The American people accept the persecution of truth-tellers, because they have been brainwashed into believing that patriotism means defense of the government no matter what. As truth is so unfavorable to Washington, Americans believe that it must not be revealed, and if revealed, covered up, and those who reveal truth must be punished.
A country with such a population as this is a police state, not a free country.
Of course, honest traders change their minds all the time and cancel orders as economic conditions change. That’s not illegal. To demonstrate spoofing, prosecutors or regulators must show the trader entered orders he never intended to execute. That’s a high burden of proof in any market. One helpful fact is if most of a trader’s (canceled) orders were on one side (say to buy) when he was mostly actually trading on the other (selling). For instance Sarao allegedly put in huge orders to sell, so that he could buy a few contracts: All his trading was on one side, but most of his orders were on the other. Then he’d switch a little while later. That seems like a bad sign.
Bernanke has been interested in the Great Depression since his grandmother told him stories about it from her front porch in Charlotte, N.C., during quiet summer evenings. Her family had been living in Norwich, Conn., where some children went to school in worn-out shoes or even barefoot because their fathers lost their jobs when the shoe factories closed. That meant their families didn’t have enough money to buy shoes — which presumably would have kept the factories in business and their fathers employed.
I agree for the most part with the following, but how do you distinguish between human actions and a process, the securitization to name it, that once pushed to its limits and at a fragile moment gives birth to monsters all around?
And didn’t Bernanke knew about the unprecedent levels and untested territories of loan originations that were about to be pooled into CDOs ?
I doubt he was unaware.
He would have favored more individual accountability. “While you want to do everything you can to fix corporations that have bad cultures and encourage bad behavior — and the Fed was very much engaged in doing that — obviously illegal acts ultimately are done by individuals, not by legal fictions.”
“The bathroom was a work of art,” joked Nick Santangelo, who ran maintenance and engineering at the shuttle. “They used ideas from the hotel business, which wasn’t bad, but they didn’t always work.” Older jets in particular guzzle fuel and airline executives are obsessed with saving even a few ounces of weight. Not so Trump: “At first they wanted to put in a ceramic sink, that was too heavy,” said Santangelo. “Then one of his henchman decided they were going to put brass handles on the doors you use to get out in an emergency. Normal handles weigh a few ounces, and these things probably weighed five pounds each… you’d kill to save one pound, and they wanted to add 20 to 30 pounds to each plane.”
A great portrait on a man, I ought to say, I only knew by name rather than by its accomplishments and work at the IMF.
In a profession in which reputations are made by mastering subjects that have become increasingly narrow and technical, the variety of topics Blanchard has studied and written about is extraordinary. Indeed, it is because of that breadth that Blanchard acknowledges he is unlikely to win a Nobel Prize. “I did not fundamentally change our view about anything,” he said, wistfully but with no sign of regret. “I tried to provide useful insights on many things rather than obsessing about one.”
Abnormal Capitalist 