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  • May 2011
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links for 2011-05-18

  • Quote:"The Tradeworx computers get price quotes from the exchanges, decide how to trade, complete a risk analysis and generate a buy or sell order — in 20 microseconds.

    The computers trade in and out of individual stocks, indexes and exchange-traded funds, or E.T.F.’s, all day long. Mr. Narang, for the most part, has no idea which stocks Tradeworx is buying or selling.

    Showing a computer chart to a visitor, Mr. Narang zeroes in on one stock that had recently been a winner for the firm. Which stock? Mr. Narang clicks on the chart to bring up the ticker symbol: NETL. What’s that? Mr. Narang clicks a few more times and answers slowly: “NetLogic Microsystems.” He shrugs. “Never heard of it,” he says.

    // These high volume traders seem fundamentally anathema to the purpose of a free market exchange.

  • Quote:"Household chores often get in the way when dual-earner couples want to unwind after a stress-filled day on the job. Now, a new study shows that while wives' stress levels drop when their husbands are helping them with chores, for men it's the opposite: stress levels fall when their wives are busy while they're relaxing.

    The research, conducted at the Center for the Everyday Lives of Families at the University of California, Los Angeles, between 2004 and 2006,

  • Quote:"The sane among us recognize that in a free society, income is neither taken nor distributed; for the most part, it is earned. Income is earned by pleasing one's fellow man. The greater one's ability to please his fellow man, the greater is his claim on what his fellow man produces. Those claims are represented by the number of dollars received from his fellow man.

    Say I mow your lawn. For doing so, you pay me $20. I go to my grocer and demand, "Give me 2 pounds of steak and a six-pack of beer that my fellow man produced." In effect, the grocer asks, "Williams, you're asking your fellow man to serve you. Did you serve him?" I reply, "Yes." The grocer says, "Prove it."

    That's when I pull out the $20 I earned from serving my fellow man. We can think of that $20 as "certificates of performance." They stand as proof that I served my fellow man. It would be no different if I were an orthopedic doctor, with a large clientele, earning $500,000 per year by serving my fellow man."

  • // Public schools have turned into a medium for funneling children into the judicial system. Read the whole thing.
  • Quote:"While views vary widely over the wisdom of constructing Minnesota’s firstcommuter rail line, just about everyone agrees the number of riders for the first year of Northstar service fell far short of expectations— 20 percent and 185,000 riders short.

    When ridership comes up short, so do taxpayers, who were already expected to subsidize 79 percent of Northstar’s $16.8 million operating costs—before the shortfall. Passenger ticket sales were projected to pay for 21 percent of the cost of train rides, an operating deficit of more than $1 million per month. The final audited 2010 “farebox recovery” numbers for Northstar Commuter Rail will not be available until July.

    // When the value of something is 20% OF WHAT IT COSTS, don't do it.

  • Quote:"The Kentucky Supreme Court had found that the police created the exigent circumstances and, therefore, the police could not rely on the exigent circumstances exception to the Fourth amendment. The U. S. Supreme Court disagreed in an 8-1 decision. Alito wrote for the majority and Ginsburg dissented. The Court reviewed five different tests used by lower federal courts and state courts for determining when the exception to the exception came into play. They rejected them all.

    // SCOTUS is very wrong in eroding the rights of homeowners like this. But this is what the war on drugs is doing to us. Warrantless police searches should not be the norm.