The statement was that "We like the idea of letting everyone transact freely, but we are uncomfortable with the "winner take all" implication of that policy"
But this is not true. We are not uncomfortable with free transactions resulting in winning - we are uncomfortable with "free" being the state of the system whereby the winner is able to do so because there is no oversight over the WAY in which these winnings are achieved.
namely, that one side of the transaction is exploiting their position of data/information superiority for their benefit and as a result, those who are under the delusion that they have a chance of making out well in the transaction suffer the reality of being the victim of having less data/information/sophistication.
We all want "FREE" transactions - but we want them on a level playing field.
THe fact is that there is no level playing field when it comes to the pinnacle of the monetary system.
The system is DESIGNED to not be in anyone's favor but wall street.
Further, they have worked very very hard at tremendous expense to ensure that the regulatory system, bodies and laws are all skewed in their favor!
Ignorance has so badly corrupted the minds of the world that even the understanding of the term Free is lost on most.
There can be an hour long rant on how exactly unfree every one truly is due to debt-slavery.
Is having superior information and data not consistent with a level playing field? What about hiring up a significant portion of all the top college graduates and having them work around the clock to give you every possible advantage? Is that consistent with a level playing field?
My point is that there are a lot of things short of fraud that we consider "meritocracy" (and having superior information and superior analysis usually falls into that category), but those things systematically stack transactions in favor of the parties that can afford to buy them. Even if you have zero fraud, zero lobbying, etc, you'd still see wealth flowing to Wall Street from Main Street.
I think we are in perpendicular agreement. I agree with your statement. I also believe that the system as it is currently regulated, implemented and used is based on a system that is actively working to protect itself and its advantage and that the actions taken by wall street to get/maintain/hide the data/advantage they have is what is illegal.
I am not saying that using or having a better position of data or information is wrong or illegal. I am saying that how they got there in the first place, and what they have done to ensure its perpetuity for them is what is illegal/wrong/exploitative and abused.
The worst criminals of the bunch are those in supposed positions of regulatory authority that are really there to protect the interests of big money.
This includes GS employees setup as Obama's economic advisory.
(Note: often people make the mistake of saying "well do you expect him not to hire/appoint people with intimate knowledge of how the financial system works?" -- No, I expect him to hire/appoint people with express knowledge of how the system works and how it is exploited and abused so that they can identify and go after criminal fraudulent activity.
When you hire/appoint those BENEFITING from the actions of the industry - it protects the criminal/exploitative activity!)
In theory, Wall Street should accrue value in two forms: as a tax for the liquidity they provide, and as compensation for the risk they take. It used to be that the investment banks were mainly middle-men, but increasingly they've also become essentially government-backed hedge funds. Unfortunately, they can use their position as middlemen to extra value from Main Street. Finance should not be like 10% of your GDP, unless you're Switzerland or another country that "exports" banking services. It doesn't produce value itself, it's just a tax on the rest of your economy necessary to ensure the availability of capital.
The statement was that "We like the idea of letting everyone transact freely, but we are uncomfortable with the "winner take all" implication of that policy"
But this is not true. We are not uncomfortable with free transactions resulting in winning - we are uncomfortable with "free" being the state of the system whereby the winner is able to do so because there is no oversight over the WAY in which these winnings are achieved.
namely, that one side of the transaction is exploiting their position of data/information superiority for their benefit and as a result, those who are under the delusion that they have a chance of making out well in the transaction suffer the reality of being the victim of having less data/information/sophistication.
We all want "FREE" transactions - but we want them on a level playing field.
THe fact is that there is no level playing field when it comes to the pinnacle of the monetary system.
The system is DESIGNED to not be in anyone's favor but wall street.
Further, they have worked very very hard at tremendous expense to ensure that the regulatory system, bodies and laws are all skewed in their favor!
Ignorance has so badly corrupted the minds of the world that even the understanding of the term Free is lost on most.
There can be an hour long rant on how exactly unfree every one truly is due to debt-slavery.