During the 2008 banking crisis, I was reminded of the comment from a financial history book I had read that the Panic of 1857 had occurred far faster than prior corrections due to the advent of Morse Code. And what had previously happened over weeks or months thanks to Morse Code was taking place over days and at most weeks.
Fast forward to today, and not only do we have the internet, but also the overlay of social media and Wall Street - with fund managers not just sharing "idea dinners" but posting on Facebook and Tweeting not to mention blogging on their own sites and appearing on David Tepper style on CNBC.
Not to be overly dramatic, but to these eyes, the potential for a viral market event - good or bad - are greater today than ever before in the history of mankind. And maybe its just me, but I can't help but wonder whether the market infrastructure is designed for a one-click gone viral herd.
---Peter Atwater, Minyanville, Today, no link