So, the machines don't have to saddle up with machine guns and rockets to beat humanity -- all they have to do is send a typo to Wall Street.
How scary is that?
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5 comments:
After all of this, nobody, even NPR, seems to be discussing the possibility that the system isn't working well for us. When my screwdriver doesn't work for the job at hand, I put it away and pick a different tool. When the stock market stops working, we have a recession rather than admit that it's broken and try something else.
Yes, and I just posted a piece on how Goldman Sachs helped create the Greek financial crash and riots.
Hey Wall Street guys:
1. Stand on ledge
2. Jump
Trying to talk folks out of the stock market is much akin to trying to talk somebody in a Mexican standoff in to putting down their gun first. Tricky....
This one seems more like meta-hacking of the underlying electronic trading system. I don't really think it was much of an 'error' as they say.
Speaking as someone who knows this stuff, they're not sure what caused it yet. It likely IS a glitch, more likely a fat-finger human error (on the futures market), and the press is so wildly off the mark as to be humorous.
Should be an interesting news day on Monday and we'll see if they sorted through the [NASDAQ] database to figure out who did what yet. If they haven't, surely the media will make up something entertaining to fill the time.
Since we settle trades T+3 (Thursday + 3 bus days = Tuesday), would be good if they get this sorted today (Monday). Enjoy the circus.
Latest.
http://www.reuters.com/article/idUSTRE64D42W20100514
So far it turns out that Skynet only kept things from getting worse.
Might also be worth point out that sovereign debt in Europe is in the toilet, Greece defaulted, legislation in the US is changing, the UK had no government for awhile...could be some fundamentals to that crash too. (Gasp! "hush" Common Sense!? Bah)
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