Comments on: Lunchtime Linkage

By: Transor Z

Transor Z — Tue, 07 Jul 2009 02:26:35 +0000

FWIW I was disappointed in the way he responded to you also, KD. The piling from on from the Amen Corner was to be expected, but your post on your own site outlining arbitrage was helpful to a non-trader like myself. Thanks for that.

I actually really liked your opening paragraph, which is good advice for young lawyers also:

One of the mantras my supervisors taught me on the trading desk was not to make other people smarter – if you hear someone say something that you know to be incorrect, assuming they don’t work for your firm, you let them go on with their misconceptions. Knowledge is money.

To that I would just add:
You can’t save people from themselves.

By: Thor

Thor — Mon, 06 Jul 2009 22:41:16 +0000

Kid – thanks for the explanation. Was reading your posts on ZH as well. You should know better than to argue with TD. The guy is smart, and he does a good job of pushing a very specific ideology, but his hallmarks is that he is absolutely convinced, beyond all doubt and reason, that he is right. He will never listen to your point of view, no matter how valid, because he is one of those unfortunate people who cannot admit a mistake. I noticed in your exchange with him that he’s already started insulting you. His final strategy will be to delete your posts or ban you outright. I’ve seen him do it several times before which is why, despite some of ZH’s obvious merits, I no longer frequent the blog.

I’d save your debating skills for blogs where people will listen to your point of view without resorting to petty insults.

By: KidDynamite

KidDynamite — Mon, 06 Jul 2009 22:11:06 +0000

@ Thor – the tremendous thing about that Taiibi blog is that the entire thing is completely inaccurate. The NYSE did not terminate the report. They have changed the methodology so that they will generate the report from data collected at the time of order entry, instead of relying on the firms themselves to submit the data. They are likely trying to recapture volume they are losing to other exchanges, because now firms will not get “credit” (Advertising-wise) for that non-NYSE volume when the NYSE starts generating the report itself.

By: Thor

Thor — Mon, 06 Jul 2009 21:35:58 +0000

Kid – can you elaborate on what specifically was incorrect in the piece you linked to? It didn’t jump out at me, granted, I’m a bit slow when it comes to market manipulation

By: KidDynamite

KidDynamite — Mon, 06 Jul 2009 21:20:22 +0000

@ Andrew – when Taiibi posts blatantly incorrect stuff like this (and never corrects it!):

http://www.smirkingchimp.com/thread/22617

it discredits his other pieces, like the rolling stone one.

By: Andrew Krone

Andrew Krone — Mon, 06 Jul 2009 21:17:19 +0000

Rolling Stone link was excellent!!! Thanks, here it is again for those interested;

The Great American Bubble Machine:

http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine

By: emmanuel117

emmanuel117 — Mon, 06 Jul 2009 21:03:56 +0000

Good stuff, KD, especially the fixed income insight on Tyler Durden. I’ve always taken ZH with a grain of salt after they linked to Hal Turner.

By: KidDynamite

KidDynamite — Mon, 06 Jul 2009 20:05:10 +0000

thanks I- Man – i broke my own rule (1 – never get involved in a land war in southeast Asia, 2) never get into a battle of wits with a Sicilan when death is on the line (princess bride) – and 3) – never get into an internet comment thread debate unless you are debating reasonable people) and got into an internet comment defense of myself in this thread:

http://zerohedge.blogspot.com/2009/07/new-york-stock-exchange-we-screwed-up.html

it’s like trying to reason with an angry mob.

By: Onlooker from Troy

Onlooker from Troy — Mon, 06 Jul 2009 19:47:13 +0000

And no, there’s no way I’d make a bet that GM won’t be getting any more taxpayer money. They’ve essentially been told to not worry about it, just make cars. What a business!

Ford has to be just livid over this B.S. How can you compete against a company that’s backed by the endless stream of taxpayer money? I’m sure GM is busy giving out more zero down, zero percent loans with that money too.

By: Onlooker from Troy

Onlooker from Troy — Mon, 06 Jul 2009 19:43:17 +0000

Bruce

Yep, we’d hate for them (GM) to have to actually worry about their money and balancing their budget and all that bothersome stuff that other businesses (other than big banks) have to worry about. You just can’t run a business like that, don’t ya know? We should all be able to run our businesses and households the way Uncle Sam does, with no real worries about making it all fit in the budget. Good grief.