Chapter Three, page 56-87

  • Chapter Three followed Ronan Ryan in his journey of moving from Ireland to America, and eventually working his way into Wall Street as well following Ryan as his personal understanding of high frequency trading and the changing Wall Street developed.
  • “The U.S stock market was now a class system, rooted in speed, of haves and have-nots…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 more like a private viewing of a stolen work of art”
  • I think the comparison made of a private viewing of art to Wall Street is especially powerful, because it, yet again, shows the changing of the stock market. However, the changing of the stock market effects everyone, which is one thing that is not mentioned by Lewis. It is mentioned how it affects the people working for the stock market. However, the stock market is directly connected to the economy, which effects everyone. I would like to better understand the effects of the stock market on the average people. It was explained in more detail about the routers and that they decide how to slice up an order, and they also determine where the order is sent; completely separate from human control. And again, very few people understand how they work, which is definitely a recurring theme. Katsuyma hires Ryan to work for him, and by the end of the chapter Ryan says that he feels like an expert in something that badly needs to be changed and if himself and Katsuyma don’t do anything, theres no one who will” This is interesting because it shows the effect that Katsuyma and Ryan have. I think that they will eventually change Wall Street by exposing the dishonesty, and show the world what wall street has become. I am curious as to how everyone else in Wall Street sees them, because I get the feeling that they are alone in what they’re doing. The haves would most likely hate them and the have-nots would most likely love them. I do find myself struggling somewhat with understanding the economic terms and wall street lingo, and I am hopeful that my understanding will progress as this project progresses.
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One thought on “Chapter Three, page 56-87

  1. I agree that the jargon is sometimes hard to understand. Maybe you can keep a glossary of terms on a separate page on your blog and then use them in some thoughtful way in your presentation. On another note, to pick up on how Wall Street affects common people, I would say the crash in 2008 basically wiped out many middle class investors’ retirement funds. Most of the money was in the bond market, which was considered somewhat conservative and safe, but the banks started gambling too much and many people began to work past their planned retirement as a result.

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