computerworld.com — The House Financial Services Commitee plans to hold a hearing next week and has called on the SEC to investigate computer glitches responsible for Thursday's nearly 1,000 point market drop in the in just a half hour. "We cannot allow a technological error to spook the markets and cause panic. This is unacceptable," said Rep. Paul Kanjorski.
May 7, 2010 View in Crawl 4
macliberalMay 8, 2010
Yahoo another "victory" for the unregulated "free" market. How long do Americans have to be screwed before they get it and have Congress step in?
curunirMay 8, 2010
Yea, because the IRS and the Federal Reserve should have more control of the economy... that would be much better, for sure!/s
jsffiveMay 8, 2010
Oh yeah, THEY'LL definitely get to the bottom of this.
taxmoreMay 8, 2010
I normally wouldn't follow zerohedge but they caught the spanish employment numbers 2 days before they were released. That made me a weeks worth of money in 10 minutes, then I went back to sleep.
austin63May 8, 2010
I would seriously be surprised if more than a handful of people in congress (or on digg for that matter) really understand how the market system works enough to grasp what has happened. If there are any real "take aways" from this drop and subsequent recovery it is that the traders are still jittery enough to have massive pullouts and short-selling, but the market is confident enough to quickly recover.What are they really going to do? Make stop loss orders or short positions against the market rules? Then what? You can only be long?
Closed AccountMay 9, 2010
Just from the tone of your comment I'm guessing you left off the /s, so I will argue the case for more regulation.Say this was caused by automated trading programs (which is a likely cause), these programs are designed to sell as fast as possible when things start to go down. So, once things start to fall these programs all start selling, which makes it fall even faster. No actual market forces are involved in the crash besides algorithms.Note that these programs account for about 65% of all the trading.We could have another black Tuesday without any real thing happening.
bipolarruledoutMay 9, 2010
I just assumed it was the MASSIVE oil spill that shows no signs of stopping.