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  #601  
Old 10-09-2019, 12:12 AM
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I know candidates don’t pick their supporters but the sheer nastiness of Sanders supporters on Twitter tonight makes me ill. No one can say anything about St Bernie without being attacked.
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  #602  
Old 10-09-2019, 12:41 AM
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I don't support him because I'm a Republican, and he's a nut-job who will be dead within a year. Good enough?
  #603  
Old 10-10-2019, 10:32 AM
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Used in the context of Sanders? He is not of Yiddish culture. My Bubby was. Him no. It is not a synonym for anyone or thing Jewish other than used pejoratively. It does not mean an older Jew, even in jest. You wanna be cute and make the cultural reference call him an alterkocher. Not nice but not going to be read as hate speech.
WTF?

His father, Elias Ben Yehuda Sanders, was born in a sthetl in the Austro-Hungarian Empire. His mother was a second generation immigrant whose parents came from shtetls in the Russian Empire. What language do you suppose they spoke? He grew up in a neighborhood populated largely by other recent Yiddish-speaking Eastern European immigrants, attended Hebrew school and had a bar mitzvah. In what sense is he "not of Yiddish culture"?
  #604  
Old 10-10-2019, 10:38 AM
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"Yid", whether singular or plural and with or without "the", is very definitely perjorative. Do not use. (Compare the similar perjorative abbreviation for "Japanese".)

"Yiddish" is an entirely acceptable and proper name for the language, and can be used for the culture. Whether it's OK for a person is going to depend on the context.
(giving into the hijack and accepting that I'm just going to have to start another thread if I want to have a serious discussion about the Sanders campaign)

It's not quite that simple. "Yid" is just the Yiddish word for "Jew", so obviously in Yiddish it's not a perjorative. But it is often used as such by English speaking anti-Semites, so is best avoided by gentiles. And don't even get me started on the Tottenham Hotspur sense of the word.
  #605  
Old 10-10-2019, 10:45 AM
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And don't even get me started on the Tottenham Hotspur sense of the word.
Yeah, that's a whole other can of worms.

Have there been any health updates for Bernie?
  #606  
Old 10-10-2019, 11:00 AM
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Christ. In one of the articles on his health they mentioned that his daughter in law died the day he came out of the hospital. He's walking back the "change the nature of the campaign" thing but I really don't see how he can keep up full tilt.

Last edited by CarnalK; 10-10-2019 at 11:00 AM.
  #607  
Old 10-10-2019, 12:32 PM
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Used in the context of Sanders? He is not of Yiddish culture. My Bubby was. Him no. It is not a synonym for anyone or thing Jewish other than used pejoratively. It does not mean an older Jew, even in jest. You wanna be cute and make the cultural reference call him an alterkocher. Not nice but not going to be read as hate speech.
It's not a word I use, but it's a word my older relatives used neutrally to talk about other Jews of their generation.

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(giving into the hijack and accepting that I'm just going to have to start another thread if I want to have a serious discussion about the Sanders campaign)

It's not quite that simple. "Yid" is just the Yiddish word for "Jew", so obviously in Yiddish it's not a perjorative. But it is often used as such by English speaking anti-Semites, so is best avoided by gentiles. And don't even get me started on the Tottenham Hotspur sense of the word.
Whereas I've never heard "yid" or "yids" used in English except as a perjorative.

Hey, that's just my experience, and somewhat dated, as the relatives who used "Yiddish" are all dead, now. I'm not super up on what words are used to insult Jews these days. Fortunately, I rarely run into that.
  #608  
Old 10-10-2019, 12:35 PM
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Yeah, that's a whole other can of worms.

Have there been any health updates for Bernie?
I was wondering that, too. I guess he's on TV tonight?

Oh - no, he accepted the invitation, but backed out for health reasons:
https://www.cnn.com/2019/10/10/polit...all/index.html
  #609  
Old 10-10-2019, 12:37 PM
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Pack it in, Bernie.
  #610  
Old 10-10-2019, 11:25 PM
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You sound concerned.
This post is a few days old, and the poster you were addressing has since been banned. As a result, I'll decline to give you a warning for this, but take note that this post certainly merits a warning as it is prohibited to accuse other posters of trolling or being a troll outside the Pit. Do not do this.

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  #611  
Old 10-10-2019, 11:42 PM
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I was wondering that, too. I guess he's on TV tonight?

Oh - no, he accepted the invitation, but backed out for health reasons:
https://www.cnn.com/2019/10/10/polit...all/index.html
When he had the heart attack, he canceled the next week, didn't he? Is this not something that we should have already known he wasn't going to?
  #612  
Old 10-11-2019, 02:03 PM
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Super late to the thread... but if he were elected and implemented his version of a financial transaction tax, I'd be out of a job overnight. Last year I would have personally owed $5,591,110.
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Old 10-11-2019, 02:10 PM
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Super late to the thread... but if he were elected and implemented his version of a financial transaction tax, I'd be out of a job overnight. Last year I would have personally owed $5,591,110.
Well, maybe you should start paying your fair share.
Your money would be well spent to pay for free healthcare for illegals.
  #614  
Old 10-11-2019, 02:58 PM
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Super late to the thread... but if he were elected and implemented his version of a financial transaction tax, I'd be out of a job overnight. Last year I would have personally owed $5,591,110.

And that amount makes the difference between your having a job and not having one?
  #615  
Old 10-11-2019, 03:09 PM
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And that amount makes the difference between your having a job and not having one?
I'm a professional trader. That amount of tax far exceeds the amount of money I make. I, along with the rest of Chicago trading firms, would be out of business overnight.

Last edited by Trom; 10-11-2019 at 03:10 PM.
  #616  
Old 10-11-2019, 03:14 PM
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Oops, I read it too quickly—thought it was about $6K.

Mightn’t that suggest this kind of high volume trading could use some friction? “Buy and hold” isn’t good for your job, but it might be better for the country and the world.
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Old 10-11-2019, 03:14 PM
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I'm a professional trader. That amount of tax far exceeds the amount of money I make. I, along with the rest of Chicago trading firms, would be out of business overnight.
Big deal. What's more important, you having a job or a Mexican illegal having free healthcare?
  #618  
Old 10-11-2019, 03:23 PM
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Oops, I read it too quickly—thought it was about $6K.

Mightn’t that suggest this kind of high volume trading could use some friction? “Buy and hold” isn’t good for your job, but it might be better for the country and the world.
I don't see any reason why.

Throw sand in the gears... because?

If you think high-frequency traders have an unfair advantage, buy some stock in Virtu Financial and profit with them.

Last edited by Trom; 10-11-2019 at 03:25 PM.
  #619  
Old 10-11-2019, 03:26 PM
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I'm a professional trader. That amount of tax far exceeds the amount of money I make. I, along with the rest of Chicago trading firms, would be out of business overnight.
Ah....what? You can get taxed at an income rate that exceeds 100% of income? Is it like a tax-per-transaction?
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Old 10-11-2019, 03:33 PM
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Ah....what? You can get taxed at an income rate that exceeds 100% of income? Is it like a tax-per-transaction?
Sanders is proposing a tax of 0.5% on the value of stock trades. So, in my case, as a professional trader, yes.
  #621  
Old 10-11-2019, 03:34 PM
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Big deal. What's more important, you having a job or a Mexican illegal having free healthcare?
This is a warning for trolling. The third warning in less than two weeks. You are banned.

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  #622  
Old 10-11-2019, 04:08 PM
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(Double post)

Last edited by SlackerInc; 10-11-2019 at 04:10 PM.
  #623  
Old 10-11-2019, 04:09 PM
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I don't see any reason why.

Throw sand in the gears... because?

If you think high-frequency traders have an unfair advantage, buy some stock in Virtu Financial and profit with them.

It’s not about whether they have an “unfair advantage” but whether they actually add value to the economy or simply predate on its margins. (And I say this despite being no fan of Bernie.)
  #624  
Old 10-11-2019, 04:21 PM
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Super late to the thread... but if he were elected and implemented his version of a financial transaction tax, I'd be out of a job overnight. Last year I would have personally owed $5,591,110.


https://www.taxpolicycenter.org/taxv...ut-speculation
His latest proposal would tax stock trades at 0.5 percent (50 basis points) and bond trades at 0.1 percent (10 basis points). Derivatives transactions would be taxed at 0.005 percent (5 basis points). That would be significantly higher than the .002 percent transaction fee the Securities & Exchange Commission currently imposes on trades.

Sanders also would create an income tax credit intended to fully offset the average burden of the tax for individuals with incomes of less than $50,000 ($75,000 for married couples).
  #625  
Old 10-11-2019, 04:27 PM
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Sanders is proposing a tax of 0.5% on the value of stock trades. So, in my case, as a professional trader, yes.
wouldn't that be paid by your clients?
  #626  
Old 10-11-2019, 04:28 PM
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wouldn't that be paid by your clients?
I don't have clients.
  #627  
Old 10-11-2019, 04:46 PM
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I don't have clients.
Maybe this is a tangent, and maybe I'm showing my ignorance here, but if 1/2 of one percent of the value of your trades $5,591,110, shouldn't you be making more than $6M on the $1 billion you're trading each year?

Last edited by Procrustus; 10-11-2019 at 04:46 PM.
  #628  
Old 10-11-2019, 06:10 PM
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It's not a word I use, but it's a word my older relatives used neutrally to talk about other Jews of their generation.

Whereas I've never heard "yid" or "yids" used in English except as a perjorative.

Hey, that's just my experience, and somewhat dated, as the relatives who used "Yiddish" are all dead, now. I'm not super up on what words are used to insult Jews these days. Fortunately, I rarely run into that.
A little late to this, but I've never know "Yid" to be anything other than a slur. I grew up in a mostly Jewish part of town (although I'm not Jewish) and several of my friends were the children of Holocaust survivors. I'm kinda sensitive to it.
  #629  
Old 10-11-2019, 06:44 PM
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A little late to this, but I've never know "Yid" to be anything other than a slur. I grew up in a mostly Jewish part of town (although I'm not Jewish) and several of my friends were the children of Holocaust survivors. I'm kinda sensitive to it.
I think we are agreeing?
  #630  
Old 10-12-2019, 01:39 AM
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Maybe this is a tangent, and maybe I'm showing my ignorance here, but if 1/2 of one percent of the value of your trades $5,591,110, shouldn't you be making more than $6M on the $1 billion you're trading each year?

I don’t see why. We are talking about high frequency trading that operates on very thin margins—and in fact there is no guarantee such a trader is going to make any profit whatsoever in a year.
  #631  
Old 10-12-2019, 10:25 AM
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Super late to the thread... but if he were elected and implemented his version of a financial transaction tax, I'd be out of a job overnight. Last year I would have personally owed $5,591,110.
I don’t see anyway he’s going to get that through anyway. There’s no way Durbin or Schumer would let it see the light of day.

Plus a FTT is a dumb idea anyway, the computers can be moved anywhere, the Chicago Teachers Union has had an FTT fantasy for years that’s gone nowhere.
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  #632  
Old 10-12-2019, 10:41 AM
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I don’t see why. We are talking about high frequency trading that operates on very thin margins—and in fact there is no guarantee such a trader is going to make any profit whatsoever in a year.
I suppose. But it seems to me that a business model that can’t absorb a 0.5% tax is pretty tenuous to begin with
  #633  
Old 10-12-2019, 11:32 AM
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I suppose. But it seems to me that a business model that can’t absorb a 0.5% tax is pretty tenuous to begin with
For a buy-and-hold investor who turns over his stocks once per year on average, the 0.5% tax works out to 0.5% per annum. (Or 1.0% if, as I guess, the tax is imposed on both buyer and seller.)

If you're an active trader whose average turnover is 100 times per annum, that works out to 50% of your assets! (or 100% if both buyer and seller are taxed.)

I support a small tax on financial transactions, but much smaller than Sanders' 0.5%. And I might phase it in gradually.

@ Tron — Please do not take this personally! (I've a certain regret for not seeking a career in the financial sector myself.) But the financial sector simply does not provide a value to society commensurate with the profit it generates. Yes, HFT (and other sophisticated methods) increase liquidity and improve price discovery, but their value is nowhere near the many tens of billions spent on equipment, salaries, bonuses and profits.

I want a carbon tax to discourage energy usage at conflict with the public interest. I want a healthcare system that costs many insurance workers their jobs — their activities contribute very little to the public interest. And yes, I want a financial transaction tax that discourages high-cost activities that do not serve the public interest.

Last edited by septimus; 10-12-2019 at 11:36 AM.
  #634  
Old 10-12-2019, 11:49 AM
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And yes, I want a financial transaction tax that discourages high-cost activities that do not serve the public interest.
And yes, HFT etc. do cost the public. When you sold your Coca Cola stock last week for $54.11 you would have gotten $54.12 in the days before HFT.

And don't say "It's only a penny; he won't miss it!" If you feel that way, have every American send me a penny!
  #635  
Old 10-12-2019, 01:06 PM
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And don't say "It's only a penny; he won't miss it!" If you feel that way, have every American send me a penny!
I don't want you to get a penny from every American. I am fine with every American contributing that penny to the government - that would mean over three and a quarter million which would likely be able to fund something useful. And I want the wealthy to pay considerably more than that penny.
  #636  
Old 10-12-2019, 06:20 PM
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And yes, HFT etc. do cost the public. ...
For those who support the tax this really is a large part of the point. Yes, Trom and others will be driven out of that business. To the advocates of the tax that is a good thing, a feature not a bug. They believe that HFT does more than cost that penny; they believe that it increases risks for excessive market volatility with no significant useful purpose served. Are they right? I dunno.
  #637  
Old 10-12-2019, 06:23 PM
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I don't want you to get a penny from every American. I am fine with every American contributing that penny to the government - that would mean over three and a quarter million which would likely be able to fund something useful. And I want the wealthy to pay considerably more than that penny.
It is seriously your opinion that when "the government" has money, it is used to "fund something useful"? That is seriously not my observation.
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Old 10-12-2019, 09:39 PM
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It is seriously your opinion that when "the government" has money, it is used to "fund something useful"? That is seriously not my observation.
It's definitely better than keeping it in the hands of Corporations who hoard it and the 1% who hoard it.

I certainly have a few suggestions as to better ways to spend the tax dollars than we do, but the thing is those suggestions are at least possible through government due to voting. Ain't no votes going to get the Walton Brothers to spend Walmart money on health care for their employees.

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Old 10-12-2019, 11:41 PM
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For a buy-and-hold investor who turns over his stocks once per year on average, the 0.5% tax works out to 0.5% per annum. (Or 1.0% if, as I guess, the tax is imposed on both buyer and seller.)

If you're an active trader whose average turnover is 100 times per annum, that works out to 50% of your assets! (or 100% if both buyer and seller are taxed.)

I support a small tax on financial transactions, but much smaller than Sanders' 0.5%. And I might phase it in gradually.

@ Tron — Please do not take this personally! (I've a certain regret for not seeking a career in the financial sector myself.) But the financial sector simply does not provide a value to society commensurate with the profit it generates. Yes, HFT (and other sophisticated methods) increase liquidity and improve price discovery, but their value is nowhere near the many tens of billions spent on equipment, salaries, bonuses and profits.

I want a carbon tax to discourage energy usage at conflict with the public interest. I want a healthcare system that costs many insurance workers their jobs — their activities contribute very little to the public interest. And yes, I want a financial transaction tax that discourages high-cost activities that do not serve the public interest.

This. All of it. Cosigned.


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It is seriously your opinion that when "the government" has money, it is used to "fund something useful"? That is seriously not my observation.

You weren’t asking me, but it is definitely my opinion. I live in Minnesota, a state with high taxes and robust government services. I moved back here from Missouri where both are low. Here, my two younger children, who both have autism, get excellent services in school and out of school, all of which is paid for by the government. The roads here are always in good condition thanks to so much money being invested in repairs. And all four of my children have had full single-payer healthcare coverage since before birth, thanks to Medicaid.

Last edited by SlackerInc; 10-12-2019 at 11:42 PM.
  #640  
Old 10-13-2019, 11:17 AM
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It’s not about whether they have an “unfair advantage” but whether they actually add value to the economy or simply predate on its margins. (And I say this despite being no fan of Bernie.)
If you can figure out a way to create an efficient market consisting only of end users without market makers/speculators you'll receive a Nobel Prize in economics. People want the ability to transact without waiting days/weeks/months/years for a counterparty to show up. Dealers are useful and have always existed.

Regarding the current US equity market, it's much better for the public than it's ever been. The previous system with $0.125 minimum spreads and the NYSE floor-based specialist system was far, far more expensive to mom and pop investors than the current HFT market making regime.
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Old 10-13-2019, 11:26 AM
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Maybe this is a tangent, and maybe I'm showing my ignorance here, but if 1/2 of one percent of the value of your trades $5,591,110, shouldn't you be making more than $6M on the $1 billion you're trading each year?
No. However, profit/notional amount traded ratio isn't really a metric that I've ever heard discussed as a measure of comparison among trading strategies. If anything, I'd guess my personal trading is pretty efficient in this sense.
  #642  
Old 10-13-2019, 12:07 PM
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If Bernie's out, it becomes a Biden-Warren 2-horse race.
I think it always has been.

Sanders had a bunch of never Hillary supporters in 2016, but they would have gone for anyone who wasn't Hillary, and he lost those to another guy (for the misogynist wing of the never Hillary) - likely Biden - and to Warren for the "Hillary is too corporate" wing. And he was never going to get the Hillary supporters to vote for him in the primary, he was far too much of a spoiler in the election to hope to win them over - that's more than half of Democratic primary voters who would vote for Marianne Williamson over Sanders if forced to choose. (I'm exaggerating, but given any choice, most Hillary supporters would vote for almost anyone but Sanders).

Had Kamila Harris actually gained traction, maybe - she isn't an old white guy. She's qualified. She's smart. And yet, she hasn't been able to move polls her direction. Mayor Pete is more of a media darling than a contender....he's smart, but he needs more political experience than running a small city in Indiana - and once a South Bend cop shot a black man during his campaign, it was over - his oversight of the South Bend police department isn't going to win him any votes for people who think police overreach - especially against people of color - is an important issue. It doesn't help that he looks about twelve and has the gravitas to go with it.

As for the rest of them, I don't think they had a chance. Too many of them split too many ways. Some of them have the charisma of a cold cheese pizza (Castro, Klobuchar). Others suffer from "another white guy" - that Biden is currently escaping due to name recognition and association with Obama. And then there is Cory Booker - a usually charismatic man of color - and seems to have been taking "boy am I boring" lessons and behaving like he really isn't in this to win. (I think he is going for VP).

Plus, Warren and Biden just came into this way better prepared with far better name recognition. In a crowded field, that counts.
  #643  
Old 10-13-2019, 12:12 PM
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For a buy-and-hold investor who turns over his stocks once per year on average, the 0.5% tax works out to 0.5% per annum. (Or 1.0% if, as I guess, the tax is imposed on both buyer and seller.)

If you're an active trader whose average turnover is 100 times per annum, that works out to 50% of your assets! (or 100% if both buyer and seller are taxed.)

I support a small tax on financial transactions, but much smaller than Sanders' 0.5%. And I might phase it in gradually.

@ Tron — Please do not take this personally! (I've a certain regret for not seeking a career in the financial sector myself.) But the financial sector simply does not provide a value to society commensurate with the profit it generates. Yes, HFT (and other sophisticated methods) increase liquidity and improve price discovery, but their value is nowhere near the many tens of billions spent on equipment, salaries, bonuses and profits.


I want a carbon tax to discourage energy usage at conflict with the public interest. I want a healthcare system that costs many insurance workers their jobs — their activities contribute very little to the public interest. And yes, I want a financial transaction tax that discourages high-cost activities that do not serve the public interest.
I think this is a reasonable stance.

I'm not a high frequency trader. I compete with them in some ways. They have moved into strategies that I used to trade successfully. They make my life more difficult. However, I think that HFT is frequently seen as a boogie man and serves as a scapegoat for the misdeeds of the broader financial sector. HFT, when viewed against the backdrop of finance as whole, is minuscule. Virtu Financial, one of the largest HFT market makers, is a publicly traded company (ticker VIRT). Looking at their most recent quarterly statement, their market making unit had net income of $20mm. Granted their performance fluctuates quarter to quarter, but these firms aren't raking in billions of dollars each year. In 2017 revunue across the HFT industry was less than $1bn. They aren't even in the same universe as JP Morgan, Goldman Sachs, etc. Getting rid of HFT would do next to nothing to correct the problems in the financial industry. IMHO, it would be throwing the baby out with the bathwater and actually make things worse for public investors.
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Old 10-13-2019, 12:29 PM
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Too late to edit, but the $20mm figure I posted above should read $100mm. That's across global equities market making - HFT and otherwise.
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Old 10-13-2019, 12:57 PM
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This financial tax is an interesting idea. Again, the tax I would impose would be small enough that the revenue to the public wouldn't be large. It would be as much to improve financial transparency. I don't know any of Sanders' details, but obvious a tax as high as 0.5% would hugely drive down activity — stock trading would move to Shanghai, Singapore ... or London!

First let's be clear about costs: A cobbler who earns $5000 mending shoes has created that much value — his cost to society is neutral or positive. The artist or athlete who earns a million has provided that much value, or at least supposedly so, in entertainment and advertising value. (Some of the advertising gain will not be beneficial, and would be downgraded in a complete accounting.) Executives provide leadership and imagination, allegedly. But what public good do stock traders provide? How do they contribute to the economy? Where does their income come from? How do they differ from professional poker players?

Now let's dispose of the Chocolate Icing Fallacy.
Five million dollars spent on specialists (mainly as their profits) provides price discovery worth ten million dollars gross to other people generally. Therefore ten billion dollars (expenses and profits) spent on HFT will provide $20,000,000,000 (twenty billion dollars) in benefits (liquidity, price discovery) to society.

If 5 teaspoons of chocolate icing per day are yummy!, then eating 10 gallons per day must be better still.
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Originally Posted by DSeid View Post
... they believe that [HFT] increases risks for excessive market volatility with no significant useful purpose served. Are they right? I dunno.
Key point. The HFT trading volume can be huge (e.g. often more than 50% of total volume IIRC), and is obviously all computer-driven. I think there have been incidents where a player lost many millions to HFT excesses. (Someone else got lucky and won the millions, so you could call it a wash.... EXCEPT that proponents of exuberant trading algorithms often cite proper price discovery as a public benefit. Yet in fact we see occasional grossly BAD prices discovered due to HFT, e.g. due to runaway software, algorithm fights, or whatever.

So how much is taken by HFT? I dunno. $5 billion profit at its peak a decade ago; of course it's declined since but it still costs several billions industry-wide in expenses. Other schemes also rake-off value. We wouldn't get much from Buffett with this tax — investment turnover is very slow at his Berkshire.

The reason that HFT profit is measured in ten figures — not eleven figures — is that tight competition is limiting profits. Yet — akin to the billions of joules of electricity needed to mine one bitcoin — these HFT operations will remain in service.

Quote:
Originally Posted by DSeid View Post
... they believe that [HFT] increases risks for excessive market volatility with no significant useful purpose served....
Yes. Some of the hyper-finance leads to screwy pricing and can lead to total loss of liquidity — consider the credit crisis of 2008 due to the "hyper-efficient" MBSs etc. This nonsense also goes away with a quite small transaction tax. So don't believe the "Liquidity is always good!!" hype.

BTW, let's not think that HFT is the only "culprit." Consider Renaissance Tech and its Medallion Fund. Their annual profit a decade ago was more than that of the entire HFT industry in HFT's best year! (Anyone explain Renaissance key methods?) We can be envious at Renaissance and wish them well, but still understand that they provided little to society in return for the many tens of billions of profit they made cleverly, in the fixed-sum game.

All together what are annual profits and expenses of professional stock traders? Wild guess: $100+ billion. This is siphoning off much brain talent that could be used in teaching, science, engineering, governance, law, public service, etc.

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It is seriously your opinion that when "the government" has money, it is used to "fund something useful"? That is seriously not my observation.
It's sad to see such cynicism, but I guess it's a popular theme in some political "debates" here, going back to Reagan's "government is the problem." Sad.

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If you can figure out a way to create an efficient market consisting only of end users without market makers/speculators you'll receive a Nobel Prize in economics.
The choice is EITHER a complete ban on all market makers OR total laissez faire, with even a 0.01% tax out of the question. Got it.
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People want the ability to transact without waiting days/weeks/months/years for a counterparty to show up. Dealers are useful and have always existed.
Make up your mind please. "Day"? Or "years"? I thought HFT was all about shaving fractions of a second, not days or weeks.

Last edited by septimus; 10-13-2019 at 12:58 PM.
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Old 10-13-2019, 01:11 PM
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septimus, your numbers aren't based in reality. HFT, as an industry, is way, way, way smaller than you make it out to be. Wipe them out tomorrow and the broader financial system would barely notice. The only effect would be a less efficient market and higher costs to transact. It would be a step backwards. There was never a Good Old Days when the financial markets were more "fair" before the HFT nerds corrupted it - it used to be worse.
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Old 10-13-2019, 01:15 PM
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Make up your mind please. "Day"? Or "years"? I thought HFT was all about shaving fractions of a second, not days or weeks.
I was speaking about the existence of dealers in general in markets.

Last edited by Trom; 10-13-2019 at 01:18 PM.
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Old 10-13-2019, 01:21 PM
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Question: If Sanders drops out, will his supporters go to Yang making it a 3 person race? Thoughts?

"According to Reuters polling data, Sanders supporters are three times as likely to choose Yang as their second favorite than backers of either U.S. Senator Elizabeth Warren or former Vice President Joe Biden, the other two leading contenders."

https://www.yahoo.com/news/entrepren...100500325.html
  #649  
Old 10-13-2019, 01:28 PM
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Quote:
Originally Posted by Trom View Post
septimus, your numbers aren't based in reality. HFT, as an industry, is way, way, way smaller than you make it out to be. Wipe them out tomorrow and the broader financial system would barely notice. The only effect would be a less efficient market and higher costs to transact. It would be a step backwards. There was never a Good Old Days when the financial markets were more "fair" before the HFT nerds corrupted it - it used to be worse.
Exactly. Grab a copy of the Wall Street Journal from the 1980s or 1990s and look at the bid/ask spreads.

Look, I understand that ‘Wall Street’ is a convenient and juicy punching bag for candidates. Especially with most people’s knowledge of the financial markets coming from TV and movies which show the villain making millions while being a horrible person. It’s easy to appeal to voters to want to bend them over their knees and spank them hard. And yes, the financial services industry does add value. We’re not spending our days snorting cocaine off w key in the bathroom all day long. Sometimes it helps have someone that can talk to a retiree about a decision to liquidate their portfolio and put it all in gold because their nephew found the Ron Paul subreddit and became a true believer.
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Old 10-13-2019, 01:32 PM
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Quote:
Originally Posted by LAZombie View Post
Question: If Sanders drops out, will his supporters go to Yang making it a 3 person race? Thoughts?

"According to Reuters polling data, Sanders supporters are three times as likely to choose Yang as their second favorite than backers of either U.S. Senator Elizabeth Warren or former Vice President Joe Biden, the other two leading contenders."

https://www.yahoo.com/news/entrepren...100500325.html
Some will, definitely. They’re likely the ones who were for Ron Paul and just looking for a way to rebel against ‘the system’ I think those that really believe in Bernie’s ideas will likely go to Warren. That’s yet another reason I wish we could thin the herd. So many damn candidates on the debate stage makes it impossible for anyone to get enough time to make their case.
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