Wednesday, December 11, 2013

"Who Cares?"

Recently, a financial pundit, when asked about the fragility of the computer systems on Wall Street, and the disturbing pattern of the option exchanges being unable to execute trades in a timely manner, and in fact closing down at key moments of high volume...said that in effect "Who Cares?"...."Stuff Happens"...and that basically the systems are so old on Wall Street that a breakdown is to be expected as "Normal." When one considers that probably 90% of all the volume on Wall Street is computer driven trading by institutions, it is quite reasonable to assume that the failure of these systems could trigger a collapse that could not be controlled by the "august authorities" that would respond with their mantra: "Who Cares?" As an investor---make a note of it.