Saturday, February 4, 2012

Solve Emergency Funds Issues With Cash Advance Payday Loans ...

Here?s a reality for many middle-income workers: you can find instances when your paycheck is not sufficient to cover for the expenditures. In today?s economic circumstance, loads of people are trying very difficult to make ends meet. There?s a struggle to spend the monthly bills and also a bigger challenge is to have some capital left for savings. Getting funds within the bank for emergency purposes is very important but not everyone is able to do this due to economic difficulties.

What takes place when you are in need of money appropriate away? An unforeseen circumstance might present a financial obligation and it may not have the ability to wait until your subsequent paycheck. What?s finest your solution? Money advance payday loans are the quickest and easiest solution for capital difficulties. Aside from the instant availability of funds, most borrowers obtain this additional convenient due to the fact approval is given within minutes.

When you apply for a loan inside a bank or other lending institutions, they generally ask for a documentation to be submitted and loan evaluation ordinarily takes a few days. With money advance payday loans, the main requirement would be to get started generating payments as soon as you get paid.

In order to make a greater judgment, it?s going to be very best to understand much more about this type of brief term loan. The first factor is always to ascertain for those who meet the following qualifications:

1. The borrower should be more than 18 years of age.
2. A bank account that is certainly open and current is also needed.
3. You are currently employed and have a secured job. This serves because the collateral for your loan and the loan quantity is ordinarily what your paycheck can cover. Most lenders will ask for a proof of employment and also a pay stub to ascertain in case you have the capacity to produce payments on time.

Some people are weary about applying for a loan as a result of their credit standing. But you can find other possibilities such as no credit check payday loans which are ideal for those who have a bad score. The terms and circumstances could be slightly distinct as well as the interest rate could also be higher due to the higher risk involved in this type of loan.

Applying for money advance payday loans are straightforward as most of these institutions present on-line processing. All you will need to perform is fill up the application, hit the submit button and wait for the approval. In less than an hour the funds are out there and ready to make use of. Just don?t forget to meticulously read and comprehend the loan contract before you sign up.

Learn more about no credit check payday loans.? Stop by Alexander Braun?s site where you can find out all about cash advance payday loans.

Source: http://i-care-finance.com/2012/02/03/solve-emergency-funds-issues-with-cash-advance-payday-loans/

shannon brown utah jazz mike rowe ron artest deion sanders shld 2012 sec football schedule

Friday, February 3, 2012

Maureen Ryan: 'Lost Girl': The Best Show You're Not Watching Plus Exclusive Video (Huffington post)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories Stories, News Feeds and News via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/194896882?client_source=feed&format=rss

denver weather donovan mcnabb donovan mcnabb the waltons the waltons weta weta

AG Holder, House Republicans clash over documents (AP)

WASHINGTON ? Attorney General Eric Holder clashed with Republicans at a House committee hearing Thursday over demands that the Justice Department turn over more documents about a flawed gun-smuggling investigation.

Chairman Darrell Issa, R-Calif., said the House Oversight and Government Reform Committee will do what is necessary to force the Justice Department to produce information on its handling of congressional inquiries on Operation Fast and Furious.

The attorney general said he will consider Issa's demand. But he said the department, with one exception, was inclined to follow a longstanding tradition of withholding internal documents about how to respond to congressional inquiries in order to preserve the ability to get candid advice from top officials.

"I think you're hiding behind something here," Rep. Dan Burton, R-Ind., told Holder. "You ought to give us the documents. ... It appears we're being stonewalled."

Issa has threatened to seek a contempt of Congress ruling against Holder for failing to provide the material. The lawmaker alleges the Justice Department is engaging in a cover-up.

"This has become political, that's fine," Holder said at the hearing, but there is no attempt "at a cover-up." The Justice Department, Holder insisted, "will continue to share huge amounts of information" about Fast and Furious itself.

The department says a Feb. 9 deadline set by Issa is too soon to process "the broad scope of the committee's requests." Some 6,000 documents have been produced, but Republicans are seeking many more.

At his daily briefing, White House press secretary Jay Carney said Holder has cooperated with Congress and "the politicization of this is pretty apparent." He said President Barack Obama thinks Holder is doing an excellent job and won't agree to calls by some GOP members for Holder's ouster.

Though neither side said so, negotiations are almost certain to be the next step.

Before the hearing started, Issa introduced Holder to federal agent John Dodson, a whistleblower in the Bureau of Alcohol, Tobacco, Firearms and Explosives who told Congress a year ago about the use of a tactic known as gun-walking in the Phoenix-based Fast and Furious investigation.

This tactic allows suspected "straw" buyers of weapons to walk away from gun stores with their purchases, rather than arresting them there. Instead, agents tried to track the low-level buyers and the guns to smuggling ringleaders and financiers, including Mexican drug cartel leaders, who have long eluded prosecution for their role in the flow of guns into Mexico. Straw buyers are those who discreetly purchase guns on behalf of someone else.

ATF's Phoenix division has tried this tactic, with minor variations, in at least four investigations beginning in 2006 during the George W. Bush administration. It began three such probes under Bush before launching Fast and Furious in the Obama administration. All of the probes encountered problems.

In Fast and Furious, agents lost track of nearly 1,400 of the more than 2,000 guns purchased by suspected straw buyers. Some 700 guns connected to suspects in the operation have been recovered in Mexico and the U.S., some at crime scenes, including the one near Nogales, Ariz., where border agent Brian Terry was murdered in December 2010.

A month after Terry's death, Congress began hearing of problems with the probe. Under pressure from lawmakers, Holder has shaken up the leadership of ATF, and the Justice Department's inspector general also is investigating the operation.

After multiple congressional hearings, including six appearances by Holder, Republicans were still voicing outrage Thursday.

Guns that walked in Fast and Furious are going to show up in Arizona "from here to whenever," said Rep. Paul Gosar, R-Ariz. "We should be sharing information."

Are "you ... capable of running the top law enforcement agency in the country?" asked Rep. Blake Farenthold, R-Texas.

In a finger-pointing response, Holder told Farenthold that critics should look at "everything I've done," including restoring the traditions of a Justice Department that had been "turned on its head" and "politicized" before Holder became attorney general in the Obama administration.

Democrats, while expressing concern about Fast and Furious, defended Holder.

"I don't see anything here today" that would warrant Holder's resignation, said Rep. Dennis Kucinich, D-Ohio. Rep. Gerald Connolly, D-Va., called the hearing "a show trial."

"This was a bottom up operation" and the attorney general did not know its details, the committee's ranking Democrat, Elijah Cummings, said after the hearing.

The dispute over Fast and Furious was exacerbated by a Feb. 4, 2011 letter to Congress in which the Justice Department said federal agents made every effort to intercept illegally purchased weapons. But in reality, agents in Fast and Furious employed the gun-walking strategy that passed up an early opportunity for arrest in the hope of making a bigger case later against ringleaders. In an exception to the policy of withholding documents about how to respond to inquiries from Congress, Holder agreed to supply memos that explain how this error was made.

A Republican staff memo created for the hearing questioned why federal agents allowed the probe to go on for over a year.

Intercepts from a Drug Enforcement Administration wiretap on one of the straw buyer suspects provided probable cause for federal agents to make arrests, or at the very least supplied the basis to seize the weapons, the Republican staff memo said. The memo said ATF did not act on this information.

Democrats on the committee pointed out that agents in the case testified that stronger U.S. laws are needed against straw buyers, because cases get thrown out of court, or prison sentences are too short to persuade the low-level buyers to turn on their bosses.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20120202/ap_on_go_ca_st_pe/us_fast_and_furious

kim richards andrew bogut robert hegyes mary louise parker mary louise parker jim irsay jan brewer

How to Get Online MBA Degree Program - Education - EzineMark

?

Indian academic, to guide you throughout the learning process more efficient, comprehensive Online education and internet knowledge at different levels you really get a complete list of Online degree courses and policies. A complete all-inclusive guide online education. In the online degree courses, you can help find the best degree courses for your career and educational goals in practice. We have schools in the Internet any subject, the information specific points on the degree, and have the highest authority, and we will find a certification program accepted by most to satisfy your cravings.

Online education and online degree courses in the area of education is relatively independent phenomenon. But thanks to the flexible nature of access and has been accepted among students or society immediately.

The advantage of Internet education to obtain a high degree of exponentially. Online education, almost overnight, the old tree. Hungry for real time virtual schools, available to anyone will almost endless menu of themes as example and majors and courses.

1. Online MBA Time 2. Online Engineering Degrees 3. Education and distance learning strategies

Online education administration degree online has become virtual for students around the world. After receiving a degree online, giving benefits to diverse job seekers in education has been constrained by time, in spite of transportation resources and, through education still are ready to advance the career of him or her. Bachelor's degree online, you can save a lot of actual costs.

Advance your career and your life straight about. Line when the degree is to provide maximum flexibility. Our portal is adopted to find the best college for your web and now to require much more information, please click on them.

Online MBA degree course Internet site for complete information on the best options for distance learning degree program web, center. You can actually, if you're considering online degree programs, it is the best path to see how to work a very different learning style. Online degree is also a completely different product than the regular Internet policy at reputed educational institutions to provide for the nation. Our goal, once online (degree of IT, IT training, training IT) is to become a dynamic hub for people interested in other career resources.

Plans MBA (Master of Enterprise Administration) allow you to earn a dangerous, professional experience, obtaining a set of experience and experience that could be helpful in any company atmosphere. These Online MBA degree programs will confirm important to anyone wanting to be successful operating, and you will gain the experience and knowledge to work efficiently in a tough business atmosphere. With this type of certification you can expect a fulfilling profession, a good income and a complicated and exciting role with great marketing leads.

In accordance with the convenience of most UGC Recognized University students to provide study materials to measure. The average length of Online MBA varies from 3-4 years, according to the rules and regulations of the University in particular. Some universities offer courses in plain text and then give the text timed quizzes and tests sessions to their students. While other universities provide you stream video from a live class. Some universities offer online chat facility with students to discuss and work on assignments together. Distance Learning MBA Eligibility Eligibility criteria for MBA Online courses may differ from institute to institute. Applicants to higher education in a discipline recognized university with a good percentage. Students who have a diploma in management may also apply under the rules and regulations of the institutions of the university in particular offering MBA Online.

Source: http://education.ezinemark.com/how-to-get-online-mba-degree-program-7d33a9b69613.html

catherine the great dark shadows ted haggard ted haggard neutrino carly fiorina girl with the dragon tattoo trailer

Thursday, February 2, 2012

Snack Store- Math and Negotiation at Work


Recently, we have been trying to implement more math into the free-flowing curriculum of the Purple Room. Teacher Kate had the idea to use her Tea Party station as a prime learning opportunity with the snack store. Children were given 5 Unifix cubes and the choice of several snack items for purchase at prices of 1-3 cubes. The items were priced based on estimated value of the item to the children. For instance, the tea was 1 unit while Goldfish (a very popular snack time request) cost 3 cubes. Children had to budget to give themselves the best mix of food and drink. They enjoyed the tea party as an overarching concept and got the added benefit of using their understanding of numbers to their advantage.

In the afternoon, the snack store continued, but with a change in format. Rather than the value of the individual food or drink items, the prices were based on quantity. One "unit" of banana, raisins, Goldfish, or tea cost 1 cube. The unit:cube ratio became a better value as the price went up (e.g. 1 cube= a slice of banana, 2 cubes= a hunk of banana, 3 cube= half a banana). Children had to think carefully about which items they wanted more of and how they could get the best value for their money (e.g. 2 Goldfish at 1 cube per Goldfish or a scoop of Goldfish for 2 cubes). After the children spent their first 5 cubes, I gave them another set, asking them to budget ahead and use all 5 cubes in one purchase.


Through the different store formats, they learned different meanings behind value and thought about their needs and desires in a different context. They used their social skills through negotiating power (e.g. "Can this chunk be 1?", referring to raisins priced at 1 cube per raisin). And, they used their math skills in order to plan ahead for a more well-rounded snack experience.

They were empowered by their own decision making abilities, and they were able to gain real-world experience in the value of understanding numerical concepts.

Source: http://creativemindspreschoolclass.blogspot.com/2012/02/snack-store-math-and-negotiation-at.html

ali fedotowsky ali fedotowsky krill oil krill oil black friday 2011 rhodium uppity

What's so super about super-Earths?

This artist's impression shows Earth alongside the super-Earth known as 55 Cancri C, which is thought to be a little more than twice as wide as our planet and 7.8 times as massive.

By Alan Boyle

Two years ago, Harvard astronomer Dimitar Sasselov stunned the world when he claimed there?might well be 100 million?Earth-size planets in the Milky Way. To some, the number sounded shockingly high. But the torrents of data that have come in from planet-hunters since then suggest that, if anything,?the estimate was?almost laughably low.

Just this month, researchers reported that there are probably more planets than stars in our galaxy, which would bring the total count well past the 100 billion mark. What's more, astronomers say the planets toward the lower end of the scale ? "super-Earths" that are up to 10 times as massive as our own planet ? are likely to be more common than Jupiter-scale planets.

"Small planets are really much more abundant than big planets," Sasselov told me last week.


Planet-hunters have already identified more than two dozen super-Earths beyond our solar system, including a batch of 16 announced on?a single?day last September. A couple of weeks ago, scientists spread the news about?three planets smaller than Earth,?and last week the science team for NASA's Kepler space telescope mission added still more super-Earths to the list.

That kind of planetary plenitude has even had an impact on?the funny pages: "I don't know why this isn't the only thing people are talking about!" one character?told another last week in the Arlo & Janis comic strip.

Basic Books

"The Life of Super-Earths" focuses on how the hunt for alien worlds and artificial cells will revolutionlize life on our planet.

It's the main thing that Sasselov is talking about, for more than one reason. He's a co-investigator?for the $600 million Kepler mission, the director of the Harvard Origins of Life Initiative, and the author of a new book titled "The Life of Super-Earths." In the book, he makes the case that super-Earths could be as hospitable to life as our own planet, and perhaps even more so. Super-Earths that lie in the habitable zones around their parent stars ? that is, the zones where water can exist in liquid form ? would be prime candidates in the search for signs of extraterrestrial life.

"Life is not rare, it seems," the Bulgarian-born astronomer says.

Sasselov talked about the Kepler mission, the plenitude of planets and its implications for the search for alien life during our wide-ranging interview. Here's an edited transcript of?last week's?Q&A:

Cosmic Log: Do you look back at your estimate from two years ago and just shake your head at the idea that you were guessing?so low? Were people making a fuss over something that now seems obvious?

Dimitar Sasselov:I feel that I was on the right track. Basically, yes, we have on one hand an even larger number of planetary candidates than?I anticipated two years ago. The numbers went up. However, there is also a result which cancels those large numbers. There is a fly in the ointment. The caveat is that as it happens, most of our planetary candidates and confirmed planets are in relatively short orbits.

That means two things. First of all,?they don?t directly tell you what the exact prediction about planets in the habitable zone should be.

Second,?a lot of our small-planet candidates are in?compact, multi-planet systems. Planets are closely packed next to each other, and these planets?usually are within the orbit of Mercury around a star which is not that different from the sun. So there must be something extraordinary about the way they formed. It's quite possible that the formation and evolution required to create such architectures in planetary orbits is different in some fundamental way from planetary formation and early evolution?in our solar system.

Jon Chase / Harvard

Dimitar Sasselov is a professor of astronomy at Harvard University.

So it is still a question mark as to what these planets are telling us, and what they are made of.

For the Kepler-11 system, we have the mean density of the planets. Those little planets are very low-density planets. They?re nothing like a bigger version of Earth. They have envelopes of hydrogen, or probably hydrogen and helium. They're like mini-versions of Neptune and Uranus. There are no planets like that in?our solar system, so we don't know much about them.

It?s a cautionary tale there. Yes, there may be plenty of planets that are just two to three times more massive than our own Earth. But their mean density may be very low, because they formed farther out and migrated inward, and ended up in the moderate temperature regions of their planetary systems.

What would happen if we have a very large number, maybe billions,?of super-Earth-size planets in the habitable zones ??but half of them, or even?nine out of 10 of them, are these mini-Neptunes? Would I consider them Earthlike? Definitely not, because they don't have the same geochemistry.

So while on one hand, the numbers have gone beyond my expectations, the diversity has gone beyond my expectations, too. And that means we might have a lot of planets with something different from an Earthlike geochemistry. Looking at the physics and the geochemistry is the only way we can go to the next step ? and that is the search for signatures of life.

Q: What is the next step? How do you go from Kepler and planet detection to getting at the more fundamental questions?

A: To me, the next big step is to go from discovery and detection?of planets like our?Earth,?to understanding their geochemistry. We?have to do that?to be?effective in searching for biosignatures. The way we would do the first step ??that is, understanding geochemistry?? is by finding enough planets that are close to us. Kepler's candidates are a little bit too far for a good follow-up?on characterization. So in terms of a practical approach, we should be gearing up for surveys of the nearby population of stars, and discovering those nearby planets.

There, the news from Kepler is good, because the statistics are high. If the statistics were low, then it would take more of an effort. Once we make that survey, and we can practically accomplish that in the next 10 years, we can jump onto those planetary candidates, and do atmospheric analysis, and try to understand the diversity of their atmospheres. This is a necessary step to talk about the signatures of life. Otherwise, we'd be looking blindly.

Q: Some people might say, well, let's just look for oxygen or methane, or something we associate with life on Earth.?

A: That wouldn't be prudent at all. If we just look at biosignatures as we understand them on our own Earth today, they correspond to a particular moment in time in which the microbial communities on this planet have managed to change the atmosphere in a particular way. For about half of the history of life on Earth, the atmosphere wasn't anything like what it is today.?It would be foolish to just assume that all life shares the same biochemistry and the same history.

Theoretically speaking, we should not assume that all planets that otherwise resemble Earth have the same geochemical cycle. There are alternatives.

Q: What sort of mission would work for this next step?

A: There are two approaches that need to be taken. The first one, when it comes to discovery, is a combination of space- and ground-based surveys. The space surveys would use smaller arrays of telescopes in orbit, and would scan the entire sky by observing the brightest stars, nearest to us,?in a selective manner. But as opposed to concentrating in one direction, which was necessary due to the design of Kepler, we can select the nearest stars over the entire sky.

This can also be done from the ground for a particular subset of stars, which are the M stars. These stars?are so?much smaller than a sunlike star that the transits for Earth-size planets are much more prominent.?You can see them?using ground-based telescopes. You don't need to go to space. The trick is to do the whole sky and catch all those?M dwarfs, and catch the transits.

Q: One of themes in your book is that we shouldn't limit the planet search to Earth-size planets, because the planets that are bigger than Earth ? the super-Earths ? might be more conducive to life than even our own planet. How can that be?

A:?What we're finding out about super-Earths places them front and center as the most suitable places for life to emerge. These are planets that are only slightly bigger than Earth. In terms of size, we're talking about an average of 50 percent larger. In terms of mass, we're talking about two, three, five times as massive ? maybe 10 in some cases, but overall, made of the same stuff.

Then you just compare the whole range of planets, from Mars to Earth to the largest super-Earths. In all different levels of comparison, the super-Earths end up being equal or slightly better when compared with Earth.

For example, one of the problems a planet could encounter is the ability to keep water liquid on the surface, and to have the good chemical exchange between the interior and the surface. That?s very difficult to do if you don?t have an atmosphere. An atmosphere in the habitable zone?is difficult to keep, because it evaporates over the course of billions of years. If you have a small planet, made of rock but still low mass, like Mars is, eventually you lose more of your atmosphere than?if you have a bigger planet. There is no negative factor, it is just more of a good thing.

Here's another example. A lot of people would say we have it good here on Earth because the moon keeps the axis of?Earth's rotation more stable than it otherwise would be. It's the kind of momentum effect you get when you're on a bicycle ? you can let the handlebars go and you still go straight. In a similar way, the existence of the moon out there cancels out the additional push and pull from the other planets, which could from time to time turn the axis of Earth dramatically and change the climate. This is what we think happened a few times on Mars. The more massive a planet is, the less?vulnerable it would be to these effects.

Q: Is it always "the bigger, the better," until you get into a Neptune-class ice giant?

A: It's always the bigger the better. There's either no difference, or it's better. I didn?t find anything which was actually detrimental about having a big planet. Larger?g-force, having more gravity on the surface,?has a small effect?when it comes to building biological structures, such as the membranes of cells. The list goes on and on. Everything gets better when you're slightly bigger.

Q: How long do you expect this book to stand up? I suppose that's an occupational hazard when you're writing about planet-hunting.

A: I would say it should stand up until we discover life out there on another planet, or in the lab when we manage to put it together as an artificial minimal cell. Then, of course, we'll open a whole new chapter in the history of science ? and it will be so exciting that I wouldn't care. If a new book needs to be written, I will be happy to do so.

More about the planet search:


Dimitar Sasselov will talk about the planet search during a book tour that takes him to Boston on Thursday and on Feb. 17, to New York on Feb. 6, San Francisco on Feb. 8 and?Seattle on Feb. 10.

Alan Boyle is msnbc.com's science editor. Connect with the Cosmic Log community by "liking" the log's Facebook page, following @b0yle on Twitter or adding Cosmic Log's Google+ page to your circle. You can also check out "The Case for Pluto," my book about the controversial dwarf planet and the search for other worlds.

Source: http://cosmiclog.msnbc.msn.com/_news/2012/01/31/10281951-whats-so-super-about-super-earths

octavia spencer martin henderson mlk day golden globes 2012 winners golden globes 2012 red carpet golden globes red carpet nfc championship game

Wednesday, February 1, 2012

Philip Sterne: Creating Better Financial Markets

We're letting a good crisis go to waste. Since the financial crisis of 2008 there have been growing calls for financial reform, including calls to limit bankers' bonus culture, enforce tougher banking regulations and decrease risk-taking in the financial sector. This is a natural reaction. But these small changes are not enough.

One avenue for potential reform that has been completely ignored so far is to change the rules of the stock market itself. Stock markets have existed since the 12th century in France, and very little has changed in the intervening centuries. Essentially all new technology in the market has just improved transaction processing times. Do we really need a market that settles trades in milliseconds? With current technology, we can do more than make faster trades; we now have the ability to create better markets which have far less volatility and are just as liquid.

People are angry today. Angry at the banks and at the systems that plunged us into crisis. While it's tempting to condemn the entire financial system, the stock market is useful to society for two reasons. Firstly, the market allows promising companies to raise money for their plans through the issuing of new stock, and secondly, the market allows people the opportunity to invest in companies and receive a healthy return for making wise investments.

Profit from investing on the stock market can be broken down into two components: identifying value and identifying trends. When investors buy shares that are under-priced, those shares will either appreciate to a fair value, or they will pay a dividend that is relatively larger than other shares. This is the good side of trading. Investors can go to great lengths to understand a company's products and position in the market to better understand what a fair value for that company is. Society is better off when markets are dominated by value investors as money is channeled through to companies who are best able to use it.

The second component of profit from trading comes identifying trends. If you see that a share is doing really well today, and you buy that share, in the hopes that it will continue to rise then you are trying to identify trends. However, the key thing to note is this: trading on trends can make a profit, but it does not send money to companies in a careful, considered manner. When lots of traders try to identify trends then share prices jump around like crazy. Also, trends are a zero-sum game; here traders only make money if someone else loses money. This is the bad side of trading, as society does not benefit, wealth is not created merely sloshed around. I don't want to sound too moral here. I've traded shares based on trends, without an idea of the underlying value. It's just so much easier than trying to accurately value a large multinational company! However society is poorer off when bright people spend their time trying to identify trends in the market, rather than trying to meet society's needs.

Typically, trend traders only hold shares for a short while. Why hold it if there's another great opportunity to ride a share price tomorrow? With this in mind, many people support a Tobin tax, or a "Robin Hood" tax. This tax adds a small cost to each trade. The cost is practically non-existent for investors who hold shares for a long time, but it will add up very quickly for traders who want to trade daily. While this sounds like an ideal reform for the market, we need to beware of unintended consequences. The two most likely outcomes are reduced liquidity or increased volatility. Liquidity refers to how easily an asset can be sold, and if we impose a tax on people who buy and sell shares then it could very easily make it harder to buy and sell shares! The volatility of a share refers to how much the price fluctuates; if a trader knows that he must pay a tax, then he might wait for the price to drop lower before buying and he might wait for the price to rise higher before selling. Neither effect is good and in the current market structure it is very likely that one or both of these effects will occur.

This brings me back to the beginning of the article. Markets have existed in essentially the same form for centuries now. While the digital age has revolutionised many fields, what about the stock market? Stock markets now have many different options,futures contracts, credit default swaps, and other forms of financial engineering but everything is bought and sold in the same market structure. Arguably the only change that technology has brought to the market structure is speed.

Want to sell a share? Chances are the trade can clear in milliseconds, but not much else has changed. I propose that we now have the technology to fundamentally improve our market structure. We can now ensure that share prices are boring on boring days, while still allowing investors to buy and sell large numbers of shares without high price fluctuation.

Let's change the game by requiring investors to tell us how many shares they'd like to own for every possible price. Let's call this a "demand function." For example:









PriceDemand for shares of company A
10?100
50?80
60?40
70?0

Now, rather than an exchange receiving "sell" or "buy" orders from traders, the exchange receives updated demand functions. These demand functions could be simple, such as: "hold 100 shares if the price falls below $5, and hold 0 shares if the price is above $5." In fact, the simplest demand function could be: "hold 100 shares regardless of price."

Trend traders will want to buy more shares of a company as the price increases. I have already given reasons why we don't want people trading on trends, so we can start engineering the game by forbidding trend-trading. If you want to trade on this new market you have to be a logical value investor and as the price increases you have to demand fewer shares.

Given an exchange with many demand functions, how do we determine price? Well, each company has issued a fixed number of shares. We can add up all the demand functions and find the price at which the number of shares demanded equals the number of shares issued. This isn't a new idea. In fact, matching supply and demand is taught in every introductory micro-economic course, but now we're building that idea directly into our exchange. When the price of a share is known, then we can allocate shares to investors as specified by their demand function. If we were investing according to our example demand function, and the price was found to be 60?, then we would be the proud owners of 40 hypothetical shares of company A.

The only constant in life is change. How should the price be adjusted when a trader changes their demand function? Well we can follow our procedure to determine what the new price should be. It is interesting to consider who holds how many shares now. For pedagogy, let us assume that a trader was positive about company A's potential, and for each price he has increased the number of shares he'd like to hold. This will push the price up just enough for others to demand less shares and the market will clear again. If the new price of our hypothetical share is 70?, then we demand zero shares (as per our demand function) and we will sell all our shares at the higher price. This other trader will be required to purchase the extra shares at this higher price, and this money will be distributed to the traders who sold some of their shares. However, the entire market clearing process happened without any human intervention. This means that liquidity is built into the market.

"Not so fast!" you say. "What's to stop an undercover trend trader repeatedly sending new demand functions which buy more shares as the price increases?" Well, we can apply a Tobin tax to those pesky trend traders. In fact, the Tobin tax for a market of this type can be as large as 1%. We can specify that the tax only applies if your demand function has been updated in the last 3 months. This provides a strong incentive to consider the medium term when thinking about one's demand function, which is precisely the sort of behaviour we want to encourage!

Another great thing about this market model is that if the price of a share moves from $10 to $15 and then back to $10, then everyone who has left their demand functions unchanged will have made money. They will have sold their shares at the higher price and then bought the shares back at the lower price.

Shares also have value because they pay dividends. Currently the market pays dividends based on who owns shares at a particular instant in time. However a payout that is based on a single instant makes the value of a share far more variable in time. Our proposed market structure is designed to capture the slowly-changing value of a share. It is far more natural for the dividend payout to be earned in a similar manner to interest on a bank account. The amount you receive is based on how long you have held the share.

The sum of all the demand functions can also be interesting information. It could be used by the management of a company to better understand the market's belief about the value of the company. This could then inform decisions at the company about the issuing of new shares.

I suspect there are many more variations of a market that one could consider. Given how large an influence the market has on our daily lives, I'm surprised that there hasn't been more research into alternative market designs. Instead, market criticisms tend to fall into two camps: either the criticism is incredibly specific and doesn't see the forest for the trees, or it is far too broad and condemns the entire financial industry without providing feasible alternatives. Instead let's start a mature discussion of how the system can be improved.

?

Source: http://www.huffingtonpost.com/philip-sterne/creating-better-financial_b_1241008.html

billy cundiff new york giants super bowl tickets giants superbowl tom brady alex smith