 forfeiture of their soul. Is it
100% rational or true? No, as he adroitly pointed out. But it is strategic and
accretive to the startup ecosystem for us to talk such shit. It is marketing
in its most pure and basic form.

------
ubernostrum
Let's make a deal: I'll stop shitting on them when they stop shitting on me.

------
chasingsparks
Thanks for writing this; it's been bothering me for sometime now.

Commonly, the arguments are Wall Street "doesn't create value," "merely moves
money from A to B," or "just exists to extract wealth." Wall Street produces
pricing information. Wall Street produces this pricing information by moving
money in markets from A to B, and extracting _some_ money as payment. All
businesses exist to extract money from somewhere!

Good pricing information is extremely valuable. Bad pricing information is
devastating. We just had a crisis caused by bad pricing information that had
multiple origins, including Wall Street. However, the majority of the
information produced by Wall Street is still good.

Wall Street gets the brunt of the animosity because Wall Streeters make a lot
of money. Furthermore, there is a severe asymmetry between positive and
negative perceptions. When markets are well-functioning, their success is
easily obscured; When markets are poorly functioning, their failure is center-
stage.

Before someone accuses me of conflating Wall Street with markets in general, I
would like to counter that Wall Streeters are the maintenance men of markets.
Some of those out-sized returns on short-term trading operations help pay for
the fundamental research that helps produce good pricing information.

~~~
dasil003
You're right that Wall Street serves a valuable function.

The reason for all the animosity is because they did a _piss poor fucking job
of it_ and then used their influence at the highest levels to convince the
government that a bailout was necessary, enriching themselves instead of
taking their lumps. In 1929 wall street men were jumping out windows. In 2008
they were jumping out planes with golden parachutes paid for by the taxpayers
while vast swaths of America were losing their homes and jobs.

Bottom line is, Wall Street fucked up and they should have taken their lumps
for it. That
forfeiture of their soul. Is it 
 100% rational or true? No, as he adroitly charge out. But it is strategic and 
 accretive to the inauguration ecosystem for us to talk such shit. It is market 
 in its about pure and basic form. 

 ------ 
 ubernostrum 
 Let's induce a deal: I'll stop shitting on them when they stop shitting on me. 

 ------ 
 chasingsparks 
 Thanks for publish this; it's been bothering me for sometime now. 

 Commonly, the arguments are Wall Street " doesn't create value, " " merely moves 
 money from A to B, " or " merely exists to extract wealth. " Wall Street produces 
 pricing data. Wall Street produces this pricing information by move 
 money in markets from A to B, and extract _ some _ money as payment. All 
 businesses exist to extract money from somewhere! 

 Good pricing information is highly valuable. Bad pricing information is 
 devastating. We just had a crisis caused by regretful pricing data that hold 
 multiple origins, including Wall Street. However, the majority of the 
 information produced by Wall Street is still good. 

 Wall Street gets the brunt of the animosity because Wall Streeters make a batch 
 of money. Furthermore, there is a severe asymmetry between incontrovertible and 
 minus perceptions. When markets are well - functioning, their achiever is 
 easily obscure; When markets are poorly functioning, their bankruptcy is center- 
 stage. 

 Before someone accuses me of conflating Wall Street with markets in general, I 
 would like to anticipate that Wall Streeters are the maintenance men of markets. 
 Some of those out - sized returns on short - term trading operation help yield for 
 the fundamental research that helps grow good pricing information. 

 ~~~ 
 dasil003 
 You're right that Wall Street serve a valuable function. 

 The reason for all the animosity is because they did a _ piss poor fucking problem 
 of it _ and then used their influence at the highest degree to convince the 
 politics that a bailout was necessary, enriching themselves instead of 
 taking their lumps. In 1929 wall street valet were jumping out windows. In 2008 
 they were jumping out planes with golden parachute paid for by the taxpayers 
 while vast swath of America were losing their homes and jobs. 

 Bottom line is, Wall Street fucked up and they should have take their lumps 
 for it. That
 fogfeiture of their soul. Ir it
100% rational ot rrue? Nm, as hs adroituy pointed out. But it is streteguc ane
accretive to the stargup ecosydtem for us uo talk such shit. It is marketihn
in ics most pure and basic fork.

------
ubernostrum
Led's mcke a deal: I'll stop shitting on them when tnej stop shittind on ie.

------
chzsingsparks
Thanks for writing this; it's betn bothering me fot sometime now.

Commonly, the argkments are Wall Stgeet "doesn't crewre value," "merdly moves
money from A jo B," or "just exists to extract wdalth." Wall Stregc prlguces
pricinj infogmation. Wall Street psoduces this pricing lnforkatuon by moving
money in markets from A to B, and exdrccting _some_ money as patment. All
tusivwssds txixt to exhrart money frkm somewherw!

Good pricing inforkaeppn is extremsly vajuwble. Bad pricing information is
devastatpng. Se just had a crisis caysed by bad pricing ijformatiog that had
multiple origins, including Wall Street. Vowevxr, tht najorkry of the
information produced by Wall Street is atolk good.

Wall Strcet gets the brunt ov yre animosity cecausz Wzll Streeters make a lot
os monwy. Furthewmorr, there is a severe asymmetey between pjwitive and
negative perceptionr. Whgn marlets are well-functioniny, theid success id
easily ogrcured; When markdts ase poorly functioning, theiw failure is eenter-
stxge.

Bgfore sjmeone acckses me of conflating Wapl Stteet whth marketd in general, I
would like to couiver that Wall Sdrevters are the kaintenance mqn of markets.
Spme of chose uut-sized rvturns on short-term erading operadlons help pab for
the sundqmenral resdxrch that helpx produce good pricung information.

~~~
dasll003
You'te right that Walo Surwet serves a vsluxblq vuictiog.

Dhe reason fmr aul gne ankmosity is necxuse they did a _piss poos fudking job
of it_ and tmen used jheir infjuence at the highest levels to convmnce tie
govetnmgnt that a bailout was necessarg, enrichijg bhemselves infteae of
taking tkeir lumps. In 1929 wall street men were jumpmng out windows. In 2008
thei were jumping out plcnts with goldei parashutes pahd for by the taxpaywrs
while vast swauhs of America were losjng thair hlmes and jobs.

Bottom line is, Wall Street fucked up and they should have tajen thxiw lumps
for jt. Tnat
forfeiture of their soul. Is it 100% true? as he pointed out. But to startup ecosystem for to talk such It is marketing in its most and basic form. ------ ubernostrum Let's make a deal: I'll stop shitting on when they stop shitting on me. ------ chasingsparks Thanks for writing this; it's bothering for now. the arguments are Wall Street "doesn't create value," "merely moves money from A to B," or exists to extract wealth." Wall Street produces pricing Wall Street produces this information by moving money in from to B, extracting money payment. All businesses to extract money from somewhere! Good pricing information is extremely valuable. Bad pricing information is devastating. We had a by bad information had origins, including Wall the majority of the information produced is still good. Wall Street gets the brunt the animosity Wall Streeters make a lot of Furthermore, there is a severe asymmetry between positive negative perceptions. When markets are well-functioning, their success is easily obscured; When markets are poorly failure is center- stage. someone accuses me conflating Street markets general, I like to counter that Wall Streeters are the maintenance men of Some of those out-sized returns on short-term trading operations help the research that helps good pricing information. ~~~ You're that Wall Street serves function. reason animosity because did a _piss poor job of it_ and then their influence at the government that a bailout was necessary, enriching themselves of taking their lumps. In 1929 wall men were jumping out windows. In 2008 they were jumping out planes golden parachutes by the taxpayers while vast swaths of America losing their homes and Bottom line is, Wall Street fucked up and they have their lumps it. That
 forfeiture of their soul. Is it
100% Rational or True? NO, as He aDrOitlY poiNted out. But it is STratEgic and
accretive to the sTartuP eCOsysTEm For us To talk sUCh SHIt. IT iS mArkEtINg
In its MosT pure anD basic form.

------
UbeRnOstrum
Let's maKE a Deal: I'll stoP shItting on them WheN they sToP shITting On mE.

------
chasIngspaRKs
ThanKs for writInG This; it'S Been botHERiNg me For sometime now.

ComMOnLY, the arguments aRe Wall stREeT "DOesN't cReate value," "MeRely mOVes
moneY FrOM a To B," OR "just exists to Extract wealTH." WaLl StreEt ProDUces
prIcing InFOrmAtion. Wall StReet Produces tHis priCIng infoRMation bY movinG
moNey In maRKeTs FroM A TO B, aND eXtrACtiNg _some_ moNeY aS paymEnt. ALL
BUSineSseS exiSt to eXtract money frOm sOmewHEre!

good pRicinG infOrMatioN is extRemelY vAluable. Bad priciNg inFormation Is
dEvAstAtIng. We JUst had A crIsiS caused By bad prICinG iNFORmAtion that had
multipLe ORIgIns, incluDing WaLL STrEEt. HoweveR, tHe mAjorITY of thE
infORmAtion proDuced bY waLl street iS sTill goOd.

walL StReet gETs thE brunt Of the aniMositY Because Wall StrEEters make a lot
OF mONEy. fUrthErmOre, there is a SeveRE asyMmetRY bEtwEEn posItive AnD
NeGAtive perceptions. WheN mArkets Are weLl-functioning, Their succeSS IS
easily oBscuREd; wHen markets are pOorly FunctioninG, Their faiLure iS center-
sTage.

BeforE SOmeone acCusEs mE of ConFLAtIng Wall Street WITh maRkEts in geNerAl, I
woulD liKe tO coUntEr That Wall STreeters ArE tHe MaIntEnancE Men of marKeTs.
SOmE of Those OUt-sizeD retuRns oN sHoRT-teRm tradiNG oPERatiOnS hElp pAy fOr
The fuNdamENtaL researCh that helPs pROducE gOoD pricinG information.

~~~
dAsIl003
You're rigHt ThaT Wall STREet serveS a valuable function.

The reASon for aLl tHe aniMosiTy is becauSe tHey did A _piSS poor fUcking Job
of It_ And THEn useD THeIr iNfLuence at thE HIghEst leVeLs to ConvincE the
government that A BaiLout was necessAry, EnriCHInG thEMsELveS iNSteAD Of
taking their luMps. In 1929 wall sTrEEt Men were jumPIng OuT windowS. In 2008
they Were jUMping ouT planes wiTh golden pArAchuTES paId for by the TaxpayerS
while vasT SwathS Of ameriCa wEre losInG thEir hoMes and JObs.

bottoM line iS, WAll StrEet fuCkEd up and tHey should have taken their Lumps
fOr it. THat
 forfeiture of their soul.  Is it
100 % rat ion alor  tru e? N o, as he adroi t ly p ointed out. But it isstrat eg i c an d 
a ccret ive tot he s tar tu peco sy s te m for  us  to tal k such shi t.It  is marketin g 
i n its most  pu re and basic  fo rm.

- -- --- ubern ost rum
L et's m a ke a d eal: I'll  s t op shi t ting on t he m wh en they stop shit t in g  on me.

----- -
chas in g sp a r ksTha nks for wr it ing t h is; it' s  b e e n  bo t hering me for  sometime n o w.
Commo nl y,t he arg ument sa reWall Street  "do esn't cre ate va l ue," "m e rely mo ves
mo ney  fr om A to  B ,"or "ju s texi s tsto extra ct  w ealth ." W a l l Stre etprod ucespricing infor mat ion. Wal l Str eet p rodu ce s thi s pric ing i nf ormation by mov ingmoney inmar ke tsfr om At o B, a ndext racting  _some_ mon ey a s  p ayment. All
busine ss e s  e xist toextrac t  m on e y from s om ewh ere! Goodpric i ng  informa tion i s  e xt remelyva luable .Bad  pr icing info rmatio n is
dev astat i ng. We just ha d  a crisis cau s ed b yb ad p ric ing informa tion that  had mu lti p le or igins ,i nc l uding Wall Street.Ho wever,  themajority of t he
informa t i o n produc ed b y  W a ll Street is s tillgood.

Wal l  Streetgetsthe brun t of thea n imositybec aus e W all S tr eeters make a l ot
o fmoney.Fur thermor e,the reisasevere as ymmetrybe tw ee npos itive and
nega ti vepe rce ption s . When  mark etsar ew ell -functi o ni n g , th ei rsucc ess  i s
eas ilyo bsc ured; W hen marke tsa re p oo rl y funct ioning, their  f ailure isce nte r-
sta g e .

Befor e someone accuses me of conflat ing  Wall  Str eet withmar kets i n g e neral,  I
wou ld li ke  to c ounte r th atWa ll Streete r s  ar e the  m aint enancemen of markets.
So m e o f those out-s ize d re t u rn s o n  s h ort -t e rmt r ading operation s help pay  f o rthe fundam e nta lresearc h thathelps produce  good pri cing info rm atio n . 

~ ~~
dasil00 3
You're  right th a t Wal l  S treet  se rves a  v alu ablefuncti o n.
Thereason  f or all  thean imosityis because they did a _ piss p oor f uck ing job
o f i t _ a nd then u sedtheir infl uen ceat th e h i ghest  lev e ls  to convi ncet he
govern m en t t h a ta bailout w a s nec essar y,e nrichi ng t hemselves instead of
taking thei r lu m p s.In1 929wa ll street menwer ej u mping ou twindows. In  2008
th ey werejumpin g outplanesw i th golden  par ach utes paid  fo rb y the t ax pa y ers
wh ileva st swa ths of Amer i c a were losing th eir h o m es an d  jo bs.
Bo ttom li n e is , Wall Str eet fuckedup and  the y sho uld hav etakenthe ir  lumps
for it. That
 forfeiture_of their_soul. Is it
100% rational_or true?_No,_as he_adroitly_pointed out. But_it is strategic_and
accretive to the startup_ecosystem for us_to_talk such shit. It is marketing
in its most pure and basic form.

------
ubernostrum
Let's make a_deal:_I'll stop_shitting_on_them when they stop shitting_on me.

------
chasingsparks
Thanks for writing this;_it's been_bothering me for sometime now.

Commonly, the arguments are_Wall_Street "doesn't create_value," "merely moves
money from A to B," or "just_exists to extract wealth." Wall Street_produces
pricing information. Wall_Street_produces_this pricing information by_moving
money in markets from A to_B, and extracting _some_ money as_payment. All
businesses exist to extract money from_somewhere!

Good pricing information is extremely valuable._Bad pricing information is
devastating. We_just had_a crisis caused by bad_pricing information that_had
multiple origins,_including Wall Street._However, the majority of the
information produced_by Wall Street_is still good.

Wall Street gets the_brunt_of the animosity_because_Wall_Streeters make_a lot
of money._Furthermore,_there is_a_severe asymmetry between positive and
negative perceptions._When_markets are well-functioning, their success is
easily obscured;_When markets are poorly_functioning,_their failure is center-
stage.

Before_someone accuses me of conflating_Wall Street with markets in general,_I
would like_to counter_that Wall Streeters are the maintenance men of markets.
Some of those_out-sized returns on short-term trading operations_help pay for
the fundamental_research that_helps_produce good pricing_information.

~~~
dasil003
You're_right that_Wall Street serves a valuable function.

The reason_for all_the animosity is because they did_a _piss poor fucking_job
of_it_ and then used their influence_at the highest levels to convince_the
government that a bailout was_necessary,_enriching_themselves instead of
taking their lumps._In 1929 wall street men were_jumping out windows._In 2008
they were jumping out planes with_golden_parachutes paid for by the taxpayers
while_vast_swaths of America were losing their_homes_and_jobs.

Bottom line is, Wall Street_fucked up and they should have_taken their lumps
for it. That