I admit to him that I remain afraid of the downside risks given that the world feels very vulnerable. His comeback is reassuring. He reminds me that the world never feels safe, that when you feel safe it’s a mirage, that in mid-2001 folks felt safest in decades and it was right before the worst terrorist attack in American history. He reminds me of our youth where we had regular fall-out shelter drills in case of nuclear attacks. He reminds me of Sputnik and Bay of Pigs and the shock Americans felt after Pearl Harbor. That folks in the U.S. felt isolated from the world’s problems and safe in 1940 until the end of 1941. That in 1987 markets crashed, that in the early 1990s the S&L crisis threatened all financial institutions and drove us into recession, that Mexico almost dragged us down in 1994, that Long-Term Capital Management almost demolished the entire financial system in 1998 and that in 1999 folks predicted the end of the world with Y2K. The year 2001 brought the end
of the tech bubble and in the fall of 2008 we were close to heading into financial catastrophe.
1) It's just not possible for someone trading out of their parent's basement to crash the most liquid futures market in the world. And in the remote chance it is, this is the CME's fault not the trader's.
2) If "layering" orders and canceling bids is illegal then you should round up half the position traders on the Street
3) An "old school" trader who had "always been good with his reflexes and doing things quick." cannot outwit HFT firms like Virtu which have a virtual monopoly on stealing spreads from the market. How exactly do regulators believe Virtu can go 1,000 days without incurring a net loss on a session? Not by losing money to nerds still living with their parents.
4) Anybody who is not a child realizes this is more about him telling the SEC to get fucked than it is about a trillion dollar crash in the market on the same day. Telling someone to get fucked is not illegal.
'As the report explains, this is the day that "represents how long Americans as a whole work into the year before they have earned enough money to pay all federal, state and local taxes for the year."
The national average is April 21 -- almost a week after the federal filing deadline,
Of course, your mileage may vary, even within these state-by-state figures. But you can get a rough idea how you fare against other people...
"Tax Freedom Day rankings square unsurprisingly well with overall measures of state and local tax burden," comments J.D. Tuccille at Reason. "The five highest taxed states, reports the Tax Foundation, are New York, New Jersey, Connecticut, California and Wisconsin.
Wyoming, Alaska, South Dakota, Texas and Louisiana are the least burdensome.
"Business tax climate also corresponds closely with Tax Freedom Day. The states least favorable to business are New Jersey, New York, California, Minnesota and Vermont.
By contrast, Wyoming, South Dakota, Nevada, Alaska and Florida hold the top spots."