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The market (DOW) is below 12K. Well, let it go down below 8K, please. All this ballooning is due to the frenzy being sustained by Big Ben's free money. Whereas, savers have been sacked.
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Mind you, ca-pital-sino is not what we need for a sustainable future. Big Ben, the big boards, some politicians, and a lot more, really need to do something useful, with real consequences.
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So, let's track back through some comments.
- The Big Chimera (Nov, 2009) -- Since we got this thread started, the markets got to some type of low, started upward, and kept rising. So, some would think that the notion of 'chimera' would be wrong. Nope. Note that a recent report, looking at commodity trading, shows that 90% of some activity (see CFTC remarks) is related to speculation. And, that this ratio came about after a move to remove limits back in 2001. Minsky would love this. How is it that we care so much for the stupid game that enriches only a few?
- Chimera II (Aug, 2010) -- Still with the upturn in those things traded who have little behind them (derivatives), some were thoughtful enough to consider that we deal with 'myths' more than not.
- Chimera, again (Jan, 2011) -- Undoubtedly, things are complicated. Yet, folks, it is just that which those who want to malfease things hide behind. And, those in charge have just let loosen the rules in order for the best-and-brighest to play havoc.
One would hope that a proper basis can be defined, maintained, regulated, and improved.
Remarks
11/24/2013 -- The ACM has a review article on algorithmic trading that everyone ought to read. Essentially, if we use a plane as an example (consider what Boeing has had to do to get the 787 out and about), we would say that the financial folks are putting passengers on experimental aircraft with little regard to their safety and comfort. The whole notion is atrocious. How does it happen? They've coached things in mathematics and computerese, plus they've bastardized Adam Smith's ideas. Where is our sandbox, and where is the stable economic system that we can build?
12/22/2012 -- Fair and open actually used in a WSJ article.
10/05/2012 -- Yes, yes, chimera it is.
08/04/2012 -- I can hear it: with the DOW over 13K, what are you talking about using 'chimera'? Well, look at the dire warnings, for one. Are you looking at FB as a poster boy? We'll get technical and explain the problem. Do we have a solution, at this time? Yes, essentially.
03/11/2012 -- We need to update this, especially with a nod to Alan M. Turing.
07/12/2011 -- Also, changed 'Jaime' to 'Jamie' (oh yes).
07/05/2011 -- Chimera, explained.
06/26/2011 -- Changed 11K to 12K (typo). ... On another note, some recognize that derivatives can cloud the issue of value, especially if they're handled 'darkly' (implies several things to look at).
06/22/2011 -- This is Jamie's bank?
06/16/2011 -- Why doesn't golden sacks instill confidence? Too much rogue table?
06/14/2011 -- The cream is raked off, immediately, for fat cats only. What they're calling liquidity is maximized flow from all pockets to a few. Sorry state of affairs.
Modified: 11/24/2013
