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correction to previous: the trillions should have referred to dollar amounts; the trades were in the order of millions. Thus from Pam Martens' Counterpunch article on the episode: "According to Mr. Duffy, there were 1.6 million (yes, million) contracts traded in the E-Mini S&P 500 in the pivotal hour of 2:00 to 3:00 p.m. New York time.... Last week Reuters leaked an internal document from the CME showing that Waddell & Reed has sold 75,000 contracts during that period with the suggestion that it might have triggered the plunge." Think of that: ONE firm alone had contracts for 75,000 stocks to trade in that hour. If we were using these computers even to track prices every day in order to have accurate inputs into an input-output table for the whole economy, could we possibly need all these contracts (or their nonmarket equivalent)? Not even a small fraction of them! On Sat, May 29, 2010 at 7:28 AM, Andrew Pollack <acpolla...@gmail.com> wrote: > Nonetheless, the TRILLIONS of trades made on the day of the stock > exchanges' "flash crash" last month show once again that computing > power is no longer an issue. > Andy ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
