According to CNNMoney.com, "A House Financial Services subcommittee is investigating the causes of the so-called flash crash and exploring ways to safeguard markets against technical glitches and erroneous trades."
Now, I'm not saying that this isn't a worthwhile undertaking but it seems to me that the lulus in Washington should instead be holding hearings on the much bigger issue of last week: the global financial ramifications of profligate governments that suddenly can't pay their bills and can't sell more debt to investors. Focusing on the brief, and quickly reversed, downdraft is really whistling past the graveyard of the real matter at hand -- nobody can borrow their way to prosperity and no one can infinitely spend more than they bring in. Shouldn't Congress invest their time on finding ways to rein in spending so that we don't one day traverse down the same path of the European PIIGS?
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