What you describe is not arbitrage. Arbitrage would be buying stock on one exchange and selling it on another without knowing jack about the order book. By knowing about the order book (which the exchanges are oh-so-happy to sell for a fee) the HFT firms can easily middle us.

Think of it this way......why does the price of a stock change when an HFT is involved? The price changes because the HFT knows I am going to buy the stock and goes out to buy it before me only to turn around and instantly sell it to me at a slightly higher price. The problem is that I am the news that moved the price. Without my order, the HFT doesn't front me and the price doesn't move at all.

That is why this is front running and that is why it is a problem. If it were arbitrage between exchanges like you describe, nobody would have a problem with it as it provides an efficient mechanism for equilibrium. But that's not the case.

I may not be using the correct vocabulary. I am not in the industry. Whatever they are seeing, they are seeing information about the orders before the orders are executed.

Obviously what they are doing is not illegal as they are still doing it. They are very good at gaming the system.

If the problem is that someone saw your order and acted on it before it went to execution...
I am not sure where you get your information but the above is exactly what front running is. It's taking knowledge of the book of orders and using it as an advantage to middle your way between a buy/sell. Charlie wants to buy from Alice at $1.00. Bob overhears Charlie's intentions, rushes to buy the stock from Alice at $1.00 and then promptly tries to resell it to Charlie for $1.01. That's front running.

However, you are right that front running have been around forever. The difference is that we used to manage that conflict of interest and now....not only is it not being discouraged, it's being actively promoted.

The word we are looking for is: front-running.

When HFT firms get a look at the order book prior to the orders being executed and then go out and buy the order book only to turn around and sell it to the original buyer for a penny more......that's front-running. The technology and algorithms are incidental. It's been going on as long as there have been brokers and people buying/selling stock on behalf of other people. The difference this time is that this shit is being encouraged instead of discouraged. It hides behind opaque language and scary computers to dazzle and wow you into not noticing.

The strength and credibility of the dollar is unquestioned
A slow, predictable decline does count as the best game in town

Strength and credibility through slow and predictable decline.....that's rich!

Right. Kinda like giving people democracy and then being upset with how the results turned out. Hello, Hamas!

Hunting has been around for longer than any government has existed. It will be with us long after the last one crumbles. What are we debating again?

Only the dishonest call it the estate tax. Just like every other attempt the government uses to obfuscate, the name "estate tax" does not imply it's effect. Instead, it makes it sound benign.....which it is most definitely not. It's really rather simple: since all of the money and assets in one's estate has been taxed during one's lifetime, it is immoral to tax it again upon their death.

That is why it should be called the Death Tax. It is triggered upon one's death and for no other criteria. The death tax is unlike every other kind of tax we have which normally tax transactions (income, capital gain realization, use tax, etc). Literally, the only way it comes into play is if you die -- which everyone does.

What could possibly go wrong?
As opposed to what is wrong with the system we have now?
Good try at diversion. Who cares what we used to have. We all know it was broken. Go ahead and pretend the government has your best interests in mind while it determines what healthcare you receive. I am sure nothing will go wrong with that arrangement and conflict of interest.

You are right they are banning soft drinks. However that was at the city government level (NYC). Riddle me this: what do you think would have happened if that was at the Federal Government level? Are you seriously arguing that the government is going to take a hands off approach and let you live your life the way you want to? Not when they are paying the tab. As long as they pay the tab, they have a vested interest in making you act more healthy and I assure you they will abuse that power just as they have abused every other power we've ever given them.

Not yet so rest easy young comrade. Your time will come too....

Ok, I stand corrected. I had the terminology exactly backwards. Thank you for the corrections.

Ok, so the OP should have stated Class 3 firearms instead of "assault weapons". Had he said that I would not have replied. Vocabulary matters. Class 3 is not the same thing as an "assault weapon/rifle".

Instead, he said we had to have an FFL and pay annual fee to own an assault rifle. That simply isn't true.....unless the assault rifle is a Class 3 weapon. However, most assault rifles are not Class 3 weapons so OPs statement is demonstrably false.

Single payer would suck. I hope we never get there. Sadly, there are people who don't understand why it's a "bad idea" to depend on the government for your healthcare.

If you "give" healthcare to the government to mange, the government absolutely will abuse it's power. Since medical care is so critical, the government will use that to force you to behave a certain way. Today we ban softdrinks. Tomorrow, you get fined for being fat (or doing whatever unhealthy habit "they" don't want you to do).

What could possibly go wrong? Am I the only person in the world who sees this naked power grab? Jesus.....once they get control of your medicine, "they" can make you do whatever "they" want. Seems rather obvious to anyone who thinks about it for more than 5 seconds.

What the fuck difference does it make what kind of fraud it is? Fraud is fraud. Either way the taxpayers get screwed.

And it's not just dirty "private corporations" ripping off Medicare. It's all kinds of people and entities but good try at making it about "evil corporations".

Ohhh, can't wait. If this last round is any indication, we'll be in for an even bigger letdown for single payer.

Seriously, the apologists are unbelievable. "We'll get it right next time. Promise!". How about you guys get one right before we trust you with more stuff?