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NYSE Specialist - Stay or Go - vote here
- Thread starter Hamlet
- Start date
Quote from jimrockford:
If you want to learn more about the current and historical prevalence of white-collar crime, and the scope and effectiveness of the government's response to it, then it is your job to do some research, or at least to read a newspaper once in a while. If you choose to be an ignoramous, then this is your prerogative, but you can't expect me to conduct a remedial course in current affairs in order compensate for your failure to read and know about the world around you. It is your duty, as a citizen, to know about these things, and I think you should be ashamed by your ignorance. I think it is pathetic that you would expect me to spoon-feed you. Does your mommy still cut up your meat for you at dinner time?
I think it would not be a worthwhile use of my time even to attempt the slightest response to your questions. I will, since I am a nice guy, just make the following suggestions. Try googling for websites of Ralph Nader's organizations. Please don't ask me to explain how to use google. Also, something that you might find very helpful is called a "library". You should try going to one. Don't be scared, we learn from new experiences.
You were the one who made the statement about "the tidal wave of corporate crime has been growing and engulfing our nation and our economy for decades". I asked you to back that statement up with facts.
Your reply was to call me an "ignoramus". This has been a very consistent style of your method of argument - obfuscate the issue at hand with pointless diatribes and if all else fails, insult the other person.
I have exposed your real personality in the Observations of the NYSE Specialist thread - a know-it-all blowhard who likes to talk to impress but is just full of hot, stinking air.
Since I am also a nice guy, I would like to suggest that you keep your posts here on ET to a minimum so as not to make too much of a fool of yourself.
Quote from jimrockford:
If you want to learn more about the current and historical prevalence of white-collar crime, and the scope and effectiveness of the government's response to it, then it is your job to do some research, or at least to read a newspaper once in a while.
If it is so prevalent, why not read about it all the time?
And if the response of the government is so ineffective, there are enough Bush Bashers out there who would be happy enough to spoon feed it.
Anyway, it is a question of economics. Think about the speeding BMWs on I 95, and Elliot Spitzer as being the speed camera. The road needs constant maintenance, if you bulldoze all the BMWs for speeding, you may have a short term spike in revenue to repair the road, but in the long run, where will the maintenance/sustenance come from?
Quote from jimrockford:
The fact that you are able to trade NYSE profitably is simply irrelevant. NYSE, on balance, rapes the public. People like you benefit from it, but this doesn't justify the system's continued existence.
You claim that all of my posts imply that the specialist victimizes every customer on every trade. This is absolutely false. My posts do not make any such implication. My posts, in fact, state the opposite, that the specialist only victimizes some customers on some trades. I think it is unfair for you to claim that I said something I never said, and which actually contradicts what I really did say.
In the first paragraph you say "this doesn't justify the system's continued existence." i.e. you imply it should be extinguished.
In the second paragraph you say "contradicts what I really did say." So you imply that the spec should stay as the inference is only --some--.
Quote from jimrockford:
I don't understand how you can argue that the specialist has nothing to do with your NYSE trading profits. The way you describe your trading, the specialist has everything to do with it. Change the system, and your NYSE methods won't work anymore. If the specialist has nothing to do with your profits, why are you defending him and asking that he stay in place? I thought your entire argument was that we should keep the specialist because you want to continue making money based on how the specialist runs the market and executes orders. Maybe there is some misunderstanding here?
It's called capitalism. Let those who want to be unfair carry on being so, for the following:
1. It keeps Elliot Spitzer in a job.
2. It keeps the system maintained (as in the I 95 analogy).
3. It keeps the politicians politicking.
4. It keeps you complaining.
5. It keeps the people dissatisfied pointing fingers at the politicians, so both are kept in a job.
6. So we have a functioning capitalist democracy, and the Republicans can say that they have been an economic success.
Quote from jimrockford:
Forgive me for stating what was obvious to you. Much of what should be obvious, to us all, is not obvious to certain people on this thread. One of them challenged me to create a trading system to compete with NYSE. It was impossible to respond, to such a silly challenge, without stating what should have been obvious.
My point is that the NYSE isn't the one and only. There are many successful Exchanges around the globe. So the fact that you call it a "silly challenge" just exemplifies your short comings.
Quote from reg:
You were the one who made the statement about "the tidal wave of corporate crime has been growing and engulfing our nation and our economy for decades". I asked you to back that statement up with facts.
To now jimrockford hasn't got an answer. Jimho, jimrockford seems to be exhibiting arrogant communism, or communistic arrogance.
Quote from zdreg:
trade through rules will apply to nasdaq for the 1st time. these new rules resulted at the behest of nyse and the specialist under the guise of creating a level playing field.
zdreq,
I believe that the NYSE was vehemently opposed to the new rule change. It sounds to me like you are a bit confused about the trade thru rule. The old trade thru rule gave NYSE very strong, but very unfair, competitive advantages which it did not deserve. The old trade thru rule was one of the various government protections which helped make possible the ongoing NYSE racket. The new trade thru rule essentially eliminates the unfair advantage to NYSE. The new trade thru rule allows electronic markets to trade thru non-electronically executable NYSE quotes. The new trade thru rule is a step forward.
Quote from 1000:
In the first paragraph you say "this doesn't justify the system's continued existence." i.e. you imply it should be extinguished.
In the second paragraph you say "contradicts what I really did say." So you imply that the spec should stay as the inference is only --some--.
No, you do not understand.
NYSE does not victimize every customer on every trade. It does, on balance, victimize customers. The good executions are outweighed by the bad. This is completely consistent with my belief that the specialist system should be eliminated.