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What’s Worse Than Ticket Scalpers? Stock Scalpers.

What’s Worse Than Ticket Scalpers? Stock Scalpers.

Sarah Anderson

nternet bots immediately snapped up Beyonce’s presale tickets last year. And when the resale price rose above $1,000, the Beyhive was mighty peeved.

Ticket scalpers are indeed frustrating. But their Wall Street cousins — what UMass-Amherst professor Douglas Cliggott calls the “stock scalpers” — are far more dangerous.

To anyone interested in how some of these shenanigans were pulled off in the relatively recent past and probably are to this day, I recommend reading Micheal Lewis’ (2014) Flash Boys. It is an engaging, informative book and demonstrates in detail one of the true hazards of the hyper-financialized markets along with their electronic backbone–the internet. The story reveals how greed can be a great motivator of creative and industrious initiative.

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The "Cheater-in-Chief has spawned an industry of scoundrels preying on the public.

Legislate Against Their Innate Need For Greed.

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In the name of factuality, high frequency trading predates Trump by many years.

He’s spawned more open racism and an overall dumbing down of the presidency, but not this.

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Another example of how rigged the market is for big trading houses - not to mention rampant insider trading. Investing… what a joke term. Most people with a 401K and all these fast traders don’t even know what stocks they’ve owned, mostly for only days or even micro seconds. The better term is calculated gamble. Everyone trying to make a buck by doing nothing more than laying down their money. But as a 55 year old friend of mine says, “It’s either that (hoping for a windfall) or work till I drop dead.”

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The system of Stocks and Limited liability Corporations have been subject to scams and price manipulation since the concept of shares in Corporations first introduced.

They date back to the Tulip bubble in Holland in 1593 , this followed by all manner of schemes and frauds from Bre-X gold to Worldcom , from Enron to the South sea bubble. New technologies just make the scams easier to pull off but the desire to scam is always there and the Governments always act to protect them.

This IS Capitalism.

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Thanks for correcting me Tank.

As you know, I have a tendency to make faux news.

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Absolutely.

i appreciate the intention of proposals to regulate capital, such as the financial transactions tax. But, it has been proven, repeatedly, for centuries, that capital will break the bonds of its regulation, and return like a zombie to loot at the trough of every available resource. Capital will always twist money, finance, and “investment” to serve as locations for looting.

This particular modern technological practice is widely known and understood – to use the micro-second that it takes electronic information to travel across wires or wireless networks as a space to leap in and NOT “invest” but instead raise the cost of investment and skim the difference – blatantly unproductive “rent-seeking” behavior that adds zero to “the economy” but only serves to funnel ever-more of humanity’s wealth into fewer and fewer hands. The only reason it’s “controversial” to address this blatantly unproductive practice is that these phony “investors” own and operate the “democracy” that supposedly “regulates” them.

Instead of endlessly hamster-treadmill “regulating” capital, we need to abolish it. We need to abolish “shares in corporations.” We need to abolish the for-profit, investor-owned, limited-liability corporation. We need to operate the economy on entirely different principles than looting, colonizing, exploiting, cost-externalization, profiteering, rent-seeking. Greed is NOT good.

The point we have reached with colonization and cost-externalization, has the entire ecology beginning to dis-integrate, and the greed-drunk monster egos can’t even look at it.

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Considering that this slimy practice is based on the ability to out-compute the other guy, it also serves as a cautionary tale about turning any sort of autonomous AI loose in the real world.

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Let the cannibals eat each other. let them even have medical coverage under medicare for all. But just turn the other cheek in another direction and let the slap land on thin air.

Public Banking
Co-ops
End tax havens
5 actions to End tax havens and financial secrecy jurisdictions

  1. End public contract eligibility for companies operating out of tax havens

  2. Create public registries of the beneficial owners of companies, trusts and foundations

  3. Introduce full transparency of deals and secret agreements between companies and governments

  4. Introduce public country by country reporting by multinational companies

  5. Introduce automatic information exchange between all countries

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This will never get through Congress. I have a better idea: don’t invest in the stock market and remove your money from the big banks. If you have enough money that you don’t have to worry about losing it in the market then you have enough, and if you don’t have enough to not worry about it you shouldn’t be there anyway.

Totally agree.
And find a way to punish excessive greed to the point it is eliminated from the human genome.