My favorite quotes assessing yesterday's market action follow.(Note: 'HFT' stands for "High Frequency Trading"; "fat finger" refers to the rumor circulating that someone at Citigroup mistakenly entered a trade with "billion" instead of "million" entered.)
Personally, I find it hard to believe that a clerical error could be the culprit.
If this wild ride continues, it will provide further evidence that markets need adult supervision.
--Floyd Norris, The New York Times
What happened today was no fat finger, it was no panic selling by one major account: it was simply the impact of everyone in the HFT community going from port to starboard on the boat, at precisely the same time.
--Tyler Durden, Zero Hedge Blog
Good thing we never let the adolescents and greedheads on Wall Street get their hands on the housing market . . .
P.S.: Continuing with the theme of "taking responsibility" . . . . how about if, a trading glitch was at the heart of yesterday's melt-down, the head of the NYSE (or whoever else is in charge) gives a press conference explaining exactly what happened?
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