Part 25 (1/2)

58 all in the time span of sixteen minutes-for no apparent reason

”Dow Falls 1,000, Then Rebounds, Shaking Market,” New York Times, May 7, 2010.

59 ”P&G plunged to $39.37 from more than $60 within minutes”

Ibid.

60 ”it was almost like 'the Twilight Zone' ”

Ibid.

61 algorithmic echo chamber that caused prices to suddenly crash

Graham Bowley, ”The New Speed of Money, Reshaping Markets,” New York Times, January 2, 2011; Felix Salmon and Jon Stokes, ”Algorithms Take Control of Wall Street,” Wired, December 27, 2010.

62 offers to buy or sell must remain open for one second

Personal conversation with Joseph Stiglitz.

63 would bring the global economy to its knees

Ibid.

64 corrupted and captive ratings agencies, then sold around the world

” 'Robo-Signing' of Mortgages Still a Problem,” a.s.sociated Press, July 18, 2011, /stories/2011/07/18/national/main20080533.shtml.

65 a practice that's been popularly labeled ”robosigning”

Alan Zibel, Matthias Rieker, and Nick Timiraos, ”Banks Near 'Robo-Signing' Settlement,” Wall Street Journal, January 19, 2012.

66 increasing since 2000 at an average of 65 percent per year