Thanks for the link and yes, I am aware of all those aspects of the financial damage and destruction.
But I have gone beyond the mere pointing out of ‘dastardly’ instruments and rule changes (e.g. uptick).
I have gone into a search and assessment of the behaviors that led to such destructive instruments and rules.
Because all the things your link points out are at root the creation of men and women, and the real question is what allowed the internal demons of the rulemakers to take control?
Wall St. has people with internal greed streaks that are contained and quelled by law and enforcement. Take away the law and enforcement and one will witness the return of Tammany Hall crossover into banking.
http://online.wsj.com/article/SB10001424052970203716204577016092542307600.html
What allowed Tammany Hall to crossover to banking? It was the repeal of Glass-Steagall.
Willie Sutton, when asked the question of “Why did you rob banks” replied “because that’s where the money is”.
And one of the money quotes in the above link is:
“The future of his city worries Mr. Siegel. Forty years ago, New York had the most manufacturing jobs in America. But as the finance sector’s share of the national economy grew to 23% in 2007 from 7% in 1980, New York turned almost into a one-company town. Meantime, the growing claims on the public purse by those who make little to no contribution to the economy have driven up taxes and the costs of doing business.”
And how was the NY financial sector going to sustain the Big Apple with its new public sector Tammany Hall? The answer was it wasn’t able unless it could figure out where the money was, and the money was in banks.
The repeal of Glass-Steagall allowed Tammany Hall to rob the banks.
All of the HFT, CDS. MBS, 100 X 1 Leverage and the like are artifacts of the behavior.
And this robbery was not in the name of Capitalism which is a constructive force in human events. But the robbers used the cloak of Capitalism to fake out the wise guys with inquisitive minds, much in the same manner of Romney’s Bain Capital which is more aptly named Bain Vulturism.
Sorry ... should’ve specified that this was just a post to the general topic, not directly to you. But thanks for the added info.
http://www.c-spanvideo.org/program/304602-1
This is the link to the “Secret Weapon” Book TV event from C-SPAN... If the program doesn’t start immediately, be patient; the tail end of the previous program is being shown, and “Secret Weapon” follows.