The general Carr argument is that the immediacy of unlimited communication actually changes the way we think, to the extent of affecting the way our very neural circuits tick:
... fewer and fewer people are likely to be engaged in such contemplative, deep reading activities due to the highly distractive nature of the Internet and digital technologies.
“With the exception of alphabets and number systems, the Net may well be the single most powerful mind-altering technology that has ever come into general use,” Carr claims. “At the very least, it’s the most powerful that has come along since the book.”
The Net and multimedia “strains our cognitive abilities, diminishing our learning and weakening our understanding” ...
This piece took me to Nicholas Carr's blog Rough Type.
See eg his ideas on delinkification - cutting hyperlinks from work (such as this sentence!) to help the flow of thought and general self-discipline, or at least listing the links only at the end of the piece.
And this magnificent, elegant effort about why LP records emerged. Was it to help 'bundle' more songs on to a single disk? No:
The long-player was not, in other words, a commercial contrivance aimed at bundling together popular songs to the advantage of record companies and the disadvantage of consumers; it was a format specifically designed to provide people with a much better way to listen to recordings of classical works.
Anyway, does the Internet in fact change our brains?
Probably.
We read more, but surely we also read less systematically. We get jumpy if we have not checked our emails/texts.
I am struck by the way even serious grown-ups now think there is nothing wrong in abruptly tuning out of a conversation with the person next to them while checking some or other e-device. Go to a park or restaurant and look at people who are ostensibly together in fact ignoring each other, as they tap away on little gadgets or simply talk to people on their mobiles. The remote starts to get more 'real' or at least immediate/important than reality.
“This is slavery, not to speak one's thought.” ― Euripides, The Phoenician Women
Thursday, June 03, 2010
Charles Crawford on How the Internet Fries Our Brains
From CharlesCrawford.biz:
Uzbek Spiritual Leader Dies in Jerusalem, Age 61
From the Jerusalem Post:
In a small and ancient family plot attached to his ancestral home in Jerusalem’s Old City, regional Sufi leader Sheikh Abdul Aziz Bukhari was laid to rest on Tuesday at age 61, after a long struggle with heart disease. He was head of the mystical Naqshabandi Holy Land Sufi Order.
A longtime proponent of nonviolence and interfaith unity, Bukhari found his inspiration in Islamic law and tradition, as well as in the writings of Mohandas Gandhi, Martin Luther King Jr. and Nelson Mandela.
“The stronger one is the one who can absorb the violence and anger from the other and change it to love and understanding. It is not easy; it is a lot of work. But this is the real jihad,” he once told the Globaloneness Project in an interview.
His teachings and practices put him in danger and under great stress that over the years harmed his health, said Sheikh Ghassan Manasra of Nazareth, whose father heads the regional Holy Land Qadari Sufi Order.
“Sheikh Bukhari influenced lots of people, worked hard to bridge the religions and cultures; and his teaching is keeping part of the youth on the right path. We worked together for many years and succeeded many times and failed many times and decided to stay on the [path] of God to bring peace, tolerance, harmony and moderation,” he said.
“But on both sides, Jewish and Muslim, there are moderates but also extreme people, and our work was very dangerous, with a lot of pressure and stress until now, and I think this explains, in part, his heart problems.”
Netanyahu's Gaza Flotilla Statement
From the Israeli Prime Minister's Office website:
“No Love Boat”
Once again, Israel faces hypocrisy and a biased rush to judgment. I’m afraid this isn’t the first time.
Last year, Israel acted to stop Hamas from firing thousands of rockets into Israel’s towns and cities. Hamas was firing on our civilians while hiding behind civilians. And Israel went to unprecedented lengths to avoid Palestinian civilian casualties. Yet it was Israel, and not Hamas, that was accused by the UN of war crimes.
Now regrettably, the same thing appears to be happening now.
But here are the facts. Hamas is smuggling thousands of Iranian rockets, missiles and other weaponry – smuggling it into Gaza in order to fire on Israel’s cities. These missiles can reach Ashdod and Beer Sheva – these are major Israeli cities. And I regret to say that some of them can reach now Tel Aviv, and very soon, the outskirts of Jerusalem. From the information we have, the planned shipments include weapons that can reach farther, even farther and deeper into Israel.
Under international law, and under common sense and common decency, Israel has every right to interdict this weaponry and to inspect the ships that might be transporting them.
This is not a theoretical challenge or a theoretical threat. We have already interdicted vessels bound for Hezbollah, and for Hamas from Iran, containing hundreds of tons of weapons. In one ship, the Francop, we found hundreds of tons of war materiel and weapons destined for Hezbollah. In another celebrated case, the Karine A, dozens of tons of weapons were destined for Hamas by Iran via a shipment to Gaza. Israel simply cannot permit the free flow of weapons and war materials to Hamas from the sea.
I will go further than that. Israel cannot permit Iran to establish a Mediterranean port a few dozen kilometers from Tel Aviv and from Jerusalem. And I would go beyond that too. I say to the responsible leaders of all the nations: The international community cannot afford an Iranian port in the Mediterranean. Fifteen years ago I cautioned about an Iranian development that has come to pass – people now recognize that danger. Today I warn of this impending willingness to enable Iran to establish a naval port right next to Israel, right next to Europe. The same countries that are criticizing us today should know that they will be targeted tomorrow.
For this and for many other reasons, we have a right to inspect cargo heading into Gaza.
And here’s our policy. It's very simple: Humanitarian and other goods can go in and weapons and war materiel cannot.
And we do let civilian goods into Gaza. There is no humanitarian crisis in Gaza. Each week, an average of ten thousand tons of goods enter Gaza. There's no shortage of food. There's no shortage of medicine. There's no shortage of other goods.
On this occasion too, we made several offers – offers to deliver the goods on board the flotilla to Gaza after a security inspection. Egypt made similar offers. And these offers were rejected time and again.
So our naval personnel had no choice but to board these vessels. Now, on five of the vessels, our seamen were not met by any serious violence and as a result, there were no serious injuries aboard those ships. But on the largest ship, something very different happened.
Our naval personnel, just as they landed on the ship – you can see this in the videos – the first soldier – they were met with a vicious mob. They were stabbed, they were clubbed, they were fired upon. I talked to some of these soldiers. One was shot in the stomach, one was shot in the knee. They were going to be killed and they had to act in self-defense.
It is very clear to us that the attackers had prepared their violent action in advance. They were members of an extremist group that has supported international terrorist organizations and today support the terrorist organization called Hamas. They brought with them in advance knives, steel rods, other weapons. They chanted battle cries against the Jews. You can hear this on the tapes that have been released.
This was not a love boat. This was a hate boat. These weren't pacifists. These weren't peace activists. These were violent supporters of terrorism.
I think that the evidence that the lives of the Israeli seamen were in danger is crystal clear. If you're a fair-minded observer and you look at those videos, you know this simple truth. But I regret to say that for many in the international community, no evidence is needed. Israel is guilty until proven guilty.
Once again, Israel is told that it has a right to defend itself but is condemned every time it exercises that right. Now you know that a right that you cannot exercise is meaningless. And you know that the way we exercise it – under these conditions of duress, under the rocketing of our cities, under the impending killing of our soldiers – you know that we exercise it in a way that is commensurate with any international standard. I have spoken to leading leaders of the world, and I say the same thing today to the international community: What would you do? How would you stop thousands of rockets that are destined to attack your cities, your civilians, your children? How would your soldiers behave under similar circumstances? I think in your hearts, you all know the truth.
Israel regrets the loss of life. But we will never apologize for defending ourselves. Israel has every right to prevent deadly weapons from entering into hostile territory. And Israeli soldiers have every right to defend their lives and their country.
This may sound like an impossible plea, or an impossible request, or an impossible demand, but I make it anyway: Israel should not be held to a double standard. The Jewish state has a right to defend itself just like any other state.
Thank you.
Self-Publishing Challenges Book Industry Establishment
According to today's Wall Street Journal, authors are now able to bypass the publishing industry by selling their self-published books on Amazon.com--and the iPad looks to make electronic publishing the wave of the future:
Much as blogs have bitten into the news business and YouTube has challenged television, digital self-publishing is creating a powerful new niche in books that's threatening the traditional industry. Once derided as "vanity" titles by the publishing establishment, self-published books suddenly are able to thrive by circumventing the establishment.FULL DISCLOSURE: I own stock in Amazon and Apple.
"If you are an author and you want to reach a lot of readers, up until recently you were smart to sell your book to a traditional publisher, because they controlled the printing press and distribution. That is starting to change now," says Mark Coker, founder of Silicon Valley start-up Smashwords Inc., which offers an e-book publishing and distribution service.
Fueling the shift is the growing popularity of electronic books, which few people were willing to read even three years ago. Apple Inc.' s iPad and e-reading devices such as Amazon's Kindle have made buying and reading digital books easy. U.S. book sales fell 1.8% last year to $23.9 billion, but e-book sales tripled to $313 million, according to the Association of American Publishers. E-book sales could reach as high as 20% to 25% of the total book market by 2012, according to Mike Shatzkin, a publishing consultant, up from an estimated 5% to 10% today.
But some publishers say that online self-publishing and the entry of newcomers such as Amazon into the market could mark a sea change in publishing.
"It's a threat to publishers' control over authors," said Richard Nash, former publisher of Soft Skull Press who recently launched Cursor Inc., a new publishing company. "It shows best-selling authors that there are alternatives—they can hire their own publicist, their own online marketing specialist, a freelance editor, and a distribution service."
Amazon has taken an early lead, providing service tools for authors to self publish and creating an imprint last year to publish promising authors in print and online.
This month, Amazon is upping the ante, increasing the amount it pays authors to 70% of revenue, from 35%, for e-books priced from $2.99 to $9.99. A self-published author whose e-book lists for $9.99 on Amazon's Kindle e-bookstore will receive about $6.99 for each book sold. The author would net $1.75 on a similar new e-book sale by most major publishers.
Wednesday, June 02, 2010
Federal Contracts to Go Online
(ht FOIABlog) According to a story in the Federal Times, the US Government is moving towards putting its contracts online for public inspection. Hope it leads to greater competition rather than more "off the books" shenanigans. It might also lead to less contracting and more full-time employees, not a bad way to go...
Israel Links Turkish Ship to Al Qaeda
From the Israeli Defense Force website:
Curiously, the recently released Obama National Security strategy declared that the US is at war with Al Qaeda and its affiliates. But in this case, the US pressured Israel to release the captured Al Qaeda affiliated fighters! What kind of war is that? BTW, Hamas is also affiliated with Al Qaeda, through the Muslim Brotherhood.
So, if Obama's National Security Strategy is nothing more than lip-service, does that mean America actually has no national security strategy at all?
That would explain a lot...
More on the story at Sad Red Earth.
In a special meeting of the Security Cabinet it was disclosed that a group of 40 people on board the Mavi Marmara with no identification papers belong to Al Qaeda. The terrorists were equipped with bullet proof vests, night-vision goggles, and weapons.Do I believe this? Yes.
On board the Mavi Marmara ship that arrived as part of the flotilla to Gaza was a group of approximately 40 people with no identification papers, who are mercenaries belonging to the Al Qaeda terror organization. This was disclosed by the Israeli Security Cabinet, which gathered on Tuesday evening (June 1) for a special meeting.
Curiously, the recently released Obama National Security strategy declared that the US is at war with Al Qaeda and its affiliates. But in this case, the US pressured Israel to release the captured Al Qaeda affiliated fighters! What kind of war is that? BTW, Hamas is also affiliated with Al Qaeda, through the Muslim Brotherhood.
So, if Obama's National Security Strategy is nothing more than lip-service, does that mean America actually has no national security strategy at all?
That would explain a lot...
More on the story at Sad Red Earth.
NGOs--The New "Merchants of Death"
Recent stories about NGO involvement in the "Gaza Flotilla" call to mind Linda Polman's new book War Games: The Story of Aid and War in Modern Times. Polman argues that so-called "humanitarians" are the new "merchants of death"--supplying warring armies with everything from tents, food and medicine to guns, grenades, and rockets in pursuit of money and power. I saw a copy of the book on sale in Daunt's bookshop on the Fulham Road in London on the day we returned to the USA. I bought it, and read it, fascinated, in a single sitting, just before news from Gaza confirmed every word Polman wrote. Her case studies are mainly in Africa, Asia, and Iraq. But the tragedy facing the Palestinians is touched upon...and the blame placed squarely where it belongs: with UNRWA and the NGOs that have turned a blind eye to murder and mayhem since 1948.
Here's what The Independent (UK) had to say:
Here's what The Independent (UK) had to say:
Aid, she argues, can prolong conflicts and endanger the lives of the very people it is supposed to save. Wars attract aid, and as a rebel in the Sierra Leone countryside points out, the more violence there is, the more aid will arrive. "WAR means 'Waste All Resources'," he says. "Destroy everything. Then you people will come and fix it."I'm glad I bought a copy in London. For some reason, the book is not available under its British title in the USA. The American edition is titled "The Crisis Caravan," and won't be available until its September 10th release date. You can pre-order it here on Amazon.com:
The aid industry – and it is an industry – deserves a large part of the blame for this. For decades we have been sold simple messages as if there are simple solutions. The complexities of aid have been deliberately ignored. Earlier this year, the BBC alleged that some of the money raised from Bob Geldof's Band Aid had been siphoned off by Ethiopian rebels and spent on arms. The allegation was vigorously denied, but to those who work in aid, this was not surprising. To deliver humanitarian assistance in warzones often requires making arrangements and cutting deals with armed groups. If a Congolese rebel group tells an aid agency they can deliver food in their areas only if they hand over 10 per cent to them, what should that agency do? Accept the compromise or pack up and go home? Neither option is straightforward.
This is a short book, 164 pages plus notes, and it would have benefited from a greater analysis of how aid agencies and NGOs (non-governmental organisations) have developed over the past decade. Many NGOs are no longer merely humanitarian actors. They are also advocates and campaigners. But working to save lives in a warzone while simultaneously trying to raise awareness of the causes of the conflict can lead to problems. Can the NGO working in Darfur criticise the Sudanese government which allows it to operate? Will NGO workers in Afghanistan be in danger if head office puts out a press release criticising the Taliban?
All of which has made the job of the humanitarian worker increasingly hazardous. According to Polman it has now become the fifth most-dangerous profession in the world, after lumberjack, pilot, fisherman and steelworker.
Polman has written a modern-day version of Mother Courage; a searing account of how aid can fuel the conflicts it tries to stop. But it is soured somewhat by what seems like a distaste for aid workers. With one exception, the aid workers she meets are portrayed as heartless men and women who tell disparaging jokes about the people they claim to help, while spending their evenings drinking bottles of expensive French wine and their days off playing rounds of golf.
Tuesday, June 01, 2010
Charles Crawford on the Delegitimization of Israel
From CharlesCrawford.Biz:
The main point for me is that the intellectual and political onslaught against Israel is so stunningly dishonest as to reveal that a much deeper Negotiation is going on.
Basically, almost all parts of the planet and indeed much of the chattering classes' space in the democratic West are directly or by implication supporting policies of a new Strident Irrationalism, aimed at delegitimizing not only Israel but Truth itself.
Facts in this drama count for nothing. Not the fact that if we are looking for brutal violence at sea and horrible oppression at home, North Korea leaves Israel and everywhere else on Earth far behind.
Not the fact that when Muslims are massacred almost every day they are massacred not by Israelis but by crazed Muslims.
Nor the fact that if we want to rail against crimes against humanity in the Middle East, the biggest and worst have been committed by Arab leaders against their own people.
And certainly not the fact that whereas Israel obviously operates some sort of pluralist political system, much of the Arab world is still rotten with the legacy of oppressive lumpen national socialist extremism dating back to WW2. Had the Arab world opted for pluralism and progress after the Cold War ended, the whole context for dealing with the Palestine problem would have been far easier.
Behind these malodorous hypocrisies lurks a darker force, hoping to deligitimise not only Israel but also the Holocaust and Nazi/Soviet crimes and the whole moral force of 'the West' and the Enlightenment.
This is the Negotiation of our age. Between Hope and Nihilism. Israel and the Palestinians are merely collateral damage.
Israeli Gaza Ship Commando Raid Recalls Altalena Attack
You wouldn't know it from press coverage, but Turkish, Arab and European Gaza blockade-runners got off a lot easier the other day than Jewish supporters did in 1948 trying to smuggle arms to the Irgun. Then, Ben Gurion had ordered the Israeli Defense Forces to sink the Altalena--and they did.
Monday, May 31, 2010
Thursday, May 27, 2010
PC Magazine Grades Facebook's New Privacy Settings
Not such good grades, here:
1.) A Simplified Privacy Button On The Home Page: So-So
2.) "Just Friends" Default Setting: Fail
3.) Tighten Up Facebook Chat: Fail
4.) Offer Opt-In Incentives: Fail
5.) Streamline Account Deletion: Pass.
America's New National Security Strategy...
As released today by the White House, in this PDF file.
Wednesday, May 26, 2010
Ian Johnson on Barack Obama's Misguided Support for Islamists
From Foreign Policy:
In power, the Obama administration has continued its predecessor's endorsement of Islamists. In January 2009, for example, the State Department sponsored a visit of German Muslim leaders to one of the bastions of the Muslim Brotherhood in the United States, the International Institute of Islamic Thought (IIIT). The German visitors were key government officials in charge of integration or recruitment of minorities into the police. One of the briefers was Jamal Barzinji, one of the triumvirate who set up a number of key Brotherhood-inspired structures in the United States.
Like many Brotherhood-related groups, IIIT faded from public view after the 9/11 attacks but has experienced a renaissance recently. IIIT had been closely associated with a raft of Islamist organizations in northern Virginia that were raided by federal agents because of their suspected ties to extremist Islam. As elsewhere, this action followed a familiar pattern. The groups in question, including IIIT, were primarily problematic for ideological reasons -- for trying to push the Brotherhood's vision of an Islamicized society, which clearly cannot work in a pluralistic culture.
But instead of being challenged on the field of ideas, where they could easily be shown to hold beliefs antithetical to democratic ideals, they were accused of supporting criminal activities and were raided. This had a double effect: It created the strange spectacle of the legal arm of the government trying desperately to prosecute these groups while, at the same time, the diplomatic arm held them up as models of integration. The failure to convict the Muslims was seen as an exoneration, almost a seal of approval.
Daniel Pipes on CIA Support for Islamists
In his National Review Online review of Ian Johnson's new book: A Mosque in Munich: Nazis, the CIA, and the Rise of the Muslim Brotherhood in the West, Daniel Pipes declares that the CIA bears responsibility for today's pandemic Islamist terror...
Interestingly, as Pipes notes, the author's website features photos of former Nazi Uzbeks recruited as Islamist CIA agents during the Cold War--not included in the book. Among other Muslim Brotherhood agents on the CIA payroll, according to Johnson’s research: Tariq Ramadan's father...
You can buy a copy from Amazon.com: You can also listen to Ian Johnson's interview on the Diane Rehme show... Nieman Foundation interview here. Carnegie Council interview here. Wall Street Journal review here. Bookforum review here.
Johnson opens with a review of the systematic Nazi efforts to recruit Soviet Muslims from among their prisoners of war. Many Muslims loathed Stalin, and between 150,000 and 300,000 of them fought for the Axis in World War II. In other words, over and above their unfulfilled propaganda effort directed at Arabs, the Nazis actually fielded a substantial force of mainly Turkic Muslims under the leadership of a scholarly Nazi enthusiast named Gerhard von Mende.On his blog, Pipes admits that he knew about this before Johnson's book, because of his own father's involvement in Cold War research
After the German defeat in 1945, Johnson follows von Mende as he continued his anti-Communist work with ex-Soviet Muslims, now in a Cold War context. But his network of former soldiers proved not very competent at the task of arousing Muslim hostility against the Soviet Union. Their leading intellectual, for example, had served as the imam of an SS division that helped suppress the Warsaw uprising of 1944. Islamists quickly proved themselves far more competent at this political and religious challenge. Johnson explains that they “wear suits, have university degrees, and can formulate their demands in ways that a politician can understand.”
The heart of his fascinating study lies in tracing the evolution, much of it in Munich, from old soldiers to new Islamists. It’s a classic tale of 1950s intrigue, complete with rehabilitated Nazis, CIA front organizations, and dueling Soviet and American ambitions.
Johnson shows how, without anyone quite planning it, the Americans usurped von Mende’s network and handed it over to Said Ramadan. This early U.S. boost to the Muslim Brotherhood, Johnson argues, gave it the means to establish an Islamist framework to welcome the surge of Muslim immigration to Europe in the 1970s.
Thus did the Islamist domination of European Muslims have two hidden facilitators, Nazi and American. Its origins in Barbarossa reveal the ugly pedigree of today’s Islamist strength. Hitler and his thugs could not have foreseen it, but they helped set the stage for Eurabia.
American backing for Islamists prompts Johnson to warn against the futility of allying with the Muslim Brotherhood and its ilk — as Tony Blair once again recently attempted. However tempting, it invariably harms the West. The lesson is simple: Be cognizant of history and do not assist the Islamists.
Coincidentally, I spent the summer of 1953 at the age of three in Munich, just as that city was emerging as a center of Islamic activism, precisely because of the major presence of ex-Soviet Muslims living there. An excerpt from my father's autobiography, Richard Pipes Vixi: Memoirs of a Non-Belonger (Yale University Press, 2003), p. 74 explains why he took the family to Munich:
At the end of May 1951, with financial assistance from the Center of International Affairs at MIT, Irene and I left Daniel with our parents and went on a four-month trip to Europe and the Middle East. My purpose was to interview the surviving members of national governments of what had been the Russian Empire during the period 1917-21. I located quite a few of them in London, Paris, Munich and Istanbul, and they helped me appreciably to understand the complex situations of that era. In Paris I established contact with the Georgian émigré community. Two years later, I spent another summer in Europe, this time in Munich, interviewing refugees from Soviet Central Asia, nearly all of them ex-German prisoners of war. The information they furnished on life in their regions in the 1930s reinforced my conviction that nationalism was well and alive in the borderlands of the USSR and that no mass assimilation was taking place.
His research that summer provided the basis of his article, "Muslims of Soviet Central Asia: Trends and Prospects,” The Middle East Journal, Spring, 1955, pp. 147-162 and Summer, 1955, pp. 295-308.
Interestingly, as Pipes notes, the author's website features photos of former Nazi Uzbeks recruited as Islamist CIA agents during the Cold War--not included in the book. Among other Muslim Brotherhood agents on the CIA payroll, according to Johnson’s research: Tariq Ramadan's father...
You can buy a copy from Amazon.com: You can also listen to Ian Johnson's interview on the Diane Rehme show... Nieman Foundation interview here. Carnegie Council interview here. Wall Street Journal review here. Bookforum review here.
England Shifts Right
Just came back from a 100-mile walk across Dartmoor and Exmoor on the Two Moors Way. Highly recommended for splendid isolation, desolation, and reflection...Big news was the Conservative-Lib Dem Coalition Government headed by David Cameron and Nick Clegg. A shift to the right from Labour (which didn't lose as badly as it might have done), yet nevertheless significant since now England, France, Italy and Germany are all headed by conservative leaders. Left for home on the eve of the Queen's Speech.
People we talked to in London were generally optimistic, seemed to like the idea of the "outs" coming in to take over, after the "ins" had been thrown out. Young faces (Cameron and Clegg are 40-ish), fresh starts, budget cuts, lengthy public manifestos published on the web and so forth dominated the news on TV and radio. A different approach to government, with a fixed term guaranteed by written agreement, and Clegg serving as a sort of vice-presidential Deputy Prime Minister to Cameron's presidential Prime Minister.
Will it work?
Too soon to tell, IMHO.
People we talked to in London were generally optimistic, seemed to like the idea of the "outs" coming in to take over, after the "ins" had been thrown out. Young faces (Cameron and Clegg are 40-ish), fresh starts, budget cuts, lengthy public manifestos published on the web and so forth dominated the news on TV and radio. A different approach to government, with a fixed term guaranteed by written agreement, and Clegg serving as a sort of vice-presidential Deputy Prime Minister to Cameron's presidential Prime Minister.
Will it work?
Too soon to tell, IMHO.
Monday, May 10, 2010
Sunday, May 09, 2010
Video of US Troops in Russian Victory Day Parade
PART I:
PART II:
PART II:
Saturday, May 08, 2010
Did Chris Cox Cause Thursday's Wall Street Plunge?
It sure looks like it, after reading yesterday's Washington Post article by David Cho and Jia Lynn Yang:
In 2007, the SEC put in place new rules for how stocks are traded, led by then-Chairman Christopher Cox. The goal was to give investors more control over how their trades were executed and to guarantee the best price when they buy stocks.More on this at this video documentary website: Stock Shock:
When the NYSE received an order for a stock, for instance, the rules required the exchange to route the order to the platform offering the best price.
The new SEC rules toppled the dominance of NYSE. The trading of its own listed stocks dropped from 85 percent to 21 percent, said James Angel, a professor at Georgetown University's McDonough School of Business.
As a result, a single entity can no longer put a stop to panicked selling. The markets Thursday were a preview of what happens when other trading venues take over, he said.
"We are dangerously unprotected from a real-time meltdown," Angel said.
Market officials and regulators are now unwinding millions of the trades that occurred on the electronic exchanges Thursday...
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