Humans can’t beat computers on Wall Street, and some humans are taking advantage…

May 15, 2010

High frequency traders using computers to do thousands (millions?) of transactions in a split second could have been involved in and/or taken advantage of that recent flash crash on Wall Street where the index fell a thousand points in a few minutes and then mysteriously moved back up.

Humans, we know, cannot beat computers. Of course humans behind computers taking advantage of that very fact can do much harm.

We have to ask ourselves what the legitimate function of Wall Street trading is.

While certainly people have a right to gamble with their own money, this gambling is with everyone’s money because the actions there are tied in to the whole world’s economy.

A complete reform of our whole economic system with an emphasis on oversight seems in order. I have a feeling it can only come from those who think neither liberal nor conservative or Democrat or Republican, but think of the good of the people as a whole.