There is a lot of corruption and dishonesty in the markets. The recent Nomura shake up on insider trading, the Libor manipulation scandal, Madoff, PGF, JPM. It seems endemic. People will always cheat and lie. It's only human. It's a cynical view, but the conclusion is unavoidable. Regulation doesn't seem to help much. The question is whether such dishonesty is built into the data, and whether it negatively affects the average joe. Chair's theory is that all under the sun is built into the statistics, the data and if the right questions are asked in the scientific method, information is available. Or does all the manipulation make it futile if one is not a flexion? Or is it, as Tim says, luck?

Craig Mee: 

James, I suppose a question is has this got any hope of diminishing or does the vested interest of the insiders to hold their station under deteriorating economic conditions drive this insanity to greater heights? Will people sell out their grandmother, (well, in this case their great great grandkids) and lock and load until the games not just up for them, but more importantly up for the arrogant, all and sundry.





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1 Comment so far

  1. Jeff Watson on July 26, 2012 4:50 pm

    When Canada Bill Jones was told the game was crooked, he replied, “Yeah, but it’s the only game in town.”


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