Different people had different motivations. I would say some of the more wary people for, say, in the afghan government. They were a little bit reluctant to have the tribes in power the way they were. So they were, they were somewhat standoffish at time, although they never were in any way hostile to we. I mean, you always have somebody with a strange personality. There were a few of those, but i was amazed at the extent to which they accepted me. And the tribal leader who jim had met in 2003 whose life story is in the book, he treated jim as a son. And when i got there, he told me you must follow pashtun wali, and from that point on when he saw that i did and that i was, he treated me as his daughterinlaw. She had never been outside the protective walls of her home living with her close family k and it was very difficult for her. I think she was very home sick. At the same time, she does not speak english, so i think it was just a human cultural shock. Over time, though, she game i mean we practiced english, posture with her, felt relieve when she got to the house, and she showedded, you know, became more outgoing. She started going on walk around the neighborhood, and it snowed. When it snowed that time, we were out this sweating op the hillside, and low and behold, there was a figure in the window at night, and it was nila watching us sled, and she had never seen snow before, comes out in her afghan clothes, shoe, and goes down the hill with us. You know, i think that all she needs to do is, i mean, she needs to take the lead in showing her around. Its not an easy transition, but i think that, again, we were just so happy to be able to provide a welcoming environment for her, but that thats a tough transition. Speaking of transitions, whats it like to come back to seattle or u. S. And how you assimilate from iraq, afghanistan, to seattle, talk about how that makes you feel. Well, there was a time because i pretty much constantly wore afghan clothes and my head scarf, all of that, but it was odd feeling the transition. I clung to the things. I clung to the scarf. It was like a little bit of a barrier between me and other people. I would wear those clothes when i traveled back. I noticed that people actually would treat me more politely in some ways, and i i think that in making such a transition, there is, i remember, you know, very vividly coming back from the iraq war, and it was same sort of thing, all that i could do to try to keep everything at bay for a little while while i made the mental adjustment. I remember after the engagement of iraq, which i was a part of, coming back and i had been spending weeks in a chemical suit in the dust and with the violence and explosions and i remember vively the feeling of solid ground under my boots, and the first drink of cold water that i had. I get to kuwait, flown in on a flight of body bags, stepping over them to get to a seat in the cockpit, and low and behold, they put me because theres no other rooms, in a president ial suite in the kuwait, and all i could do is open up an mre and sort of lie down and just the whole night it was like i was seeing sand storms and sand storms, and i just couldnt, you know, its not easy. At the same time, ive done it a lot. I learned to do it. I am sure that i have some degree of ptsd because of what ive been through. People cope with it differently, and im able to cope with the adjustment. Are there any groups that you spoke in tandem with about the experience . We have dope a couple interviews, i suspect we will do that, looking forward to it actually because he has all that tactical knowledge, all the knowledge of the pashtuns, incredible 20 years in special forces to bring to bear on that, and so i think its a matter of time that it will happen there as well. What about the transition from the United States to living in a pashtun village for the american female . How were you able to manage that Culture Shock . It was difficult because i was used to having a little bit more freedom. There were a couple aspects to it. Again, i had to learn to walk behind gyms, and i needed to do that for image of the tribal people. The clothing, themselves were encumbering in the beginning. I felt like i was tripping over my pants, and it was followupny because when i initially showed up, i bought this outfit from this afghan market in virginia i thought would fit in, by only afghan clothes, and we go out, and were Walking Around the village, and, like, you know, go talk to the women, go ahead and talk to the women, and im, like, okay, so i walked over, and i later found out she said, youre wearing gypsy clothing. I i said, oh, well, thats because im a gypsy, but they were wonderful. They rural women made clothing for me by hand. Before i knew it, they were showing up with handmade, precious clothing, but it was you know, i spent some time, the village was easier for me, actually. I spent a little bit of time in a big urban compound behind walls, and i was very fell very cooped up, and i really got a sense of that not being able to go out, and there was certain times of day i could go up to the roof and peek over, but its pretty constraining. At the same time, i really did it willingly because i knew i had to show that respect in order for them to accept me, so ive pretty much embraced the idea while i was there. Thinking of your every day life, the conveniences you have. The washing machine, going to the Grocery Store to get the foot for dinner. What was your daytoday life like . Well, we ate rice and beans and then beans and rice. [laughter] i was desperate to get fresh fruits and vegetables because we didnt have them. I mean tomatoes were a treat. Every once in a while, we got water melon, and we had to wash clothes by hand pretty much, and there were, you know, no i mean, it was just outhouse type bathrooms, and i hate to say it, but i actually loved it. Thats just the way i am. Is there hope for afghanistan . Whats the future . Well, i think that i do think theres a great risk of afghanistan once, you know, as it inevitably will be all this foreign aid, you know, comes to an end, theres not really a budget to support the current Security Forces, and i think that after some time, just as we saw after the soviet occupation, that afghanistan could fall back into the kind of ethnic conflict and regional conflict that existed under the period or that it could fall back fairly easily to the taliban. Now, thats, obviously, not a fore gone conclusion. There was some today worthy afghan elections taking place, the first could lead to the first transition in afghans history, a major step. We also were encouraged when we went back to find that the tribal Security Forces had held. They had maintained even though they no longer had, you know, a very close u. S. Support with them. So far, so good. You know, as they have traditionally, they were securing their areas. I think its just very early to tell what might happen. It has a history of a lot of conflict and violence, and im not sure that what we establish there and the Security Forces that we established are going to be able to control or prevent a civil war. One more question . Thank you very much. Thank you. [applause] again, thank you so much for coming, and thank you so much. If you want books signed, ill clear off the tail right now. Thank you, let me know if you 1 any questions. [inaudible conversations] on day 155, the former chancellor was on the witness stand. As he testified, the third reick radio propaganda chief, a sublieutenant, wrote a letter which the former leader of the Hitler Youth Movement then translated into english. It was addressed to to 32 04 holiday avenue in south st. Louis. Holding nazi leaders accountable for world world war ii was an experiment. At the time, there was no legal precedent for framing criminal charges against the perpetrators of the war of aggression. As early as 1944, ally heards were hashing out the best way to punish people whose criminal activities were so hoer horrends that lars barring them did not exist. Nuremberg was an improvisation. Never before was there major leader accused and convict them of conspiring to commit crimes against humanity. The trials, the major war criminals, in the words of one of the samaritan prosecutors, quote, a bench mark in International Law and the low star of thought and debate on the great moral and legal questions of war and peace, end quote. Watch this and other programs op line atbook booktv. Org. Host youre watching booktv on cspan2, and now joins us live is t author joining us live is michael louis, way is a flash boy . The heros of the book of the flash boys, and people who discover the stock market has something funny going on and seek to find out what it is, and then build a mechanism to prevent predators in the target from getting deprived, and its called the flash boys for a couple reasons, actually. One is that it the the illusion that the main characters come up with required them to be faster than the high speed traders, the predators in the stock market. The title, buo wanted kind of superhero in the title because they were these, i mean, these characters presented the story, i felt. Theyre not doing anything unnatural, but they do have these weird powers in the Financial Markets right now, and the powers are powers to explain complicated things to people, the power to kind of engender trust in others. But the last reason its called flash boys is i knew i wanted flash in the title. A l when i because the markets have taken this term, flash crashes and flash orders and flash trading. And i had a title that was kind of an inert title. I thought i was going to call it the flash trap. I was driving with my kids in the car one day, and they said thats really dumb. It happened rapidly over six or seven years where the 13 public on the 13 public stock exchanges, and they are all scattered through new jersey, high speed traders are provided by the exchanges for fees, for lots of money, to pay exchanges for special fees which enables them to see moving stock prices before ordinary investors so they know its only a couple of millisecond advantage would be the amount of time involved is very, very slight, but they know where they know todays prices and we know yesterdays prices. Know that we have yesterdays presence. So now we are talking about the divorce rate. And so theres a lot of unfairness in the system. So that is the problem. And that problem, nobody really knows how big the problem actually is in terms of sums of me. They are essentially being taxed out of investors by wall street intermediaries. Because of these milliseconds . Could yes we met this is something that you write in your book. You write that over the past decade the Financial Market has changed too rapidly for our mental picture of them to remain true to life. The picture that i bet most people have in the market is still a picture of a human being than a human being might have taken. And it a quicker case with alpha males and colorcoded jacket hollering at each other. That picture is dated and the world it depicts his dad. Estimate of the picture that i kind of had in my head when i got into this book. A great sense of what happened. It was only three or four years ago they started hearing this phrase. So its really only been in the last decade that the market has become fully automated. Especially mashed inside of computers rather than human beings on the stock exchange. And its funny. Because it is a problem to describe this. But what this new world is, as you can see, you can see how hard it is for people to get their minds around not just the stock market at all Financial Markets. You watch the tv to see the reports of what is going on. People on the new york stock exchange. The old pictures have been used because the new picture hasnt been drawn. So one of the things i would hope to do, is to leave the reader with a sense of a different sort of picture. And the problem is in order to generate back, you almost have to imagine time the way a computer does. The computer can do this in the time it takes to make one. Its kind of like geological time. But what can be done in america. Host viewer if you were to draw that picture today, would you draw at wall street . Guest i would draw in new jersey. The exchanges are all housing very heavily guarded data centers. And when you go in them, you see there black boxes and ones that is the exchange itself. And the buyers and sellers are connected because the buyer and seller agree to meet at that price. And then you have the boxes of the highfrequency traders who paid 50,000 a month to connect a line directly before everyone office is not what is frontline . Guest the idea is almost like someone who figures out that the show will be sold out, they run up and buy tickets at the box office and then they double the price like it to get skelter. End it with the stock market, what happens often in that they are faster than machines and they are able to anticipate orders. And this includes big and testers. And so its really important. And actually highfrequency traders now are making decisions by improving things with the timing of milliseconds, microseconds. A nano second is a millisecond of a microseconds. And so my point is that their ability to divide your intentions and ask about it create this opportunity. But it happens quite a lot. And what is interesting to me about this story about this young man, he finds himself being talked about and even the most sophisticated investors in america, for example, he finds that everyone understands that there is a front runner going on. But no one understands why and so bill atman, a Hedge Fund Manager in new york often buys and tells big chunks of companies told me that he said before that the main character in the story came to his office and he thought he had insidertrading issue. He was thinking of buying some stock and he would try to buy it and then sell it back for a higher price. So that just captures the flavor. People think learning what you want to do before you do it and doing it to your disadvantage. Host Michael Lewis is our guest in his book is called flash boys a wall street revolt. He is also the author of moneyball and we have him lie on booktv to take your calls. 202 at 585 if you cant get through, sunday tweet and you can make a commenn her facebook page. So what is your history in the Financial Markets . Guest my personal history . Host yes. Guest it was brief but lucrative. I stumbled into a job at Salomon Brothers when i was 24 years old in 1985. And i was trained for six months and i spent two years and at the time i was essentially a derivatives expert. As well as bond salesman. So this is when the Financial Markets were studying Financial Options and it was becoming the rage. My job was to explain them to investors so i was given a crash course as to what the stuff was. And we go out and prioritize. I quit in 1988 and i wrote about the experience working on wall street. Since then i have been an interloper, and i have written about a lot of other things. My family, my High School Baseball coach. Politics. But since the financial crisis i found myself drawn back into wall street to write big narratives. A book called the big short which is about the credit crisis. A book called boomerang, which is about a way it expresses itself in different cultures around the world that shows you something about the cultures and flash boys, which is about how the stock market has evolved since the current crisis. And so my interest in this is different than when i was working on it, obviously. And so they are, what seems to happen is that because of my history of writing about wall street, i have had some access to these narrative stories that have happened to emerge in this time. And i think wall street at this moment is a rich day of material. Host one of the themes throughout is a federal regulation called the Regulation National market system. What is that matt and where did it come from . Guest it was regulated in late 2007 and the response to the fear of unfairness in the market. The possibility caused by the fragmentation of the market. And the stock market was basically to new york stock exchange. You can trade it in one place or the other, and that has changed. The stock market is now urging public exchanges and 40 something public exchanges run by Goldman Sachs and morgan stanley, which you really cant see and you can participate in the sense that you are a big investor. Can give the order to Goldman Sachs and they make the ability to execute this. But you cant see it in real time how it fits into the larger trade and the marketplace. So the market is fragmented and you can really see what is going on. So in order to protect investors in this, the sec says it is against the rule for a broker to trade outside the whatever the best bid or offer it. So lets say that you want to buy shares in microsoft. And if you took a conglomeration of all the market prices are out there of microsoft and the fiftysomething markets that there are and you add it all up, the market is 2999 or 30. And some are willing to sell at 30. The brokers are not allowed to execute your order at a price higher than 30 because there is an offer they are somewhere in the market, though it was to protect investors from being cheated by the complexity of the system. But the problem is with reg ms, why the story begins with it, is how to best bid offers are calculated. They are populated slowly. So it takes a long time for all of this information to be gathered. Leyna host are you talking a day or a week to. Guest we are actually talking milliseconds. But the technology is slow and wall street has an interest in making it faster. Its about market, that official market is a still market and the people who have faster access to information, all of these exchanges it gets executed and microsoft will collapse the next millisecond. In the highfrequency trader can now buy it and sell it back to at the a price of 30. So that is what happens. So the meaning and intent is regulated. And this includes the complexity of the market. And they are creating to market that insiders pay to see. And once that happened, the gap opens between this old and stale official price and the insiders knowledge. Includes billions a year, no one knows. The poses i have been is what my main character calculated from the individual predatory strategies. Once they are made by the traders for faster information, the right to trade against those orders that are done