Slashdot Mirror
New "Circuit Breaker" Imposed To Stop Market Crash
Lucas123 writes "The SEC and national securities exchanges announced a new rule that would help curb market volatility and help to prevent 'flash crashes' like the one that took place on May 6, when the Dow dropped almost 1,000 points in a half hour. That crash was blamed in part on automated trading systems, which process buy and sell orders in milliseconds. The new rule would pause trading on individual stocks that fluctuate up or down 10% in a five-minute period. 'I believe that circuit breakers for individual securities across the exchanges would help to limit significant volatility,' the SEC's chairman said. 'They would also increase market transparency, bolster investor protection, and bring uniformity to decisions regarding trading halts in individual securities.'"
Well can you blame them? If you have a simplistic, fundamentalist view of the world then of course your simple truisms seem obvious and everyone else sounds like some kind of elitist, telling you to read books and go to school and shit. Everything you need to know you read on Lew Rockwell's blog, so these elitists are obviously persecuting you for your beliefs.
Ron Paul free marketeers favor their interpretations of the constitution in exactly the same way that fundamentalist christian sects think they have the true interpretation of the bible. Except instead of "faith" they rely on "smug" to insulate their egos from information that does not fit with their world view.