1000 pt Crash Due to ‘Fat Finger?’ Come on!
Dylan Ratigan explains why ‘Fat Finger’ excuse for mid-day 1000 pt drop is bogus – in plain English. Dylan has a way with metaphors and words. He coined the following memorable lines in this segment.
- Quite simply, there is very little capital in our ‘capitalism.’
- If a market based on actual value, real accounting standards, real capital, real dollars – not funny money, not a house of cards, no matter whose fat finger it was or what’s going on in Greece – I can assure you you would never see a multi-thousand point move in the DOW or a multi-year of multi-decade level move in currency markets for apparently no reason.
- That (HFT) is like allowing a Ferrari run around at a 1000 mph and putting the retail investor on the hook when that thing comes unglued and hits the wall.
- A market that’s down 1000 points for no reason actually is not a market, it’s a joke.