It's nothing like that. It's like discovering 5 Queens in the deck during a poker hand, and saying "oops, give everyone their money back, and we'll deal the round over again... with a real deck."Originally Posted by Being
And, yeah, that's generally what's done in that scenario (which actually happens from time to time at casinos).
In other news, my cat's breath smells like cat food, and that is also irrelevant to the discussion at hand.
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
Not all the trades were canceled.Not even a majority of the trades were canceled.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
Oh, I see what you're getting at - well, that's also covered in the ToS for using the exchange, so... tough shit?
Good argument for not using the NYSE until they modernize their gear, but other than that, so what?
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
GGT, you really, really have to stop attacking the status quo on every issue for the sole reason that it's the status quo. It's getting rather repetitive.
Hope is the denial of reality
Yeah, I guess your right. Faith has nothing to do with market activity.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
Of course you'd say that; you're one of the evil j00s secretly conspiring to maintain the status quo, and the Zionist domination of all mankind.
Then your position appears to be that the NYSE should reverse all trades to restore faith in the system, while also not reversing any trades, because reversing trades erodes faith in the system.Yeah, I guess your right. Faith has nothing to do with market activity.
Outstanding.
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
http://en.wikipedia.org/wiki/Algorithmic_trading
Thought you knew the term since you read WSJ.
Loki:If you have any kind of savings or retirement plan, it's connected to the financial markets. Any new FinReg and FCIC is going to effect all of us, just as much as political leaders and elections. Perhaps even more, because it can outlive legislators in office.GGT, you really, really have to stop attacking the status quo on every issue for the sole reason that it's the status quo. It's getting rather repetitive.
Ignore it if you want, but just because you don't follow it doesn't mean none of us should.
Last edited by GGT; 05-09-2010 at 05:18 AM.
All trades should have been suspended as soon as the discrepency surfaced. The way it worked out we have millions of bogus trades on the books.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
Yes, that's right. Loki was clearly criticizing you for following the news. That was his objection.Ignore it if you want, but just because you don't follow it doesn't mean none of us should.
Right, but given that they didn't, and the NYSE's time machine is in the shop for repairs, they don't currently have the option of going back in time to actually do that.
Leaving us with your proposal to get peoples' faith in the market back by revoking all trades, while simultaneously revoking none of them.... which seems difficult to do, even if the NYSE's time machine was in working order.
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
Unless you're a day trader, what happened did not affect you in any way.If you have any kind of savings or retirement plan, it's connected to the financial markets. Any new FinReg and FCIC is going to effect all of us, just as much as political leaders and elections. Perhaps even more, because it can outlive legislators in office.
Ignore it if you want, but just because you don't follow it doesn't mean none of us should.
Hope is the denial of reality
Yes, and every successful trade also boosts market credibility and faith in the system by a tiny amount. So?
Last night as I lay in bed, looking up at the stars, I thought, “Where the hell is my ceiling?"
Happened to me a few years ago. Ameritrade made a wildly erroneous trade on my account (I asked for an instant trade, but it set the trade at the opening bell). The price at the opening bell had the stock about several times higher than the price when I asked to make the trade, but then it fell lower than the opening price. Thus, I had negative equity -- Ameritrade only checked for if I could actually afford the stock when I made the order, but it wasn't able to execute the trade until several hours had passed.
They actually offered me a few free trades in exchange for me losing about $3000... I said "no, reverse the trade because it was your fault", and they did.
Changing my argument to suit yours is dishonest but I'll give you the benefit of doubt and just fix it for you.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
You're wrong. What happens on stock exchanges and financial markets affects all of us. What's happening in Greece and the eurozone does, too. "Wall St and Main St are connected", the world is flat. We recently had that huge financial system meltdown and the Great Recession is ongoing, Money and Politics are intertwined in everyone's lives, like it or not.Unless you're a day trader, what happened did not affect you in any way.
Because it interests me, and I want to. The world is full of complex problems and no one here is an expert in all fields.So why do you keep on coming up with "solutions" to complex problems that you clearly do not understand?
Just as you might talk about SCOTUS, but you're not a lawyer or judge; El-Ed but you're not a teacher and don't have children; healthcare even though you're not a physician or provider; deep water oil drilling but you're not a scientist or oil magnate.
Everyone should pay more attention to what's going on in these markets, and demand "fair and orderly business". Because millions of people have their retirement and pension funds sheltered there. If market tanks again like a couple of years ago, but don't recover because all faith and confidence is lost, and folks simply cash out....after that huge sucking sound in the economy, you'll bitch about 80 millions seniors who are broke and need SS, and your taxes going up.
Except there was no lasting effects.You're wrong. What happens on stock exchanges and financial markets affects all of us. What's happening in Greece and the eurozone does, too. "Wall St and Main St are connected", the world is flat. We recently had that huge financial system meltdown and the Great Recession is ongoing, Money and Politics are intertwined in everyone's lives, like it or not.
Hope is the denial of reality
The major stock exchanges do have clear rules for when to suspend trading. They didn't click during this case. The biggest swings happened in a six minute period and they couldn't figure out why. Things rebounded quickly, so they are looking at the data in retrospect, identifying an area of time when something went wrong and canceling the trades.
Once again, your conspiracy-minded ideas of how powerful Wall Street is making you think they always know exactly what's going on when it's going on.
You don't know that yet. It takes a lot to "spook the street" but they were. Don't underestimate the emotions that drive a lot of Wall St behavior. The computers are supposed to take some of that out, but there are still people involved. Irrational Exuberance is a human emotion, so is Panic. Trust and faith are easily broken but hard to regain.Except there was no lasting effects.
And the EU is trying to whip up agreements to calm nerves before Asian markets open.
Yes, I do. The market rebounded and nothing else occurred.
Hope is the denial of reality
Yes, I do. The market rebounded and nothing else occurred.
Next up--Loki tells us how the markets will act on Monday. Stay tuned!
Right, that's just what we need. Millions more uneducated retards trying to demand control over something they can't understand.
Next up--Loki tells us how the markets will act on Monday. Stay tuned!
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
How very libertarian of you.Right, that's just what we need. Millions more uneducated retards trying to demand control over something they can't understand.
Actually, yes it is.
Ah, but let me guess... "libertarian" is another example of a word you don't actually know the meaning of, innit?
FFS, woman, stop throwing out opinions on topics you're completely ignorant about!
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
It was a comment toward your loathing for other people (ignorant retards demanding more control over their own lives) and gummint stepping in because of the ignorant retards (and fucking things up more). Convenient for you to have it both ways. Hate people, hate government.
So... your next crusade is going to be against ideological consistency, then?
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
[Nessus]So... your next crusade is going to be against ideological consistency, then?
Wasn't that Loki's crusade? Oh wait, that's logical consistency I'm thinking of...
[/Nessus]
Back on topic, I'd file this under Purge. Would probably go a long way toward instilling trust in the system, too.
http://www.newsweek.com/id/237631/page/1
Bust up the Banks?
That's back on topic? Someone made a typo, so let's bust up the banks. While we're at it, why don't we nuke all the Malaria-carrying mosquitoes?
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them."
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
-- Thomas Jefferson: American Founding Father, clairvoyant and seditious traitor.
We're all one hungry month away from murder and two from cannibalism.Patience, grasshopper. The recession is over, jobs are coming back. Consumers are spending again. Kiss your children and go shopping!
The Rules
Copper- behave toward others to elicit treatment you would like (the manipulative rule)
Gold- treat others how you would like them to treat you (the self regard rule)
Platinum - treat others the way they would like to be treated (the PC rule)
Not me, at least not until the geese stop frequenting my pasture.
Faith is Hope (see Loki's sig for details)
If hindsight is 20-20, why is it so often ignored?
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