Michael Liu says got a new book out about the stock market oh boy damn
pretty
I'm he said you are 60 minutes to talk about it it's called flash boys
because it's about flash trading and how they have a monumental advantage over
the regular
trader meeting you and me who go out there in the stock market and make
file are traits with such suckers list what's the headline here
stock markets rig the United States stock market the most iconic market
in the in global capitalism in the raid by whom
by a combination the stock exchanges I
the big Wall Street banks and high-frequency traders do with the
victims
everybody who has an investment stock market now I'll
that sounds fun I not another powerful have not read the system in
in their favor quick call you belly aching about income inequality
boomer
so show you progress is complaining about the year like I'm not seats
but they do literally fix the markets in their favor
is more for Michael looks the insiders are able to move faster the you they
will see your order
and and played against other wars in ways
you don't understand they're able to I front when you order
bring in from a means they're able to identify your desire
to to buy I shares in microsoft
and by Metronomy and selling back to you at a higher price
it all happens in infinitesimally small period of time
know why are we complaining about this band I mean he has more money than you
cuz he front
load your trade-in ended before you got to and so
when he programmed the train you literally paid more than you had to I
don't know why you're complaining about income inequality
all poor Wall Street there so misunderstood not only is
anti-republican party sucking up to Wall Street Hillary Clinton
got forty thousand miles from Goldman Sachs and in those speeches talked about
how
the bankers are misunderstood now michael lewis won the best writers we
have in the country world Moneyball erode the big short
on about the 2008 collapse and the people who made money off that was great
book was so I opening
I read that book and I was absolutely positive and I am positive to this day
that we will have another monumental
meltdown and the next economic meltdown we will not be able to fix
you will be so catastrophic is in the book he simply explains things are a
logical incentives disincentives
and there is sentiment is not to help the markets they don't give a damn about
the free market bill read a market in a sec it
there is senator is not I ideology their incentive is
me getting paid right this minute even
look a lot of these guys they don't own the company
their executives in the company's even if it's a bank and even at the bank goes
under who gives a damn
the guy who cause hehe to go belly-up need six hundred million dollars
is he gonna do it again of all horses gonna do it again
now if he's not allowed to do what difference does it make he's already got
six hundred million dollars
and by the way we had to rescue them to the tune of over a hundred eighty
billion dollars
because I'm black eyes mistakes but they weren't mistakes because he already made
their money he doesn't give a shit about AIG
he doesn't care about the american taxpayer and they'll be a new guy
and he won't care by either Hill rate this market Hill rate the housing market
and I'll read whatever market it takes
and eventually of course is gonna blow up but that's not their problem
because they already got paid know us progressives
just just better the politics a
NB they call it yeah I've yet to make a trade before I do
and I pay more because you re betrayed
I'm a little envious that you robbed me of my money I get this
not the right way to go I am i angry mother yeah I'm a little angry about
that
as we all should be by the way he as the republicans like to remind us
over for one case are on the market that means that
anybody's got a 401 K they're robbing you
they robbed yesterday they're gonna rugby today and then a rugby tomorrow
and no one is gonna pick said because his dick Durbin second most powerful
senator on the Democrat side
said frankly the big banks
own this place