“The U. S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value. The haves enjoyed a perfect view of the market; the have-nots never saw the market at all. What had once been the world’s most public, most democratic, financial market had become, in spirit, something like a private viewing of a stolen work of art.”

Source: Flash Boys (2014), p. 69

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Michael Lewis40

American writer 1960

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“Reg NMS was intended to create equality of opportunity in the U. S. stock market. Instead it institutionalized a more pernicious inequality. A small class of insiders with the resources to create speed were now allowed to preview the market and trade on what they had seen.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 98

“The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

New Scientist interview (2004)

“There are only two families in the world, the Haves and the Have-Nots.”

Miguel de Cervantes (1547–1616) Spanish novelist, poet, and playwright

Source: Don Quixote de la Mancha (1605–1615), Part II (1615), Book III, Ch. 20.

“Civilization slipped into its second dark age on an unsurprising track of blood, but with a speed that could not have been foreseen by even the most pessimistic futurist. It was as if it had been waiting to go. On October 1, God was in His heaven, the stock market stood at 10,140, and most of the planes were on time (except for those landing and taking off in Chicago, and that was to be expected). Two weeks later the skies belonged to the birds again and the stock market was a memory. By Halloween, every major city from New York to Moscow stank to the empty heavens and the world as it had been was a memory.”

Stephen King book Cell

Preface
Cell (2006)

“My interest had been in a broad class of situations, broader than the advanced industrial market economies, including situations in third world countries, and in countries attempting to have some kind of socialist approach to their problems. I have been interested in how one can construct efficient mechanisms that have the decentralization features similar to a market but that do not necessarily resemble a market. For this purpose, I formulated the notion of an informationally-decentralized economy in which perfect competition was just a very special case…”

Leonid Hurwicz (1917–2008) Russian-American economist and mathematician

Source: David Warsh, " The Road to a System that Works (Without Shooting People) http://www.economicprincipals.com/issues/2007.10.21/69.html" at economicprincipals.com, October 21, 2007.

“We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.”

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 6.

“Except for specialists such as market analysts and the like, economists as a professional group have had surprisingly little influence on businessman.”

Robert Aaron Gordon (1908–1978) American economist

Source: Business Leadership in the Large Corporation (1945), p. 259, footnote 26

“I should say that when people talk about capitalism it's a bit of a joke. There's no such thing. No country, no business class, has ever been willing to subject itself to the free market, free market discipline. Free markets are for others. Like, the Third World is the Third World because they had free markets rammed down their throat. Meanwhile, the enlightened states, England, the United States, others, resorted to massive state intervention to protect private power, and still do. That's right up to the present. I mean, the Reagan administration for example was the most protectionist in post-war American history. Virtually the entire dynamic economy in the United States is based crucially on state initiative and intervention: computers, the internet, telecommunication, automation, pharmaceutical, you just name it. Run through it, and you find massive ripoffs of the public, meaning, a system in which under one guise or another the public pays the costs and takes the risks, and profit is privatized. That's very remote from a free market. Free market is like what India had to suffer for a couple hundred years, and most of the rest of the Third World.”

Noam Chomsky (1928) american linguist, philosopher and activist

Quotes 1990s, 1995–1999, Sovereignty and World Order, 1999

“How good are markets in predicting real-world developments? Reading the record, it is striking how many calamities that I anticipated did not in fact materialise.

Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.

It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

“…our geographical position put us in the centre of markets. That was one of the great strengths of our position. We did not have to look merely into Europe; we could look outside. We had our relationships with the Colonies overseas, later the Dominions; with the United States; with all continents, just because we were not tied up with the Continent of Europe. Now we are to be tied. It might be right, it may be wrong; but do not make any mistake: it is entirely different from anything we have had before. We are to become part of a larger whole, an appendage to Europe. It may be right now, but, historically, that has not been our position. We may have been at the centre of markets, but we have not been in one market and out of the others. We have had to fight against hostile tariffs; we have had to keep our end up. We have never put ourselves into a position in which we were inside a ring-fence with a number of Continental Powers. Make no mistake: it is an entire change.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Speech http://hansard.millbanksystems.com/lords/1962/aug/02/britain-and-the-common-market in the House of Lords on the British application to join the Common Market (2 August 1962). <br class="br">Later life

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Michael Lewis40

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