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| The New York Stock Exchange - Wall Street's Temple |
[NOTE: I wrote a comment over at DeepCapture yesterday and I so thoroughly enjoyed it that I decided to repost here and share it with others.]
Comment in response to "Evidence of murder at 383 Madison Ave." (The article discusses the use of Naked Short Selling to accelerate the fall of Bear Stearns.)
If you ask me the game is deliberately made more complicated than it needs to be. In addition it appears that there are loopholes that are only available to a limited number of players with privileged positions. And you call that a free market?
If this market were anything close to being free, there would be hundreds of companies lined up to take over the top spot from Goldman Sachs. But because of barriers to entry created and maintained by government regulators, there is no competition in sight.
The game is rigged and on top of that the participants are gaming the system. Look at High-Frequency Trading, for example. Naked Short Selling appears to be only a symptom of a system that is corrupt through and through. We don’t need reform, we need a revolution. Too bad the system was not allowed to crash and burn in 2008. The term “creative destruction” was never more appropriate.
The heads of the Wall Street aristocracy must roll and there must be a new and open system put in place to replace it. With today’s computer and networking technology, this should be a snap. Give the job to Google and I’m sure they could come up with a better, more fair and equitable system in a month’s time. Heck it’s hard to imagine a worse system than what exists on Wall Street today.
Of course this would expose the King’s New Clothes and would send shock waves through the financial sector exceeding 10.0 on the Richter scale. Wall Street’s Temple would be completely destroyed – hopefully forever. And the City of London would disappear into the ocean along with it. Good riddance!
