Wall Street To Hold Quantum Dawn 2, Cyber-Attack Drill 55
BioTitan writes "It will be determined whether Wall Street could withstand a coordinated, large-scale cyberattack during the Quantum Dawn 2 exercise on July 18. Top firms will work together and with the government to find weak points in their systems. The exercise is a major shift from the first Quantum Dawn in November 2011, which simulated a physical terrorist attack on Wall Street (there was no physical exercise, it was all behind computers), and had firms try to prevent a mock stock market from crashing."
Re:And I should care? (Score:3, Informative)
I assume you are referring to the indirect purchase of GOVERNMENT issued debt by the FEDERAL Reserve aka Quantitative Easing?
Well. you have just about every fact in your post either flat out wrong or completely muddled. First it's 85 billion a month, and second the money flow is this:
1. Federal Gov issues bonds.
2. Banks buy the bonds.
3. Federal Reserve buys the bonds from banks.
Note this is a flow of money TO the government from the banking system. The banks are simple intermediates in the process. They don't profit on the transaction.
What does happen is the banks deleverage. They have less money loaned out In this case to the Federal Government). This allows the banks to make more loans. Because of the increased demand for bonds the overall interest rates decline. Because the banks have less debt and can loan more interest rates decline.
The idea that this is extorting money from the taxpayers is complete unvarnished BS.
I have a couple of suggestions for you:
1. Don't start off you post with an ad-hominem attack.
2. Learn something about what you are posting on before you make yourself look really bad when you respond.