Word: markets
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Dates: during 2000-2009
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...years, families have been making a mass exodus from cities to the contentment of suburbia. In Reloville, Peter T. Kilborn focuses on a more recent phenomenon: work-imperative relocation. "Relos" must contend with an ultra-competitive job market, now made worse by recession, that drags them and their families from town to town. Kilborn examines the price families pay in Relovilles as they try to maintain a bit of consistency in their lives and concludes that the trend isn't so much good or bad as just rather...
...fall 2007, I found myself on the 19th floor of the Manhattan skyscraper known as the Lipstick Building, listening to Bernie Madoff explain to me how he made money. This was in preparation for a discussion called the Future of the Stock Market that I was moderating; Madoff was a participant. (It's a big hit on YouTube - just Google "Madoff video.") Sadly, he didn't happen to mention the now infamous Ponzi scheme he was running two floors below us. At issue was his legit business, a brokerage that had long been one of the biggest marketmakers (the firms...
...cartel is dead and has been replaced by a brutally competitive environment in which the price of trading has plunged. It's a market in which exchanges do constant battle over trading volume. The biggest volume generators at the moment are high-frequency trading firms you've never heard of - GETCO, founded a whopping 10 years ago, is the granddaddy - that try to get ahead of millisecond-by-millisecond price movements and take advantage of rebates paid by exchanges to those who create liquidity (that is, offer to buy or sell stock at a certain price and assume the market...
...competitive market, it's a little hard to say why the exchanges shouldn't engage in all this. But there is one nagging concern: that equity markets now move so insanely fast that they could go off the rails spectacularly. "I can't tell you what all this volume of trading will mean," says electronic-trading pioneer E.E. (Buzzy) Geduld, who sold his firm, Herzog Heine Geduld, to Merrill Lynch in 2000. "I can tell you there may be some unintended consequences and this all may blow up." Competition and innovation tend to make markets explode from time to time...
Business owners are also excited. Nancy Gardella, executive director of Martha's Vineyard's Chamber of Commerce, remembers how former President Bill Clinton's summers on the island gave a "tremendous boost" to the local economy and helped "turn the tide" on the island's real estate market in the early 1990s. She hopes Obama will be a regular visitor "for the next seven years...