It appears that the SEC's extensive deliberations on what the cause for Thursday's crash was, have yielded no answers. Mary Schapiro, proving again that she is nothing less than an intellectual titan, met with all the guilty parties in last week's market crash, in a meeting in which shockingly, none admitted that the crash was all their doing directly and indirectly. Bloomberg reports: "The chief executive officers of NYSE Euronext, Nasdaq OMX
Group Inc., Bats Global Markets Inc., Direct Edge Holdings LLC,
International Securities Exchange Holdings Inc. and CBOE
Holdings Inc. saw no evidence that a mistaken order caused the
plunge, according to the people, who asked not to be named
because the discussions were private." No, instead of raising their hands and saying it was all their fault, the execs all said that the SEC needs... circuit breakers. Which is funny cause the market already had those in overabundance. We all saw how much good curbs and circuit breakers did when the Dow was dropping by 100 points every second. So sure, let's deflect a little longer until the next market structure induced crash comes, which will take the market down by not 10% but 30%, 40%, or more. And, as usual, the SEC will say "Well, we tried, but nobody really foresaw this." And that wold be ironic, because even though the SEC could be excused for not reading blogs or anything else that is not linking externally from www.transvestitemidgetporn.com, one would think they do on occasion turn on Bloomberg TV. Which is why we bring your attention to this clip from February of this year, in which Themis' Joe Saluzzi pretty mich predicted to the dot what would happen. And instead of consulting with those who actually predicted the whole collapse, the SEC instead seeks advice from the parties responsible for the crash, and whose entire business model is dependant on perpetuating the status quo. This is the thought process of an an agency which receives $1 billion in taxpayer funding each year.
In the clip below, fast forward to 4:30.