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11/18/2008
Tuesday morning
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| The growth of trading on the Internet has been phenomenal and its hard
for (online brokerages) to shut off the faucet. When someone wants to
open an account, its hard to say, No, we dont have capacity for a new
account, said Junius Peake, a professor of finance at the University
of Northern Colorado in Denver. |
| One that comes to mind is the E*Trade ad, with a bunch of cool
yuppie-type individuals saying, were not relying on the government,
our pension, any inheritance, etc, because we trade online... The
ads seem to promote daytrading and online trading as the
foundation for most anyones financial future. Geesh, give me a
break. |
| Ameritrade Holding, a company that helped set off an industry price war
with an $8-per-trade offer, estimates that it handled an average of
32,000 trades per day during the final three months of 1998, an increase
of more than 30 percent from the prior quarter. National Discount
Brokers is now handling between 10,000 and 12,000 online trades a day,
up from 8,000 back in late November and early December. |
| The way I see it, even if you live in one of the few States without any
legal gambling, people are gambling online there everyday anyway. Might
as well have Las Vegas type casinos now in all 50 States, even if
slots are illegal in most. Anyone want to help me develop a slot
video machine that isnt a bet against the house or a parimutuel bet,
but is betting on what price a particular stock or stock index
may be from the time you insert your money until the wheels stop
spinning, or Elvis stops singing (which is on another popular slot
machine these days)? Maybe with some sort of progressive payout
too, if the law allows. I figure this machine should be legal
everywhere, since what youre doing is betting on the shortest of
short term option contracts, which is legal in all States. I want
to put them everywhere. At your local supermarket, or even your
local church, or in giant Stock Market Casinos. Might as well,
since it just validates what is going on now anyway. |
| Even before the recent spate of slowdowns and system outages, most
online brokerages had been continually upgrading their networks to
handle the growing traffic. |
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