Friday, May 07, 2010
I told my Facebook fans that I was afraid The Limits of Software might “stick” with me -- even though I didn’t really enjoy reading it.
Robert Reich posted this yesterday:
”Pension funds, mutual funds, school endowments — the value of all of this depends on a mechanism that can lose a trillion dollars in minutes without anyone having a clear idea why. So much of the market now depends on computer programs and mathematical models that no one fully understands, so much trading is in the hands of a few people whose fat thumbs or momentary carelessness might sink the economy, so much of global wealth now depends on who can move their money quickest at the slightest provocation — that we are toying with financial disaster every day. “
You might want to read the whole blog. And think about the limits of software.
The (Almost) Crash of Wall Street
May 7, 2010