Are Traders Ethical

>all you christian traders are going to hell!!! uh oh!!!!

Applies more to catholic traders, IMO.
This a cultural thing, and actually, trading is less popular in catholic countries.
As an example, there are prop firms in UK, Germany, Swiss, but there are not any in France nor in Italy, the oldest catholic countries.

Interesting to note that the Sharia requires the same from Muslims. Some subsidiaries of large US corps use islamic banks, since these charge no interest to muslmims and very little to friends of muslims.



OHLC
 
Originally posted by Gordon Gekko
all you christian traders are going to hell!!! uh oh!!!!

"The 12th canon of the First Council of Carthage (345) and the 36th canon of the Council of Aix (789) have declared it to be reprehensible even for laymen to make money by lending at interest. The canonical laws of the Middle Ages absolutely forbade the practice. This prohibition is contained in the Decree of Gratian, q. 3, C. IV, at the beginning, and c. 4, q. 4, C. IV; and in 1. 5, t. 19 of the Decretals, for example in chapters 2, 5, 7, 9, 10, and 13. These chapters order the profit so obtained to be restored; and Alexander III (c. 4, "Super eo", eodem) declares that he has no power to dispense from the obligation. Chapters 1, 2, and 6, eodem, condemns the strategems to which even clerics resorted to evade the law of the general councils, and the Third of the Lateran (1179) and the Second of Lyons (1274) condemn usurers. In the Council of Vienne (1311) it was declared that if any person obstinately maintained that there was no sin in the practice of demanding interest, he should be punished as a heretic (see c. "Ex gravi", unic. Clem., "De usuris", V, 5). "
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I'm not even religious, but darkhorse already addressed this. According to him, this was a misinterpretation that was enforced as law for centuries.
 
Originally posted by Paterfamilias


Your second sentence contradicts your first.
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No, actually it doesn't (that's not to say that he's right, but he doesn't contradict himself).
 
Originally posted by rs7


Wow Chas, you almost sound like a "liberal". :) I like this side of you!!! Good to know you have it in you.

:)rs7
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Liberal? Over my dead body.

Human? By God's grace, I hope so.
 
Originally posted by Gordon Gekko
all you christian traders are going to hell!!! uh oh!!!!

"The 12th canon of the First Council of Carthage (345) and the 36th canon of the Council of Aix (789) have declared it to be reprehensible even for laymen to make money by lending at interest. The canonical laws of the Middle Ages absolutely forbade the practice. This prohibition is contained in the Decree of Gratian, q. 3, C. IV, at the beginning, and c. 4, q. 4, C. IV; and in 1. 5, t. 19 of the Decretals, for example in chapters 2, 5, 7, 9, 10, and 13. These chapters order the profit so obtained to be restored; and Alexander III (c. 4, "Super eo", eodem) declares that he has no power to dispense from the obligation. Chapters 1, 2, and 6, eodem, condemns the strategems to which even clerics resorted to evade the law of the general councils, and the Third of the Lateran (1179) and the Second of Lyons (1274) condemn usurers. In the Council of Vienne (1311) it was declared that if any person obstinately maintained that there was no sin in the practice of demanding interest, he should be punished as a heretic (see c. "Ex gravi", unic. Clem., "De usuris", V, 5). "
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interest. there's a subject I want to devote some meditation to.

I've been thinking for a long time about how excessive debt promotes mediocrity -- how so much productivity is devoted to paying interest. Not that interest is bad, but, then again, if it becomes your master.... {"bad money chases out good."}

Anyway, Joseph foresaw a famine and advised Pharoah to go long grain, so that they could be sellers during the Seven Lean Years.

If usury is intended to defraud a borrower, then down with it. If a trader 'supplies the demand and demands the supply,' he is doing mankind a service. He is acting as 'The Invisible Hand.' Nothing could be more proper.
 
daytraders are part of the program. buy, sell. capital in, capital out. someone hits your bid, or you hit theirs. add liquidity, remove liquidity. price is discovered, experimented with, tested, modified. repeat process.

In a fine Swiss watch, there are gears of many sizes. Mechanisms to measure days, hours, minutes, and seconds. all are necessary to make up the whole. How many hours would there be, if there were no mechanism to tick off the seconds?

:D
 
Originally posted by chasinfla
daytraders are part of the program. buy, sell. capital in, capital out. someone hits your bid, or you hit theirs. add liquidity, remove liquidity. price is discovered, experimented with, tested, modified. repeat process.

In a fine Swiss watch, there are gears of many sizes. Mechanisms to measure days, hours, minutes, and seconds. all are necessary to make up the whole. How many hours would there be, if there were no mechanism to tick off the seconds?

:D
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That daytrading has become part of the "system" doesn't mean that the system couldn't function without it.

Could we survive without stocks being traded by daytraders? We do quite nicely on Saturday and Sunday, and before 8:30 p.m. and after 4 p.m. eastern time during the week.

Swiss watches?

I think the digital age has replaced them for those who want the most precise time, be it hours, minutes, seconds, tenths of a second, hundreths of a second....etc.

Someone in an earlier post in this thread mentioned the specialists as perhaps being day traders, but it has been proven that electronic trading systems can replace the specialists. The specialist system is just an antiquated good old boy club, that has enough clout and works closely with the big brokerage houses to keep the game dishonest and in place.
 
Originally posted by OPTIONAL777
but it has been proven that electronic trading systems can replace the specialists
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Electronic systems (assuming you mean 'order matching') do not replace the specialist -- they merely decentralize him. Markets are still made.

If anything, Electronic order matching systems have increased the role of daytraders in the essential function of making markets.
 
Originally posted by OPTIONAL777


That daytrading has become part of the "system" doesn't mean that the system couldn't function without it.
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By definition the system cannot function without its constituent parts. That much should be obvious.
 
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