It was a wild ride on the markets yesterday to be sure.A 1,000 dive on the Dow in about 20 minutes time and then a 650 point recovery to close.The unofficial explanation to this point has been a trader error.Somebody fat fingered a computer key and sold off shares in the billions instead of the millions is the story as it was first floated out there.
Not so fast.It turns out that it was more involved than just a slip of the finger.Check out this link from CNBC that explores it a little further.
http://www.businessandmedia.org/articles/2010/20100506174136.aspx
No one is claiming to have the reason yet as there are more questions than answers.I hope we aren't left hanging in the breeze like the last time this happened.Could this be a hacker attack?Remember Sept. 11,2008?That was the infamous run on the banks that triggered the economic collapse and created the TARP monster.
It was an electronic run on the banks that saw $550 billion withdrawn from U.S. banks by 11am before the feds stepped in and stopped it.It is claimed that it would have gone all the way to $5.5 trillion had it run its course.
Yet,even today,we have no clue who was behind it.At least officially.There are lots of conspiracy theories floating around,but no official explanation and no one in government has any interest in investigating it.
So lets see how this plays out over the next few days.Hopefully,not just another unsolved mystery.More to come...
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