Wall Street Journal Reporter: “The Entire United States Market Has Become One Vast Dark Pool”
We all hear the shadow banking system in China is completely out of control and will end up having severe consequences. In the US we have these dark pools that have come to light after the book Flash Boys was released earlier this year. Now there is a Wall Street Journal reporter who says the whole market has become one vast dark pool.
THE MARKET’S ARE CORRUPT !!!!!!!!! https://www.youtube.com/watch?v=Q_6DY-ZbpPc And all we don’t NOW YET !!!!!!!!!
Wall Street has ALWAYS been “.. one vast dark pool.”. But no one noticed and no one cared UNTIL computers were applied to the “dark pool”.
This is off topic but it’s important know. http://www.nytimes.com/1994/07/19/science/severe-ancient-droughts-a-warning-to-california.html
Puts the droughts we are seeing in California and Nevada into perspective.
Thanks Chris
This is the perfect case for the markets to go back to a human exchange, where humans can be held accountable for their actions. On the other hand, algorithm trading has become totally opaque, no one understands it and it is totally out of control. Who is then accountable? You can then blame the algorithm as if nothing happened.
Algorithms are the product of a human mind; they are not some sort of spontaneous entity springing up out of nowhere and with no discernible origin. Whom is accountable, you ask? The human mind that created the algorithm. What will be found wanting, and lacking, is the human will to hold THAT human mind – or, more likely, minds – accountable. The same as any other crime.
Great response, Dallas!
You are right to point out that the “human mind” that created is responsible, except that it is almost impossible to identify a single individual when that “human mind” is the product of the collective: a myriad of algorithmic programs one on top of the other that have been designed by countless engineers for the last 3 decades, and that take an organic life of their own, very much like artificial intelligence. The culprit in this case is the entire artificial system that needs to be torn apart, because this is more a collective problem than an individual one, IMHO.
You’re ascribing waaaaaaaaaaaaaaaaay too much mysticism to the process than is really there. And presuming waaaaaaaaaaaaaaaay more people involved than really are.
Ok, let me say this, as long as there are people like you (or me) who participate in this artificial system, then we are as guilty as the “powers that be” who paid for its design and implementation. To defer responsibility from oneself in order to blame the powerful is dishonest in my opinion because the power of the few always derives from the compliance of the many, just saying.
Rahm Emanuel Quote :
“Never let a serious crisis go to waste. And what I mean by that it’s an opportunity
to do things you could not do before”