Once again, liberal rhetoric is proven as nothing but an absurd fallacy. This time by Brad Katsuyama.
Michael Lewis's new book "Flash Boys" is about the high volume traders who figured out how to cheat the system by rigging the networks which deliver orders to ensure they receive the orders fractions of a second before anyone else (thus ensuring they see what investors are looking to purchase). Then, they would execute a purchase for that price, turn around and sell it at a higher price to the investors who attempted to purchase at the original prices fractions of a second earlier. Brad Katsuyama was the investor who noticed that the price would increase on every stock he attempted to purchase even though he clicked purchase at the time the price was where he wanted to purchase it at.
So what did Brad Katsuyama do? Go to the media and cry about the "evil 1%"? Go to the government and demand that they take over the exchanges because "the little man simply can't compete with the big boys" while they have advantages like this? Nope.....
What Brad did was exactly what our entire system was designed to do - allow ANYONE to rise up and beat the system using Constitutional, free-market principles. He didn't demand that government put a gun to the head of anyone. He didn't demand that wealth be redistributed. Instead, he started his own exchange - the Investors Exchange (iEX). And it is thriving. Brad created his own exchange and promised integrity. He has ensured that integrity by configuring the fiber networks that feed his exchange so that all trade requests arrive at the same time, whether you're next door or 70 miles away. And people are flocking to this exchange for obvious reasons.
So much for the liberal narrative that the little man can't compete with the big boys....
Is the U.S. stock market rigged? - CBS News
Michael Lewis's new book "Flash Boys" is about the high volume traders who figured out how to cheat the system by rigging the networks which deliver orders to ensure they receive the orders fractions of a second before anyone else (thus ensuring they see what investors are looking to purchase). Then, they would execute a purchase for that price, turn around and sell it at a higher price to the investors who attempted to purchase at the original prices fractions of a second earlier. Brad Katsuyama was the investor who noticed that the price would increase on every stock he attempted to purchase even though he clicked purchase at the time the price was where he wanted to purchase it at.
So what did Brad Katsuyama do? Go to the media and cry about the "evil 1%"? Go to the government and demand that they take over the exchanges because "the little man simply can't compete with the big boys" while they have advantages like this? Nope.....
What Brad did was exactly what our entire system was designed to do - allow ANYONE to rise up and beat the system using Constitutional, free-market principles. He didn't demand that government put a gun to the head of anyone. He didn't demand that wealth be redistributed. Instead, he started his own exchange - the Investors Exchange (iEX). And it is thriving. Brad created his own exchange and promised integrity. He has ensured that integrity by configuring the fiber networks that feed his exchange so that all trade requests arrive at the same time, whether you're next door or 70 miles away. And people are flocking to this exchange for obvious reasons.
So much for the liberal narrative that the little man can't compete with the big boys....
Is the U.S. stock market rigged? - CBS News