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Official — Economic Crash Not Computers' Fault

Posted by timothy on from the how-about-moral-hazard-and-too-big-to-fail dept.

itwbennett writes "A 2-year government investigation has found what we pretty much all knew to be true: High speed trading systems were not the cause of the 2008 economic crash. 'The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire,' according to a leaked copy of the report's conclusions revealed in the New York Times."

4 of 386 comments (clear)

  1. Re:Economic Collapse due to Class War by Schadrach · · Score: 4, Informative

    Err, isn't that what OP was doing? Assuming simple greed?

  2. Re:Economic Collapse due to Class War by spun · · Score: 4, Informative

    http://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States

    http://en.wikipedia.org/wiki/Income_inequality_in_the_United_States

    --
    - None can love freedom heartily, but good men; the rest love not freedom, but license. -- John Milton
  3. WTF? by Sponge+Bath · · Score: 4, Informative

    Was this EVER a proposed cause of the global economic crisis put forth by any reputable source? At first I thought the article was talking about the flash crash last May. I was unaware anyone could look past the many obvious causes of the 2008 collapse and try to blame high speed trading.

  4. Re:Economic Collapse due to Class War by Culture20 · · Score: 4, Informative

    The fact that the rich are still rich or richer and the poor are even poorer.

    Poorer than what? Poorer than the poor a decade ago? Poorer than the richest king just two hundred years ago? A lot of the "poor" in the US today have cell phones, heat, food, television, access to computers, education, free libraries, some have their own transportation, and for those who don't, transportation costs are reasonably low for purchasing bus fare.