Wednesday, April 24, 2013

Another Flash Crash

Can we admit already that all the rich Wall Street wizards are just lucky morons?

Ever since they ran the economy off the cliff, there's been all this noise to excuse the obscene paychecks they write themselves and the utter failure of any prosecution for their culture of systemic fraud. The argument has gone that they're all so special and clever and we just don't understand their labyrinthine get rich quick schemes so that's why they still get a bonus when their own company tanks...

And then shit like this happens.


A hacked Twitter account made the entire money changing system piss itself with a fake story of the White House blowing up. While that's some ballsy marketing, it again highlights the instability of high-frequency trading - where "complex" algorithms buy and sell stocks automatically. It's caused sudden crashes before over one data hiccup or another and no one is doing a goddamn thing about it.

And why is that?


No, I'm really asking - why? Why can't we call all these dumbasses on their constant failure? Why do even Congressmen smile and nod when a self-inflated poof like Jaime Dimon goes on about how he deserves to piss on Chase customers? Why do so many Americans bitch and moan about the tax and spend Big Gub'mint when there's a bunch of ivy league yahoos turning their 401(K)s into hash with some new cockamamie scheme? Why do we pretend the financial system isn't being directed by nothing more than gambling addicts in fancy suits!?

Hell, if we can't admit the emperor is naked then can we at least tax the shit out of him?

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