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San Diego unions push transaction tax
But leverage and debt are not necessarily the same thing. But you're right, the debt is killing the government. In fact with M2 being around 9 trillion dollars and the national debt approaching 15 trillion, it would be an outlier if we could pay the thing off without significant currency debasement.— September 27, 2011 4:33 a.m.
San Diego unions push transaction tax
Don, I do eat very well, very well indeed.I also spend money on a world class art collection, travel, and support about 35 people who depend on my monthly stipend. As a supposed business guy, you should know the difference between simple interest and compound interest. Had my returns been compounded every year, I probably would be touching the bottom of the 400 list, but I do need to do things like eat, pay taxes, collect art etc. I would have thought that they would have taught you stuff like this in business school. http://masteroftheuniverse.wordpress.com/about-me/— September 27, 2011 4:30 a.m.
San Diego unions push transaction tax
Have you quantified this, or is this just some more jingoism?— September 26, 2011 7:04 p.m.
San Diego unions push transaction tax
While volatility in some energy is relatively high, this is not the highest ear by a long shot and other periods of time had much higher volatility like 1973, 1979, 1987, 1991-92, 2008-09. And not all energy is volatile.... nat gas isn't too volatile, gasoline futures and heating oil aren't too volatile either. Just Brent and WTI show decent VIX these days. As a sidebar, note the movement on the crack spread this week which offers much predictive value.— September 26, 2011 7:02 p.m.
San Diego unions push transaction tax
Actually the flash crash was caused when Waddell&Reed put an order to sell 75,000 mini S&P contracts AT THE MARKET through the electronic system. Since the market depth at at the nearby price was 500-600 contracts for the nearest 20 ticks, after the first 10,000 were sold, the buying stopped and it was offered down. This single market order overloaded the entire system, and the HFT just reacted. Note the other futures markets reacted very heavily. Incidentally, Soros the Palindrome lost 600 million that day as he puked his positions at the bottom. Note...none of this would have happened if the order for the ES had gone through open outcry. Incidentally, in the big S&P pit at the CME it was just like old times and here's an audio of the crash itself. Very fascinating audio. http://www.youtube.com/watch?v=5gmpbsZ9H_w This audio reminds me of the pit action in 1987 and the pit action after the markets reopened the week after 9/11.— September 26, 2011 6:55 p.m.
San Diego unions push transaction tax
Hey SP, I'm going to let you have the win on this debate. I suspect that you are in real need of a victory in life, no matter how small, and my munificence was never in doubt....so this victory's for you....enjoy.— September 26, 2011 6:43 p.m.
San Diego unions push transaction tax
And the transaction prices are still going down in spite of HFT, because HFT is replacing the specialist system which is rigged because the specialist has a peek at both sides of the order book. Anyways, here's a pretty good paper from some people at my alma mater, regarding the impact on HFT on the equities markets. http://www.futuresindustry.org/ptg/downloads/HFT_… Since it's done by the futures industry(No friend of HFT I might add) I find it to be mostly accurate. A couple of figures don't jibe with my figures, but the math and most of the conclusions are pretty much spot on.— September 26, 2011 5:55 p.m.
San Diego unions push transaction tax
Don, why does SP get a pass at calling me names, but if I respond in kind, I get deleted. I realize that SP has a lot of his life tied up in this forum, but c'mon, give me a break. He started the whole thing in the first place, made it personal, and now the censors delete my comments and allow his invective to stand. To quote Shakespeare, "There's something rotten in the state of Denmark."— September 26, 2011 5:29 p.m.
San Diego unions push transaction tax
SP, just keep dancing to my tune. I just can't believe how worked up you get. I will say this, you do give me a chuckle. Thanks:)— September 26, 2011 5:16 p.m.
San Diego unions push transaction tax
You're entitled to your opinion, but then again I suspect that you would think that WWII got us out of the depression of 1937-38.— September 26, 2011 5:14 p.m.