Capitalist blogs rage against exploitation. Far left snoozes


Is SLP the NYSE’s answer to Direct Edge’s “Advance Look” Enhanced Liquidity Provider Program or You Trade You Lose, You Trade Goldman Wins

So says Zero Hedge in yet another stunning blog post, this time on how major stock exchanges have, in effect, preferential tiered private clubs that allow the wealthy and connected to get better prices than you.

If you could buy XYZ at 20.05 a share knowing you could sell it microseconds later for 20.06, why, that would be a license to print money, wouldn’t it?

Goldman Sachs. When one firm dominates 50% of principal HFT [High Frequency Trading] on an exchange and, according to the above logic, can legally front run the other half, what does that mean for the rest of the world?

Wow, how surprising that Goldman Sachs, our favorite financial vampire squid, is up to its eyeballs in this too.

It’s almost humorous that the stock exchanges are snarling at each other about this, not because of quaint concerns about ethics or honesty, but because another exchange might get an edge up on delivering unfair advantage to the privileged. And that would be so wrong.

Our federal government of course seems to think such private clubs are a jolly good idea and the SEC is already implicitly allowing it now.

Zero Hedge popped out of nowhere a little while ago and has been doing a fine job of seriously good investigative reporting. It’s written by people who are obviously deep within the financial world, and they are pissed about what is happening.

This is happening a lot on financial blogs. Hardcore capitalists are seriously angry about the looting, favoritism, and corruption so obvious on Wall Street now, aided and abetted by a compliant and docile federal regulatory system. And they’re doing something about it.

As I’ve said before, these are perfect issues for the far left to organize on. But sadly, too much of the hard left is even more asleep and comatose than the federal government on this. Check out far left socialist sites and you’ll find they’ve generally ignored the financial crisis. Oh, there’s been a few desultory articles denouncing capitalism that appear to have been stamped out of a cookie cutter. But there’s little directly addressing the current capitalist crisis. And virtually nothing about organizing the increasingly pissed-off multitudes.

How does one explain such myopic ineptness? It’s almost like they want to remain marginalized, ineffective, and on the fringes. It’s really quite curious.

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