sheila Bair). I just don't think idiotic regulation is exclusively a chick thing.

with all this talk of mixed economy and such, I thought I'd quote this post from "The Law Professor Blog". The current economic crisis has the two schools of economic theory, one associated with Keynes and the other with Von Mises, at odds over the cause and cure. Mises would blame...

What the Fed members saw was the specter of getting fired if they didn't seem like they were "doing something".

I can't tell if you're just kidding around with me or you're really stupid. I'm giving you the benefit of the doubt for now, but it's hard to tell on a board sometimes. 'Coz if you could inflate your way to prosperity, Zimbabwe would be the most prosperous place on earth right now.

I stand corrected. It was a little lower but still incredibly high - by all measures. And the first depression in which government significantly intervened was also the longest lasting. Does this not give you pause? Only someone who has never been to the Soviet Union or studied Soviet...

Yep, awesome. It contributed heavily to inflating RE prices because money was so cheap, why wouldn't you lever your single largest and most illiquid asset to infinity? How'd that work out?