Fake Tweet Erasing $136 Billion Shows Markets Need Humans: No kidding! The computers used by the big banks like Goldman Sachs and JPMorgan all are now hooked into the AP feed where these programs are set to ‘see’ bad news and instantly sell stocks with no human intervention. These computer programs have repeatedly crashed the stock market with zero warning and are a huge hazard to the fair markets for the average investor.
On top of this, these same computer programs buy and sell at a very high rate, goosing their stocks by trading on the penny so these same stocks are batted back and forth between these giant banks to collect pennies in profit over and over again. This constant agitation for no real purpose is why stocks suddenly nosedive whenever the computers get data telling them to sell. These computer-generated panics have wrecked havoc and should be outlawed and the way to remove these is to remove the profit motive by taxing stock trades. Even a few pennies per trade will kill this scam operation!
A computer error caused a flash crash like this only worse that erased nearly a trillion in stock value back in May, 2010. Since then, due to pressure from the Big Banks, the very same ones that created the derivatives disaster, nothing has been changed. These clowns will do anything possible to prevent reforms because they get filthy rich playing these hazardous, stupid games. Since they own Congress, no one acts.
By the way, the Chinese track what the Syrian Electronic Army is doing. If nothing else, the US should not be so stupid as to poke China in the eye using Japanese imperialist pretensions. The Chinese will retaliate eventually.
PS: I deleted the Nogy story so that it will no longer appear on Google since now the government has exonerated the poor guy.
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