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Economic Basics Part 3: The Wisdom of Crowds

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Uploaded by on Nov 5, 2008

The Wisdom of Crowds, including Galton's Ox and the Jelly Bean Experiment, and what any of it has to do with Penn Jillette.

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  • What you really-really need to understand is all those utter lies in those economics textbooks, have nothing to do with the REALITY that is the American economy.

    The Federal Reserve System and the God damn BANKERS control everything in a new Soviet style command economy. The BANKERS have stolen EVERYTHING, including the entirety of each individual’s labor contribution.

    There is no money, and what you think you are being paid is a tiny fraction of what has already been stolen from you.

  • I'd never thought of insider trading as feeding information to give a more accurate price. Have I got that correct?

  • @eyeammi Look in any macroeconomics textbook for a definition and description of "real value."

  • eyeammi has been blocked for insulting autistics. (That's gonna be another zero tolerance one from now on...)

  • @shanedk OK, then the questions still stands

    As I asked BEFORE, which is completely consistent with you saying:

    "The effect that insider trading has on the market is to let the information set the price"

    I ask again:

    "Does the existence of legal insider trading result in a market that most quickly reaches a stable equilibrium and optimal benefit (with both winners & losers) as opposed to other means of releasing information?"

    Also, please define "real value".

  • @eyeammi "describing a position I never held in the 1st place"

    How many times do I have to quote your own post to you, liar?

  • @eyeammi You still don't get it, do you? Watch the video again, and stop thinking in such simplistic black-and-white terms.

    The effect that insider trading has on the market is to let the information set the price closer to its real value. I NEVER said otherwise.

    YOU are the one who's claiming it's harmful. YOU need to prove that. YOU KEEP REFUSING.

  • @eyeammi This was confirmed by her assistant. Then the SEC railroaded the assistant (who had the same order on his own stock), and as part of a deal not to prosecute him he agreed to say that Martha committed insider trading.

    Since they had NO evidence WHATSOEVER of this, then what they actually convicted Stewart of was lying to Federal authorities. The perversity of all of this is staggering.

  • @eyeammi "...be true"

    *DELETE* and replace with

    "...apply to the release of information due to legal insider trading (A) and the market equilibrium (C)"

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