05-07-2010, 12:56 PM
Quote:The exact causes of Thursday’s stock market short-circuit remain unclear, but the lesson is unmistakable. The regulators and the major exchanges have drifted from their original duty: to run a market that gives small companies a way to raise capital and mom-and-pop stock buyers a way to invest for the future on fair terms.link
Instead, they have created a Frankenstein’s monster that churns away for the sake of volume itself, lining the pockets of nimble, technologically savvy hedge funds, giant investment banks and other players – at the expense of market stability.
“What happened Thursday is much worse than the market makers walking away from their phones in 1987,†said Joe Saluzzi, who runs Themis Trading in Chatham, N.J., and has been a vocal foe of the rise of computerized trading. “When the sell orders came, the buyers disappeared. That’s a broken system.â€
Its awfully tempting for me to agree in this case.
"Hamilton is really a Colossus to the anti republican party. Without numbers he is an host within himself. They have got themselves into a defile where they might be finished but too much security on the republican part will give time to his talents and indefatigableness to extricate them. We have had only middling performances to oppose to him. In truth when he comes forward there is nobody but yourself who can meet him. His adversaries having begun the attack he has the advantage of answering them and remains unanswered himself. For God's sake take up your pen and give a fundamental reply to Curtius and Camillas" - Thomas Jefferson to James Madison