Quantcast

Posts tagged with USA

Flash Boys is deliberately set up to suggest a “perfect world gone bad” scenario: As if, prior to the advent of HFT, … nobody ever got bad fills and liquidity was provided by a fairy godmother who never skimmed. It is … irresponsible, … dumb and deceptive, … to … talk about HFT without talking about what HFT replaced.

… Why … did floor traders and market makers play a key role in the function of markets for multiple centuries? Because floor traders provide liquidity. Liquidity provision is a service, and it has a cost. A discussion of what HFT replaced—with examination of new systems, old systems, and continuity between the two, with attendant pluses and minuses [would have been better]. Yet for Lewis it barely [merits] a paragraph.

Liquidity has always been an issue. The more size you want to move, the more of an issue it becomes. There has always been a need for middlemen to provide it, and friction / incentive issues in doing so, ever since the fabled meeting under the Buttonwood tree.

In the late 1980s, the Justice department busted 46 traders and brokers in the Chicago trading pits. The stealing had gotten so bad, the FBI came onto the trading floor.

Flash Boys reveals itself as a tempest in a teapot on pages 52 and 64. (I speak here of the hardcover edition from Amazon.) When Lewis … uses real numbers, the frivolity of his case is revealed.

On page 52 … an HFT “tax” that amounts to $160 million per day on $225 billion worth of volume. That is significantly less than one-tenth of one percent.

's review of { Flash Boys by Michael Lewis }




[S]tereotypes aren’t so much about people totally projecting things that completely aren’t there but about people having a framework with which they interpret things that actually are there.

It’s not that racism causes people to see (for example) belligerent teenage boys where there are none, but that a white belligerent teenage boy is just seen as himself while a black belligerent teenage boy is part of a pattern, a script, and when people blindly follow the scripts in their head that leads to discrimination and prejudice.

So yeah, it is a fact, I think, that I was a bit off-putting in my Jeopardy! appearance—hyper-focused on the game, had an intense stare, clicked madly on the buzzer, spat out answers super-fast, wasn’t too charming in the interviews, etc. But this may have taken root in people’s heads because I’m an Asian and the “Asian mastermind” is a meme in people’s heads that it wouldn’t have otherwise.

Look, we all know that there’s a trope in the movies where someone of a minority race is flattened out into just being “good at X” and that the white protagonist is the one we root for because unlike the guy who’s just “good at X” the protagonist has human depth, human relationships, a human point of view—and this somehow makes him more worthy of success than the antagonist who seems to exist just to be good at X. So we root for Rocky against black guys who, by all appearances, really are better boxers than he is, because unlike them Rocky isn’t JUST a boxer, he has a girlfriend, he has hopes, he has dreams, etc.

This comes up over and over again in movies where the athletic black competitor is set up as the “heel”—look at the black chick in Million Dollar Baby and how much we’re pushed to hate her. Look at all this “Great White Hope” stuff, historically, with Joe Louis. So is it any surprise that this trope comes into play with Asians? That the Asian character in the movie is the robotic, heartless, genius mastermind who is only pure intellect and whom we’re crying out to be defeated by some white guy who may not be as brainy but has more pluck, more heart, more humanity?

It’s not just Flash Gordon vs. Ming the Merciless, it’s stuff like how in the pilot episode of Girls Hannah gets fired in favor of an overachieving Asian girl who’s genuinely better at her job than she is (the Asian girl knows Photoshop and she doesn’t) and we’re supposed to sympathize with Hannah. Okay, here’s one more comment from the Internet that kind of encapsulates it. The kind of un-self-awareness of what someone is saying when they say they’d prefer I not win because I try too hard at the game, work too hard at it, care too much about it, and that they’d prefer that a “likable average Joe” win.

This is disturbing because it amounts to basically an attack on competence, a desire to bust people who work very hard and have very strong natural gifts down in favor of “likable average Joes”—and it’s disturbing because the subtext is frequently that to be “likable” and “average” you have to have other traits that are comforting and appealing to an “average Joe” audience, like white skin and an American accent.

Arthur Chu to Ken Jennings (via pushinghoopswithsticks), highlights mine

Filing this lucid account as more evidence that, mathematically, I want to think about racism / sexism / stereotypes of various sorts as being about lack of variationnot about location of mean/median/mode.

Related: scaly llamas




by Wes Janz and Olon Dotson

image

image

image

image

image

image

image

image

image

image

image





Since [2008], the [US] labor force participation rate (LFPR) has dropped from 66 percent to 63 percent. [Out of 314M people.] Many people have left the labor force because they are discouraged … (U.S. Bureau of Labor Statistics data indicate that a little under 1 million people fall into this category)….
…Knowing the reasons why people have left (or delayed entering) the labor force can help us [guess] how much of the ↓ might … ↑ if the economy ↑ and how much is permanent. (For more on this topic, see here, here, and here.)

The chart … shows the distribution of reasons in the fourth quarter of 2013…. Young people [usually say they] are not in the labor force … because they are in school. Individuals 25 to 50 years old who are not in the labor force mostly [say they] are taking care of their family or house. After age 50, disability or illness becomes the primary reason [given]—until around age 60, when retirement begins to dominate.
…
Of the 12.6 million increase in individuals not in the labor force, about 2.3 million come from people ages 16 to 24, and of that subset, about 1.9 million can be attributed to an increase in school attendance (see the chart below).

—Ellyn Terry

HT @conorsen
off-topic sidenote: the natural cohort —vs— year adjustments, like “the baby boom has shifted 7 years since 7 years ago” are an economic example of the covariant/contravariant distinction

Since [2008], the [US] labor force participation rate (LFPR) has dropped from 66 percent to 63 percent. [Out of 314M people.] Many people have left the labor force because they are discouraged … (U.S. Bureau of Labor Statistics data indicate that a little under 1 million people fall into this category)….

…Knowing the reasons why people have left (or delayed entering) the labor force can help us [guess] how much of the ↓ might … ↑ if the economy ↑ and how much is permanent. (For more on this topic, see herehere, and here.)

The chart … shows the distribution of reasons in the fourth quarter of 2013…. Young people [usually say they] are not in the labor force … because they are in school. Individuals 25 to 50 years old who are not in the labor force mostly [say they] are taking care of their family or house. After age 50, disability or illness becomes the primary reason [given]—until around age 60, when retirement begins to dominate.

Of the 12.6 million increase in individuals not in the labor force, about 2.3 million come from people ages 16 to 24, and of that subset, about 1.9 million can be attributed to an increase in school attendance (see the chart below).

Ellyn Terry

image

HT @conorsen

off-topic sidenote: the natural cohort —vs— year adjustments, like “the baby boom has shifted 7 years since 7 years ago” are an economic example of the covariant/contravariant distinction


hi-res




Estonians are amenable to marriage. They have a liberal, “eh, what the heck” approach to it and see it as a manifestation of romantic love, as opposed to the US where it has been viewed as a phase in life that occurs sometime after a big promotion at work.




If people are rational and self-interested, why do they incriminate themselves after being Mirandised?

After minute 31 an experienced Virginia Beach interrogator-cum-3L explains how he convinces criminals to confess, against their interest, even after advising them that “Anything you say may be used in court”.

Especially after minute 34, 36, 38, 39, 40, 45, 47 he explains how he has outsmarted several criminal archetypes over 28 years.

Also check the interrogator’s view (at min 45) on cultural prejudice and presumption of guilt in Virginia Beach criminal court.




U.S. homelessness dropped nearly 17% over the past eight yearsvia The State of Homelessness in the USA

hi-res




Democrats have typically argued that no one company should control more than one-third of existing mobile spectrum—to ensure the existence of at least 3 competitors.

Republicans maintain that spectrum ought to be allocated through open markets — if a company has succeeded in attracting customers and cash flow, it deserves access to the spectrum necessary to serve them.

Bruce Gottlieb, US antitrust lawyer

 

Step one. Appeal to market liberalisation, the benefits of competition, private over public management, and capitalism-as-servitude.

Step two. Social Darwinism. Whoever “won” the market gets licence to a rival public resource (spectrum), preventing new entrants and locking in their lead over existing competitors.

Step two-and-a-half. What happened to the benefits to consumers? What happened to competition? Now the justification for the state granting monopoly has become to incent “winning”. Let’s hope the winner didn’t use money from another line of business to snatch the lead at this particular point in time.

Step three. Winner takes all. Survival of the fittest indeed.

(Source: The Atlantic)




a bayou in Illinois, USA (37°22′01″ North Latitude)

(New Orleans is at 29.9667° N Latitude)

(Source: Wikipedia)










Gary, Indiana photographed by Cragin Spring

  • gas cut
  • hotel plaza
  • open late

From another source: “Business Opportunity”

  • 5750 Square Feet
  • 0.331 Acres
  • $125,000