A computer glitch shut down the New York Stock Exchange. We are being assured it was not a hack-job by the Chinese, or an interruption caused by anything other than a computer glitch. However, the Stock Market closure, as well as airline interruptions, due to computer glitches, shows us how dependent we've become on technology, and how a simple interruption in technology can put us into a tailspin.
The stocks at the Wall Street casino closed lower than normal, perhaps due to the glitch, maybe because Greece continues to cry for socialism while the money runs out, or it could be because of China's own dip in the economic game. While Greece is slapping their arm for another fix from a bailout, Europe's stocks actually closed on a high note, amid speculation that there would be a deal made for Greece. Greek refusal to deploy austerity measures, however, makes it inevitable that Greece will either continue to get their regular assistance from productive nations in Europe, or collapse and put us all in a brave new world of economic madness.
After the NYSE was stopped for nearly four hours, trading resumed, and any assumption that it was a cyber-attack was denied. Then again, if it had been a cyber-attack, they would never have said anything. The market is driven by mood and speculation, and even a hint of a cyber-attack, if truly believed, would be disastrous. We were also told the United Airlines computer glitch, which happened nearly at the same time, was unrelated.
Investors should still be concerned. The glitch has shown that there are technical vulnerabilities. Remember, our technology is all sitting on an electrical grid that is based on 1800s technology.
-- Political Pistachio Conservative News and Commentary
Stocks close lower on China selloff; NYSE floor trading interrupted - Yahoo News
Trading halted on NYSE floor - CNBC
Why the NYSE trading halt should alarm investors - Market Watch
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