"This is a never-ending race," says the CEO of a high-speed trading firm that's built a network of lasers to trade stocks several nanoseconds faster. This is the single stupidest use of human ingenuity happening in the world today.
By any measure, this is an indefensible allocation of resources. It's a pure skim - adding absolutely nothing of value to the economy. Why is high frequency trading still allowed? And why have we not passed a Tobin Tax yet?