Cezary Podkul
speaker
149 appearances
3 recordings
1 series
first heard Mar 2018
last heard Jan 2020
Cezary Podkul’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How Stock Price Gaps Cost Investors $2 Billion Per Year · 15 Feb 2019
podcast
They actually disagree with the findings, so it's not something that they assisted in.
Yeah.
I mean, that's usually the word that gets expressed, is that if you have these discrepancies in prices, and especially if that's aided by these proprietary data feeds that exchanges sell access to, is that someone could glean insights from that and sell ahead of slow investors who are trading off of information that might be slightly out of date.
The exchanges, they all have a right to sell their own data feeds.
There's nothing illegal about doing that.
These researchers didn't go ahead and buy a data feed from each of the exchanges.
What they did was they relied on a consolidated version of it that was sold by – that's put together by a company called Thesis Technologies.
So there are places where you can buy it, but obviously it's a very expensive exercise to get access to this data and be able to work with it in a productive way.
So that's why –
There's a bigger debate going on at the SEC about data feeds and oversight of that and how much exchanges charge for it.
Yeah, it's a very interesting chart.
They were kind of lagging the overall market, and then President Trump got elected promising to take apart the Dodd-Frank financial overhaul bill that Congress put in place to deal with many of the excesses from before the financial crisis.
And once that happened, bank stocks had a big pop, and now they're above where they were as of early weight.
Yeah, certainly you can make the case that the big banks are more powerful in Washington than ever.
I mean, some of the highest echelons of government are now filled with former employees of firms like Goldman Sachs and the revolving door, which was always a problem in Washington, seems to be spinning faster these days.
So we detailed that in our comparison of where we are 10 years later.
And so, yeah, there's people like Phil Angelides who chaired the official government inquiry into the causes of the financial crisis who say that this is not an industry that has really examined itself and changed its ways in fundamental ways.
In many ways, it's sort of business as usual on Wall Street and in many ways in Washington.
Yeah, when you adjust for inflation, median household income has barely budged since 2008.
And the stimulus that the Federal Reserve created to help get the economy going again, which is trillions of dollars of bond buying, that helped drive up asset prices and certainly helped fuel the recovery in real estate.
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