No, you are going to have an issue - I wonder would the solution will be.
You can get good quality carbonation just using yeast - go you your local liquor store and search for bottled condition beer - normally it will be in the Belgian section. But that is not the concern because that is done during secondary formation.
Primary formation is my question. Yeast produces C02 but that is not a concern because you don't want carbonation at this point so you vent the excess C02, but you can't exactly do that in space. On earth you vent the C02 from the "head". The head is the top air space but in space there is no top so that is not a option. IIRC the bubbles of CO2 will be evenly distributed though the fluid.
There is also the issue of getting the sentiment out of mixture but I assume that can be done with a filter.
Regulations are often used to protect insiders from disruptive outsiders.
The hotels have gone through the whole certification thing â" fire alarms, sprinklers, etc. I am thinking about the fire code because I think that is a legitimate area for regulation. I am sure there are other suspect areas of regulation.
America uses more oil then it produces but produces more gas then it uses.
America has a lot of refiners. IIRC Nigeria exports oil to the US where it is refined into gasoline and shipped back. Also remember that plastic is comes from oil and gas - and we produce and consume a lot of plastic.
I canâ(TM)t think of any âoelegislated usesâ that uses core. Social Security, Treasury Inflation-Protected Securities all use the basic CPI.
On the other hand, I can think of many cases were Core CPI is used for policy decisions, and generally speaking it is the better choice. Most of the volatile components of CPI are outside of government's control or influence. Pretending that they are tends to have nasty side effects..
There is a difference between being wary and being paranoid. Your concerned about slight of hand, I am more concerned about lazy thinking. Core CPI can breed complacency. The one example that I can think of was during the 90s. The Fed threw out even more volatile items then food and energy to get a new core index - and that index look very good. They missed the entire wage inflation.
By the way, when I think of sleight of hand I think of current day Argentina where they are directly manipulating the inflation index so they pay out less in pensions and on their sovereign debt.
I meant to say economist - as in the profession (government, academic, or private) - not the magazine. Capitalization was my mistake.
And have you checked out the Bureau of Labor Statistics? Lots of statistics that are not directly used. Why does the federal government need to calculate GNP, the unemployment rate, or balance of trade figures? I can't think of any direct use for those figures.
But they are very useful. It's hard to make policy decisions if you don't know where you are or where you have been. Are you trying to imply that the government is collecting these figures for some secret nefarious plan? I don't think so. Or are you concerned about government waste? I mean if you have collected the values for CPI it is trivial to drop some of the values to get core CPI.
Oh, I can easily answer that one. The Federal Reserve, Economist and lots of other people use it. What you have to think about is what is inflation and where does it come from? Is it because there is money floating about? Does it indicate a oversupply of one good (such as labor today) or a undersupply of another good (crop failure due to draught.) The difference between the 2 numbers can give you clues.
Lets say you're the Fed's chairmen and inflation hits 10% - what should you do?
If Urban CPI and Core inflation are both at 10% this means your monetary policy is way to lose - you have the printing press cranking out money way to fast. Time to tighten up the monetary supply.
But let's say Urban CPI is up 10% but Core remains constant. Maybe it is because of a supply shock - think of the 1970's oil embargo where oil prices quadrupled . That is something different. All of a sudden people are reallocating their basket of goods â" the increase in prices are telling people to act different â" which is a good thing in this case. Monetary policy is not going to be much help. The economy will have to undergo a major restructuring. Keynesians might argue that a loser money supply can take some of the sting out of the change but not that a big disruptive change must take place.
No, it is deeper than that. Some kids lean better using the whole word method â" others by using phonics or some other technique. Figure out what method the kid is better at and the kid can sprint ahead by 1 or 2 grade levels. Pick the wrong method and the kid will lag behind by 1 or 2 grade levels.
I am going to give myself and my sister-in-laws as examples.
When I was in middle school my parents paid for a expensive independent clinic. The examination took a full week, involved multiple specialist. I was diagnosed with dyslexia, dysgraphia, borderline ADD. From that my family and teachers were able to put together a plan. Writing papers were a issue for me but I learned how to compensate â" for example that after writing a paper I need to put it away for at least a day so I can revisit it with fresh eyes. I will never be a natural writer but I have mastered techniques so I am not at a disadvantage. My math and logic skills where high so efforts were made so I could focus on these areas.
My sister-in-law was struggling in high school so the school did some testing over 2 days by a teacher (i.e. no specialized training, no advance degrees) where she was diagnosed as having a generic learning disability. What was that disability? Donâ(TM)t know. What is the best tactics to compensate for that disability? Donâ(TM)t know. She struggled both in high school and college.
You know this is exactly what happened to the Luddites.
Luddites tended to be middle aged middle class families. Men would work in the fields, Woman would weave at home. It was great â" a decent wage and a decent life/work balance. In a stoke their physical capital (looms at home), human capital (knowing how to maintain and operate a hand powered loom) and a way of life (They would have to leave their husbands and farms and go to the city) were destroyed.
What is the lessoned learned?
Revolutions are good for people at the top. It is good for the next generation. It is not so good for the entrenched middle class which it tends to ravage.
So while I have empathy for the situation I donâ(TM)t think the answer is to slow down progress. Places that have done that tend to prolong the change and be in 2nd place when the revolution is over. I am looking at southern vs. northern Europe right now but there are a lot of other examples..
It depends. What impact will publishing a paper have on your career? If âoepublishingâ 10 papers is the difference between a associate professorship and a full professorship, $15,000 is cheap.
One might ask how valuable fake papers are â" and it turns out they can be worth quite a bit.
Thriving may not be the best word. The situation is a bit more nuanced than that. IIRC the benefit to wildlife of abandoning a large chunk of land was uneven – in particular to those animals at the top of the food chain.
Cataracts are up in animals – something that you almost never see in the wild. It is being cause directly by the radiation – not by ingestion – which surprised me.
Don't you think that we should discuss the *overwhelming majority* of cases much more than we discuss the few percent? Hey, tell you what, let's agree that "in the case of rape or medical conditions, there is no problem with abortion".
No – let’s not.
Please tell me why it is o.k. to execute a innocent person who has committed not crime.
Maybe I am missing something – maybe I am making an assumption on your position. Most pro-life positions take the position that life starts at conception. I don’t believe this but I am assuming it is your position. If that is true it follows that abortion is murder.
One of the criticism thrown at pro-lifers is that they are cheap politicos, intellectually dishonest, try to sneak position though the backdoor, and are only willing to make cheap moral stances.
And at the slightest pressure you are willing to let some babies be murder but not others. Is there some reason why you will not condone the murder of some but not others? What sin have these creatures committed save to be conceived?
Are you just for harm mitigation? That you are tired of arguments and tired of making a stand – willing to sacrifice you moral position for a quick partial victor? Are your morals so shallow? Is you fortitude to do right so capricious?
Why save some and not others?
Or am I missing something deeper. If I am please let me know because right now you position looks pretty cheap.
First I did not bring up rape – which leads me to believe you are in the second camp. Which is fine. I have issues with people in the first camp – they seem to be political opportunist without intellectual honesty.
Second while “rape, incest, or medical reasons” may make up only a small portion (and I am looking at that “14.1% Has relationship problem or partner does not want pregnancy” which I might throw into the “small amount”) is a important point for many people. Political polls on abortion is one of those classic questions that can be manipulated due to anchoring. You want a poll where 2/3 are against abortion? I can arrange that. Start the poll with questions about children. Want a poll where 2/3 are for abortion? Throw in the “rape, incest, or medical reasons.”
By the way, if you want to limit abortion don't limit abortion. In my opinion it is a losing divisive issue. Good for rallying the choir but I have seen good outreach to the unwashed masses. Focus on woman not having unwanted pregnancies in the first place. Good education, healthy relationships with their parents when their young, etc.
That’s not quite the “ultra conservatives” position.
The “Pro Life” (anti-abortionist) fall into 2 camps. The first wants to ban abortions expect for “rape, incest, or medical reasons. The second camp wants to ban all abortions for 2 reasons. If life begins at conception, then you can’t execute the fetus just because the father is a bad person. They view the first camp’s position as a dangerous concession. The second reason that the 2nd camp gives is that there are very few conceptions from forcible rape from a stranger – a.k.a. “real rape” – as opposed to date rape, drugged rape, etc.
These arguments don’t carry any water with me but let’s try to get the oppositions position correct.
"In the short run, the market is a voting machine but in the long run it is a weighing machine." - Benjamin Graham. Father of fundamental stock analyst, teacher and inspiration to Warren Buffet.
There is only a loose correlation between good companies and good stocks. You might find the best company in the world but if stock is overvalued then the stock is lousy. Apple has long been priced based on very high earnings (i.e. profit) growth. It is not so much that Apple is declining but their competitors are catching up.
To be fair, a lot of the radioactive waste that a nuclear power plant kicks out is not fuel. Most of it is low level stuff, but some of the items like exposed steel will be radioactive for quite some time.
You know that even with the rate increase you are getting a huge barging? Florida’s state insurance scheme deficit keeps on getting bigger and bigger each year. Private insurance companies are fleeing as fast as they can because of caps set up by the state insurance regulator- which is why there is no competition.
Either build cheap houses that are cheap to rebuild after they are blown down or build them so that can take a hurricane. Stick built houses just is not the answer..
Where are you getting your stats? I would be interested to know.
Pools tend to trade in large illiquid positions or baskets. I would assume that this would be a much lower (but more important) volume then the algorithmic traders. So that statement kind of surprises me.
Personally I favor light regulation but the markets do need some type of regulation. You can read Reminiscences of a Stock Operator by American author Edwin Lefèvre. It shows what the market was before regulations in 1923.
First an exchange is a nexus where many people come to meet. If a exchange blows up lots of people would lose their money and the market would freeze up. A example of this is the CDO market when AIG failed. The CDO market was unregulated but AIG was the principal trader and as such was the informal exchange.
Second there is a conflict between personal actions and the market. It may be a pain for you to print tape (i.e. disclose each trade that was done) but everybody benefits because they have a better idea of what is happening – i.e. price discovery.
Third, well, insider trading, market manipulation, etc. You want the market to be fair.
Look up Shortfall Implementation. That is the standard that I use.
There are explicit costs such as commissions (which you mentioned) and the bid/ask spread. The bid/ask spread has collapsed mainly because of algorithmic traders such as HFT, Costs here have fallen by over 90% over the past 20 years.
Then there are the implicit costs such as assurance of being able to execute a trade at a given price. Costs here have fallen by 60%. That is the markets are deeper. So it is not exactly fake depth. (Except maybe under extreme circumstances – but we don't have enough evidence yet.)
As for Quote vs. Book exchanges – I think the issues are intractable.
First, books exchanges have had issues where speculators figure out the structure of the book. This is done via self dealing (where the broker who runs the book), fraud (insider trading) or by being clever. If you can figure out the structure of the book you can game the system. Most books are stuffed with limit order and such.
Second it is not a continuous market. Market makers face greater risk so spreads tend to be higher. The volumes tend to be lower so it is easier to manipulate the price. When there is a large price move Book exchanges tend to freeze up harder then quote exchanges.
I do think there are cases where order books are more efficient then quote driven markets. But those cases are where the market is thinner.
The point with the dual listed stocks is that you have the same stock on 2 different exchanges – a quote based and a order based exchange. Going head to head the quote based system beat the order book system.
By the way, there are a many tricks that one can use the game a order book system. So you are not so much eliminating a problem as switching from one set of problems to another.
If cheaper and deeper markets (using empirical evidence) does not convince you what do you need?
Just so you know this is not the widely accept wisdom.
For every study that you can haul that that shows that HFT increases volatility I can haul one out that shows it doesn’t. The problem is a classic correlation does not equal causation. Has volatility increased as HFT entered the market – yes – but the underlying fundamentals and risk were also increasing. I have also seen studies that figure most of the increase in volatility is due to uncovered volatility.
I think – because the definitive word is not out yet – that volatility has gone down during normal period but increase during those rare stressful periods.
What you are describing is call “Order Book” exchange. They were common in the past but now are limited to thin illiquid markets.
The Paris Bourse was one. The problem was dual list stocks – stocks that were listed both on a “Order Book” exchange and a “Quote Driven” exchange – the Quote Driven exchange always offered better trading – smaller speeds, deeper markets, etc. The problem is that it is harder to be a market maker in an order books system so you get a narrower shallower market.
Slashdot Mirror
No, you are going to have an issue - I wonder would the solution will be.
You can get good quality carbonation just using yeast - go you your local liquor store and search for bottled condition beer - normally it will be in the Belgian section. But that is not the concern because that is done during secondary formation.
Primary formation is my question. Yeast produces C02 but that is not a concern because you don't want carbonation at this point so you vent the excess C02, but you can't exactly do that in space. On earth you vent the C02 from the "head". The head is the top air space but in space there is no top so that is not a option. IIRC the bubbles of CO2 will be evenly distributed though the fluid.
There is also the issue of getting the sentiment out of mixture but I assume that can be done with a filter.
Mod parent up.
Regulations are often used to protect insiders from disruptive outsiders.
The hotels have gone through the whole certification thing â" fire alarms, sprinklers, etc. I am thinking about the fire code because I think that is a legitimate area for regulation. I am sure there are other suspect areas of regulation.
While it is true we have not built any new refiners since the 1970s we are still a net exporter or gasoline and other petroleum products.
From your own source:
http://www.eia.gov/dnav/pet/pet_move_neti_dc_NUS-Z00_mbblpd_m.htm
(I think America needs to build more refineries but does not thanks to NIMBYs)
2 Factors.
America uses more oil then it produces but produces more gas then it uses.
America has a lot of refiners. IIRC Nigeria exports oil to the US where it is refined into gasoline and shipped back. Also remember that plastic is comes from oil and gas - and we produce and consume a lot of plastic.
I canâ(TM)t think of any âoelegislated usesâ that uses core. Social Security, Treasury Inflation-Protected Securities all use the basic CPI.
On the other hand, I can think of many cases were Core CPI is used for policy decisions, and generally speaking it is the better choice. Most of the volatile components of CPI are outside of government's control or influence. Pretending that they are tends to have nasty side effects..
There is a difference between being wary and being paranoid. Your concerned about slight of hand, I am more concerned about lazy thinking. Core CPI can breed complacency. The one example that I can think of was during the 90s. The Fed threw out even more volatile items then food and energy to get a new core index - and that index look very good. They missed the entire wage inflation.
By the way, when I think of sleight of hand I think of current day Argentina where they are directly manipulating the inflation index so they pay out less in pensions and on their sovereign debt.
I meant to say economist - as in the profession (government, academic, or private) - not the magazine. Capitalization was my mistake.
And have you checked out the Bureau of Labor Statistics? Lots of statistics that are not directly used. Why does the federal government need to calculate GNP, the unemployment rate, or balance of trade figures? I can't think of any direct use for those figures.
But they are very useful. It's hard to make policy decisions if you don't know where you are or where you have been. Are you trying to imply that the government is collecting these figures for some secret nefarious plan? I don't think so. Or are you concerned about government waste? I mean if you have collected the values for CPI it is trivial to drop some of the values to get core CPI.
Oh, I can easily answer that one. The Federal Reserve, Economist and lots of other people use it. What you have to think about is what is inflation and where does it come from? Is it because there is money floating about? Does it indicate a oversupply of one good (such as labor today) or a undersupply of another good (crop failure due to draught.) The difference between the 2 numbers can give you clues.
Lets say you're the Fed's chairmen and inflation hits 10% - what should you do?
If Urban CPI and Core inflation are both at 10% this means your monetary policy is way to lose - you have the printing press cranking out money way to fast. Time to tighten up the monetary supply.
But let's say Urban CPI is up 10% but Core remains constant. Maybe it is because of a supply shock - think of the 1970's oil embargo where oil prices quadrupled . That is something different. All of a sudden people are reallocating their basket of goods â" the increase in prices are telling people to act different â" which is a good thing in this case. Monetary policy is not going to be much help. The economy will have to undergo a major restructuring. Keynesians might argue that a loser money supply can take some of the sting out of the change but not that a big disruptive change must take place.
No, it is deeper than that. Some kids lean better using the whole word method â" others by using phonics or some other technique. Figure out what method the kid is better at and the kid can sprint ahead by 1 or 2 grade levels. Pick the wrong method and the kid will lag behind by 1 or 2 grade levels.
I am going to give myself and my sister-in-laws as examples.
When I was in middle school my parents paid for a expensive independent clinic. The examination took a full week, involved multiple specialist. I was diagnosed with dyslexia, dysgraphia, borderline ADD. From that my family and teachers were able to put together a plan. Writing papers were a issue for me but I learned how to compensate â" for example that after writing a paper I need to put it away for at least a day so I can revisit it with fresh eyes. I will never be a natural writer but I have mastered techniques so I am not at a disadvantage. My math and logic skills where high so efforts were made so I could focus on these areas.
My sister-in-law was struggling in high school so the school did some testing over 2 days by a teacher (i.e. no specialized training, no advance degrees) where she was diagnosed as having a generic learning disability. What was that disability? Donâ(TM)t know. What is the best tactics to compensate for that disability? Donâ(TM)t know. She struggled both in high school and college.
You know this is exactly what happened to the Luddites.
Luddites tended to be middle aged middle class families. Men would work in the fields, Woman would weave at home. It was great â" a decent wage and a decent life/work balance. In a stoke their physical capital (looms at home), human capital (knowing how to maintain and operate a hand powered loom) and a way of life (They would have to leave their husbands and farms and go to the city) were destroyed.
What is the lessoned learned?
Revolutions are good for people at the top. It is good for the next generation. It is not so good for the entrenched middle class which it tends to ravage.
So while I have empathy for the situation I donâ(TM)t think the answer is to slow down progress. Places that have done that tend to prolong the change and be in 2nd place when the revolution is over. I am looking at southern vs. northern Europe right now but there are a lot of other examples..
It depends. What impact will publishing a paper have on your career? If âoepublishingâ 10 papers is the difference between a associate professorship and a full professorship, $15,000 is cheap.
One might ask how valuable fake papers are â" and it turns out they can be worth quite a bit.
http://www.economist.com/news/china/21586845-flawed-system-judging-research-leading-academic-fraud-looks-good-paper
I can’t think of any 70+ year olds that live complexly independently. Heck, I can’t think of anybody in their 20s.
Usually there are a few youngsters around providing services – keeping the stores open, collecting garbage, maintaining utilities, etc.
Thriving may not be the best word. The situation is a bit more nuanced than that. IIRC the benefit to wildlife of abandoning a large chunk of land was uneven – in particular to those animals at the top of the food chain.
Cataracts are up in animals – something that you almost never see in the wild. It is being cause directly by the radiation – not by ingestion – which surprised me.
http://www.economist.com/news/science-and-technology/21584963-birds-live-cataracts-chernobyl-not-so-blindingly-obvious?zid=318&ah=ac379c09c1c3fb67e0e8fd1964d5247f
Don't you think that we should discuss the *overwhelming majority* of cases much more than we discuss the few percent? Hey, tell you what, let's agree that "in the case of rape or medical conditions, there is no problem with abortion".
No – let’s not.
Please tell me why it is o.k. to execute a innocent person who has committed not crime.
Maybe I am missing something – maybe I am making an assumption on your position. Most pro-life positions take the position that life starts at conception. I don’t believe this but I am assuming it is your position. If that is true it follows that abortion is murder.
One of the criticism thrown at pro-lifers is that they are cheap politicos, intellectually dishonest, try to sneak position though the backdoor, and are only willing to make cheap moral stances.
And at the slightest pressure you are willing to let some babies be murder but not others. Is there some reason why you will not condone the murder of some but not others? What sin have these creatures committed save to be conceived?
Are you just for harm mitigation? That you are tired of arguments and tired of making a stand – willing to sacrifice you moral position for a quick partial victor? Are your morals so shallow? Is you fortitude to do right so capricious?
Why save some and not others?
Or am I missing something deeper. If I am please let me know because right now you position looks pretty cheap.
First I did not bring up rape – which leads me to believe you are in the second camp. Which is fine. I have issues with people in the first camp – they seem to be political opportunist without intellectual honesty.
Second while “rape, incest, or medical reasons” may make up only a small portion (and I am looking at that “14.1% Has relationship problem or partner does not want pregnancy” which I might throw into the “small amount”) is a important point for many people. Political polls on abortion is one of those classic questions that can be manipulated due to anchoring. You want a poll where 2/3 are against abortion? I can arrange that. Start the poll with questions about children. Want a poll where 2/3 are for abortion? Throw in the “rape, incest, or medical reasons.”
By the way, if you want to limit abortion don't limit abortion. In my opinion it is a losing divisive issue. Good for rallying the choir but I have seen good outreach to the unwashed masses. Focus on woman not having unwanted pregnancies in the first place. Good education, healthy relationships with their parents when their young, etc.
That’s not quite the “ultra conservatives” position.
The “Pro Life” (anti-abortionist) fall into 2 camps. The first wants to ban abortions expect for “rape, incest, or medical reasons. The second camp wants to ban all abortions for 2 reasons. If life begins at conception, then you can’t execute the fetus just because the father is a bad person. They view the first camp’s position as a dangerous concession. The second reason that the 2nd camp gives is that there are very few conceptions from forcible rape from a stranger – a.k.a. “real rape” – as opposed to date rape, drugged rape, etc.
These arguments don’t carry any water with me but let’s try to get the oppositions position correct.
"In the short run, the market is a voting machine but in the long run it is a weighing machine." - Benjamin Graham. Father of fundamental stock analyst, teacher and inspiration to Warren Buffet.
Mod parent up.
There is only a loose correlation between good companies and good stocks. You might find the best company in the world but if stock is overvalued then the stock is lousy. Apple has long been priced based on very high earnings (i.e. profit) growth. It is not so much that Apple is declining but their competitors are catching up.
To be fair, a lot of the radioactive waste that a nuclear power plant kicks out is not fuel. Most of it is low level stuff, but some of the items like exposed steel will be radioactive for quite some time.
You know that even with the rate increase you are getting a huge barging? Florida’s state insurance scheme deficit keeps on getting bigger and bigger each year. Private insurance companies are fleeing as fast as they can because of caps set up by the state insurance regulator- which is why there is no competition.
Either build cheap houses that are cheap to rebuild after they are blown down or build them so that can take a hurricane. Stick built houses just is not the answer..
http://www.economist.com/news/united-states/21579470-americans-are-building-beachfront-homes-even-oceans-rise-youre-going-get-wet
http://www.economist.com/node/4085798
Where are you getting your stats? I would be interested to know.
Pools tend to trade in large illiquid positions or baskets. I would assume that this would be a much lower (but more important) volume then the algorithmic traders. So that statement kind of surprises me.
Personally I favor light regulation but the markets do need some type of regulation. You can read Reminiscences of a Stock Operator by American author Edwin Lefèvre. It shows what the market was before regulations in 1923.
First an exchange is a nexus where many people come to meet. If a exchange blows up lots of people would lose their money and the market would freeze up. A example of this is the CDO market when AIG failed. The CDO market was unregulated but AIG was the principal trader and as such was the informal exchange.
Second there is a conflict between personal actions and the market. It may be a pain for you to print tape (i.e. disclose each trade that was done) but everybody benefits because they have a better idea of what is happening – i.e. price discovery.
Third, well, insider trading, market manipulation, etc. You want the market to be fair.
Look up Shortfall Implementation. That is the standard that I use.
There are explicit costs such as commissions (which you mentioned) and the bid/ask spread. The bid/ask spread has collapsed mainly because of algorithmic traders such as HFT, Costs here have fallen by over 90% over the past 20 years.
Then there are the implicit costs such as assurance of being able to execute a trade at a given price. Costs here have fallen by 60%. That is the markets are deeper. So it is not exactly fake depth. (Except maybe under extreme circumstances – but we don't have enough evidence yet.)
As for Quote vs. Book exchanges – I think the issues are intractable.
First, books exchanges have had issues where speculators figure out the structure of the book. This is done via self dealing (where the broker who runs the book), fraud (insider trading) or by being clever. If you can figure out the structure of the book you can game the system. Most books are stuffed with limit order and such.
Second it is not a continuous market. Market makers face greater risk so spreads tend to be higher. The volumes tend to be lower so it is easier to manipulate the price. When there is a large price move Book exchanges tend to freeze up harder then quote exchanges.
I do think there are cases where order books are more efficient then quote driven markets. But those cases are where the market is thinner.
I think you missed my point.
The point with the dual listed stocks is that you have the same stock on 2 different exchanges – a quote based and a order based exchange. Going head to head the quote based system beat the order book system.
By the way, there are a many tricks that one can use the game a order book system. So you are not so much eliminating a problem as switching from one set of problems to another.
If cheaper and deeper markets (using empirical evidence) does not convince you what do you need?
Just so you know this is not the widely accept wisdom.
For every study that you can haul that that shows that HFT increases volatility I can haul one out that shows it doesn’t. The problem is a classic correlation does not equal causation. Has volatility increased as HFT entered the market – yes – but the underlying fundamentals and risk were also increasing. I have also seen studies that figure most of the increase in volatility is due to uncovered volatility.
I think – because the definitive word is not out yet – that volatility has gone down during normal period but increase during those rare stressful periods.
What you are describing is call “Order Book” exchange. They were common in the past but now are limited to thin illiquid markets.
The Paris Bourse was one. The problem was dual list stocks – stocks that were listed both on a “Order Book” exchange and a “Quote Driven” exchange – the Quote Driven exchange always offered better trading – smaller speeds, deeper markets, etc. The problem is that it is harder to be a market maker in an order books system so you get a narrower shallower market.