Greenspan und Establishment, Nachtrag

verfasst von jagg, 31.01.2001, 18:46

Zitiert aus 2tfme13 von Vern Lyon,
http://www.aros.net/~vlyon/ bzw.
ftp://ftp.aros.net/pub/users/vlyon/2tfme25.txt

....
In a previous issue of TFME
<ftp://ftp.aros.net/pub/users/vlyon/2tfme13.txt> in an essay,
'Buying Prestige', I mentioned how Leo Melamed, who was chairman
of the Chicago Mercantile Exchange at the time of the 1987 stock
market crash took it as sign that financial futures and the Merc
by implication had"arrived" (i.e., no longer considered gambling
instruments) as being recognized as socially useful institutions
when Fed chairman Alan Greenspan called Melamed and offered the
Fed's help during a period of chaos in the stock index futures
market.

Contrast this with the hypothetical situation where Steve Wynn,
the CEO of the Mirage Hotel and Casino in Las Vegas, calls up
Greenspan and announces that his company is experiencing a
liquidity crisis and because of this they will not be able to
meet their upcoming payroll because some computer nerds from
California came into his casinos with computers in their shoes
and commenced to clean up on the roulette tables (See note
below). Well, I doubt that Greenspan would offer aid to Wynn, or
if he did you would never hear about it. The reason of course is
that the"gamblers" in Chicago must be bailed out because if not
the whole financial system will allegedly fall apart, the
"speculators" in Las Vegas must pay for their sins.
-----------------------------

Note:

A fun book by Thomas A. Bass, The Eudaemonic Pie (1985),
supposedly documents the adventures of some graduate students in
physics and others from the University of California at Santa
Cruz in the attempts to beat the game of roulette by using
computers concealed in their shoes at the casinos in Las Vegas. I
enjoyed the book. It reminded me of gonzo journalist Hunter S.
Thompson's (recently of Rolling Stone Magazine) Fear and Loathing
in Las Vegas except rather than doing Vegas with gin in the belly
and acid in the head the nerds did it with batteries strapped to
their bellies and computers in their shoes. However, I found
their claim that they had a 5 percent edge in roulette
incredulous. A 5 percent edge given that one play probably takes
less than a minute translates into an astronomical annualized
rate of return as the casinos are open 24 hours a day 365 days a
year. Since none of the principles involved became a permanent
resident of Las Vegas, but went on to pursue taxpayer's money
through grants I rest my case.
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gesamter Thread:

• Hat die FED ein Interesse an stabilen Finanzmärkten, will Sie die Talfahrt - Aldibroker, 30.01.2001, 20:56
  • Er will sicherlich keinen neuerlichen Gipfelsturm, dann wird's nämlich gefährl.. - YIHI, 30.01.2001, 21:02
    • Was ist denn nun gefährlich, das die Märkte fallen oder ein 1/x wieder aufholen? (owT) - Aldibroker, 30.01.2001, 21:05
      • Re:... gefährlich für wen? - jagg, 30.01.2001, 21:14
        • Re:... gefährlich für wen? - dottore, 30.01.2001, 22:23
          • Re:... gefährlich für wen? - jagg, 30.01.2001, 23:25
            • GS und Komptenz - 1 - jagg, 31.01.2001, 18:34
            • Greenspan und Establishment - jagg, 31.01.2001, 18:35
              • Greenspan und Establishment, Nachtrag - jagg, 31.01.2001, 18:46
            • Greenspan und Komptenz - 2 - jagg, 31.01.2001, 18:37
            • Diskussion der GS Rede an December 5, 1996 - jagg, 31.01.2001, 18:42
            • Greenspan und"Macht" - jagg, 31.01.2001, 18:52
  • Re: Hat die FED ein Interesse an stabilen Finanzmärkten, will Sie die Talfahrt - JüKü, 30.01.2001, 21:28
    • Worum geht es? (owT) - Aldibroker, 30.01.2001, 21:37
      • darum was er kann und das was passieren wird. nervensäge (owT) - puppetmaster, 30.01.2001, 21:59
        • Entschuldige, suche nur Antworten und will mich weiterentwicklen, nehme - Aldibroker, 30.01.2001, 22:07
        • 'nervensäge' ist aber kein schöner Ausdruck!! (owT) - ufi, 31.01.2001, 12:50