John Stewart is stunned by the world of HFT (where "stock exchanges sell the right to advance information to high frequency traders [by locating their computers closest to the exchange]") and the mainstream media's immediate jump to defend it "as good for us", but as Michael Lewis explains "anyone whose livelihood is dependent on Wall Street [from CNBC, FOX and even the SEC] is invested in this... it sounds like a conspiracy." As Lewis explains, HFTs "function on volume and volatility" alone and "they know the prices before you do... which is illegal if it's a person, but as a computer, meh?"
First we had Jeab-Claude Juncker saying it's ok to lie to the people, then President Obama's poster-child for Obamacare who later discovered she was unable to get the healthcare she expected and now following Janet Yellen's apparently 'uber-dovish' "jobs are not plentful" sob story spech yesterday we have more governmental factual inaccuracies. As Bloomberg reports, in her first speech as Federal Reserve chair, Janet Yellen told the stories of three people who had trouble finding work to illustrate her concern about the unemployed -- omitting the fact that two had criminal records that might have influenced employers’ decisions on whether to hire them. As we commented yesterday, "it’s troubling when we have to assume that everything we hear from any politician or any central banker is being said for effect, not for the straightforward expression of an honest opinion."
The question is not “Is it a Hollow World?”. If you’re reading Epsilon Theory I’m pretty sure that I don’t have to spend a lot of words convincing you of that fact. Nor is the question “How do we fix the Hollow World?”. Or at least that’s not my question. Sorry, but being a revolutionary is a young man’s game, and the pay is really bad. More seriously, I don’t think it’s possible to organize mass society in a non-hollow fashion without doing something about the “mass” part. So given that we are stuck in the world as it is, my question is “How do we adapt to a Hollow World?”. As Conrad wrote, the question is not how to get cured, but how to live. How do we make our way through the battlefield of modern economics and politics, a world that we know is hollow and false in so many important ways, without losing our minds and ending up in a metaphorical jungle muttering “the horror, the horror” to ourselves?
What You DON'T KNOW About CIA Fight with Congress
Mike Krieger brings to our attention this clip from the Daily Show, in which Jon Stewart takes on the orgy of crony capitalists, vacuous celebrities and corrupt politicians that is the World Economic Forum in Davos, or as he calls it, "The Money Oscars."
While some have proclaimed the 36,000 enrollment in The Affordable Care Act "a good start," the online marketplaces that Obamacare has become more infamous for have been plagued with problems in the brief two weeks since launch. Politico provides 25 of the most telling and colorful comments made about the "glitches" the online exchanges have faced...
That CNN's news coverage has been nothing but comedy-(and cringe-)worthy for the past several years, should not be news to anyone by now: perhaps there is no better testament to a society in which a network that breaks news based on fake twitter rumors is still held in high regard. However, in the spirit of reverse psychology memes, does the fact that Jon Stewart is now constantly poking fun at CNN's "news-slaughter", mean that it may be, paradoxically, time to start taking CNN - "the most busted name in news" seriously again? (...that's obviously rhetorical).
Mitt Romney's net worth of $250 million is well-known by virtually everyone in America: after all, it was the primary campaign offensive used by the Obama team against his presidential challenger in an election run largely down wealth, and social class lines, and whom "Democrats targeted in ads and speeches as being out of touch with most Americans." What many may not know is that staunch democrat Al Gore's own personal wealth, has soared from virtually nothing in 1999 to a staggering $200 million according to an analysis conducted by Bloomberg.
Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).
Average Fox News Viewer is 65 … Other Corporate News Networks Aren’t Far Behind
Sick of the official and very serious theater that passes for America'a presidential election? Then enjoy the following less than serious theater courtesy of the comic duo of Bill O'Reilly and Jon Stewart, whose "Rumble 2012" was the best 90 minute lampoon of America's hypnotic fascination with whose (skewed?) ratings did what first thing in the morning, whose non-sex tape was released over the weekend, who misspoke in the past 12 hours, but most importantly how no matter who is in charge on November 7, nothing will actually change. Finally, what better way to start your Sunday than with a laugh at some politicians' expense?
"Yellow journalism" – which seems almost the only kind we have these days dominates our newsflow, but the truth is out there. As with everything else though, it's subject to Pareto's Law. So, 80% of what's out there is crap, and 80% of what's left is merely okay. But that remaining 4% of quality, uncensored, free information flow is extremely valuable. The terminal corruption of the major news corporations and the lack of interest in seeking the truth among the general population augurs very poorly for the prospects of the US and the current world order. This creates speculative opportunities, but prospects for mainstream investments are not good. Western civilization is truly in decline and far down the slippery slope.
Sometimes you just have to laugh, and with the ongoing debacle of Liebor - it's even more true as now the Swiss hedge fund community is dragged into the miasma - or else you'll cry. As the conspiracy theories morph into conspiracy fact, who better to explain that LIBOR is not the "mythical half wild-bore, half lion that was rumored to have killed Achilles' brother Jimmy" but is the "benchmark for all money-lending on errr, let's say Earth", than The Daily Show's Jon Stewart. From the concrete evidence that banks deliberately manipulated the world's most important interest rate - for the good of themselves. As Jon says, "never trust anything that rhymes with wankers". How did they do it? and what will the fallout be?
I know, totally unrelated two topics.
This is neither here nor there, but is, for all intents and purposes, the best take down of the utter and complete hypocrisy that now reigns supreme in the GOP primary process. Thank you Jon Stewart for doing the thinking that so many other Americans seem utterly incapable of any longer.