the fact that the nasdaq requested these stocks be halted as the justices from the outside the nasdaq that perhaps they can't control or gauge which tells me i'm not pointing a finger anyone, it sounds like the situation with goldman sachs. i am not saying it is them. i'm not accusing anything but don't like another outside program. you could show it is a summer science project gone awry yet again where there is an al gore rhythm or program or mechanical system that has gone in and not done what it is supposed to do. in terms of quote and activity. cheryl: clarify your comments with goldman sachs. want to declare what you are saying, we are doing the best we can, dimming speculation in what is happening at the nasdaq, the nasdaq telling us it is a data error. we expect to hear from them at any moment but clarify your thoughts on the goldman sachs angle. >> the only goldman sachs angle here is like two days ago there was an issue with option markets from the outside in that case goldman. this feels once again this isn't an exchange problem, not a problem within the nasdaq. sounds like

at the nyse specifically at the request of nasdaq. so essentially, here at the nyse, we're not doing any trading nasdaq-listed stocks right now. >> let me interrupt before i toss up to bertha and give you the latest from nasdaq, a statement that just arrived here. it says nasdaq intends to reopen trading in all tape c securities with a halt cross with a five-minute quote only, period, started at a time to be determined. nasdaq will not be cancelling open orders on the book. customers who wish to cancel these orders may do so, and any customer who wishes to not participant in the reopening should cancel their orders prior to the resumption of trading. they will clear all quotes from the sip prior to the commencement of trading. obviously, a lot of inside baseball talk here, bertha coombs. what does this mean functionally? >> what this means functionally is they say it looks like maybe they're getting closer to bringing the system back up. obviously there is going to be a lot of discussion here. much as we saw with facebook when people c

. >> you are getting the print from nasdaq. liz: but that's the issue. >> no, it's not. it is the issue in the sense that you don't know what your prices. liz: that's a major issue. nicole, what are you seeing and hearing? >> the issues that will be trading, when you will really see the nasdaq trading, more than 3:25 p.m. they're conducting testing. you talked about partial trading beginning. the whole idea here is that the nasdaq reputation has been put at stake. the backup system, a technical glitch with no further information for over two hours. granted, it's a beautiful thing that the exchange's works nicely together. listen. it will play nicely. we also will not treat any of your shares for intel microsoft. all of the shares. the question is, what is this happen? when will it happen again? tomorrow, never? liz: at trading floor, the world's largest futures and commodities trading floor and a mass of electronic system is the chicago mercantile exchange were sandra smith is. talk about what they're saying about this. >> obvio

it is not a system to the nasdaq. the market system can continue. >> by the way, ben -- hang on, bob. let me get this in. ben you mentioned earlier you thought direct edge was another trade for an hour after the halt. but we are hearing from direct edge they did halt trading as well at 12:17. >> there is a statement from nasdaq that says trades executed between 12:14 and 12:23 will stand. there will nobody no busting of those trades. that is after the nasdaq itself was halted. there were trades done after that. and apparently they will let them stand. that's what nasdaq is saying. >> ben, you're making a -- >> let's bring in -- >> you are making good point. >> thank you, maria. >> what do you make of this glitch? and oh, by the way, 294 on the ten-year note as well. >> that's right. and 170 on a five-year. i think it is a shame that mr. greifeld went through the carnival cruise crisis management school. that's the example given on this trading floor. it reminded them that nasdaq grew a rutter the last few hours. but th

but the nasdaq company -- >> today was the second best day of the month for nasdaq. one of the best days over the last three months. this is a really important point. we're forgetting for a second lost in all of this is the fact this is the capital market. this is where democracy and capitalism thrive and flourishes. capital expand and gross and hire and we're screwing with it and i don't like it. the point is getting lost. >> if i'm london -- >> hang on. i have to go to josh lipton. what you got? >> reporter: listen, we have been waiting for an answer here, some clarity on what exactly happened today. now we have another statement from the nasdaq. leapt me give that to you. they say there was a connectivity issue between an exchange participant and the sip which connects the display. a connectivity issue between exchange parcicy pant and sip that toledo a degradation. the cause of the issue has been identified and addressed. again the nasdaq colualling thi connectivity issue. >> who is the participant. >> reporter: all we have is an exchange participant. >> brian sul

the nasdaq stocks. >> that's not dumb. umb to do a test to make sure you can handle the traffic. certainly those names that brian just described, which i haven't heard of, are going to be interesting because bids and offers on those won't be quite the same as some of the ones that josh and i are looking at here. >> by waithe way, there was an on the nasdaq today. had a pretty good day before the halt of 20%. i'm sure they're happy. >> i also want to mention we're watching the tape, obviously, because trading that was set to begin at 2:25. it's just after that. we're not watching any movement as of yet. we will keep an eye on that. >> because these tickers that they're testing don't trade. the zzbzt is a phony name. >> i'm buying it. >> hold on, at 5:00 p.m., threet of -- the three of us are going back to "fast money." we've got 800 pounds of persuasion between just three three of us, it would be 120 if mandy were there. that's a compliment. these tickers we've got, phony tickers here possibly, so 3:10 will be the real test.

the nasdaq itself had a good day. >> the bar was low. >> the bar was set low. the nasdaq limbo. e on the closing. what is the financial industry doing to protect itself from cyber security threats, no indication that's what this was but it's on the minds of people. plus individually shares of pandora trading lower because of poor guidance. the latest fresh after market call after the break. as we head to the break we're keeping on eye on s&p futures following today's volatility news day and they're indicating a potentially higher open tomorrow morning. it starts with little things. tiny changes in the brain. little things anyone can do. it steals your memories. your independence. ensures support a breakthrough. and sooner than you'd like. sooner than you'd think. you die from alzheimer's disease. we cure alzheimer's disease. every little click, call or donation adds up to something big. vo: i didn't get where i am today by luck. i put in the hours and built a strong reputation in the industry. i set goals and worked hard to meet them. i've made my success happen. so when it comes

>> no, we have to definitely review the technology. nasdaq has been in the electronic trading for 40 years, so obviously, i'm really surprised that the data feed was something that could be going wrong today. maybe it was a software glitch, maybe the data was corrupted, we don't know yet what happened really, and i think there's going to be time for us to review that. but if this really surprising that it's the nasdaq, a company that is very proud of listing huge companies like facebook, microsoft definitely had an issue that probably could have been expected with younger stocks. liz: it was very obvious with knight that they were trying to start up a brand new trading platform that was electronic. the software hadn't been tested properly, and they had nobody watched it. it happened early in the morning, it cost them $400 million and did, of course, almost cause the death of the company which then had to be taken over. do you think there's something nefarious here unlike what happened with knight which was simply software that hadn't been tes

all the major averages, even the nasdaq posted gains. stocks got help from a surprise list of manufacturing both in china and here in the u.s. also helping leading economic indicators, a gauge of the country's economic health rose in july pointing to stronger growth in the second half of this year. and even though first-time jobless claims edged up last week, the government reported home prices surged again in june up nearly 8% from the same period a year ago giving home builder shares a boost. the dow today gained 66 points breaking six straight sessions of losses. the nasdaq, which was up 31 points when trading was halted ended the day up 39 points and the s&p 500 added 14 points. >>> the yield on the benchmark ten-year treasury note rose above 2.9%, the highest in two years. >>> despite those gains in the dow today, hewlett packard which has been the biggest gainer in the index so far this year dropped sharply today after sales of pcs fell again last quarter and companies sold fewer computer servers. now investors are wondering if meg

when will we hear from the nasdaq. dom, walk us through what happened today. >> let's get up to speed on the latest update around 3:41 eastern time. nasdaq said all operations were back to normal. we head into the "closing bell" with things at least relatively stable. at least that's the initial impression. earlier today, let's get you up to speed on what happened. as early as 12 or even before noon today we started to hear stories of trading anomalies around 12:20 they started to shut done stocks for trading p. this is taped c securities, one thing you might read about in the papers, going forward into tomorrow. nasdaq listed security here in the u.s. there was a problem with the pricing engine. they weren't able to get good date why out on prices so it affected the entire market. none of those nasdaq listed securities could trade. later on in the afternoon, we heard the nasdaq was going to try to restart things. this time they are going to restart things with 15-minute window where all they were going to do is aggrega

of course, we start with the nasdaq. r the first time this morning on cnbc to yesterday's three-hour shutdown.

the nasdaq operates that feed for the nasdaq quotations.d fine when the day opened yesterday. last night, though, the nasdaq said what they discovered was that there was an issue with an exchange participant and connectivity that caused ultimately that outage. nasdaq in a statement last night said it didn't learn of that until the afternoon. they didn't identify the exchange participant, but here is what we know. about 45 minutes after the opening bell, nyse arca, the nyse electronic platform, started sending out some notices to its traders and its members that there were some issues. about 10:15, there was a message with routed orders. they said that issue had been resolved ten minutes later. a few minutes after that, they said the nyse arca would be unavailable for tickers for tact through zyyc. this would be the continuing problem, the arca receiving of that feed from the sip. a few minutes later, they said it was resolved. then at 11:10, they issued another notice, they were continuing to have issues processing outbound quotes for that

people did not know what the price of nasdaq stocks were. s problem was communicating with the average investor. i think duncan has a better handle on this. when you run and exchange, you are running a public company. you are also running a public trust. they look to the exchanges as wall street. if you are not communicating -- let me tell you something, you would not believe the rumors that were flying. i think they needed some outreach to the public on why it may have happened. what they were doing to try to fix it. this is all about the average investor. by the way, i believe average investors are not engaged in this market. this gets to the point that they are not in it because they do not know if the market is safe. this is where mary schapiro, she dropped the ball on market structure. we do not have to markets, we have a markets, ten markets, black pools. we do not know the price of a stock. technology is an issue here. everything is now run by computers. the markets are computerized. when computers run the show, they break down. they s

the nasdaq is positive today, up .4%. bill, yesterday it put in a performance of 1% despite being open only 20 minutes before the close. >> lately, we've been trading more on fundamentals, and one of the fundamentals that came out today, as you know, that was home sales figures were not nearly what was expected. down 13%. that brought the market down. and, in fact, the bond market responded to that, as well. so we'll be looking at that very carefully over the next hour as we head toward the close, kelly. >>> also today, maria's exclusive and revealing interview with walmart ceo mike duke. she spent yesterday with him in orlando, florida. you saw some of that coverage on this program. of course, the nasdaq story drove our show yesterday. so today, you will see her conversation with mike duke, and you do not want to miss this. they talked the consumer, the economy, the impact of the new healthcare law, and, of course, the mexico bribery scandal. just some of the ground covered with the ceo of the world's number-one retailer.

>> the nasdaq is having an issue. ws has been disseminated and what they have asked for is help from the other exchanges the trade nasdaq stocks to halt trading also. on the new york we are able to trade 200 stocks that are nasdaq listed, the secondary market, asked us to stop trading and held those and we have seen it in the nyse. cheryl: microsoft would be an example of that. the secondary exchange. you a telling you cannot trade those stocks anywhere, which is the term. >> all exchanges the trade nasdaq stocks have altered until there's a resolution to be put in place. dennis: could you ask your guest if that is a good strategy? what thought when one exchange blocks of that it would ease anxiety to let stocks trade elsewhere. is that a good idea? they know stocks can trade on the exchanges. nicole: and interesting concept because usually we would think rolling it to another exchange would be a great way to keep everything going in a liquid manner that would keep everybody calm. is this a good way to do this? a good

the nasdaq rose and asked all the other exchanges not to trade nasdaq listed stocks either. ad one of the come on of a book called broken markets. the decision was smart, but i thought especially in a crisis we lack information, liquidity in the ability it rate eases panic. was it a smart idea or a better idea? >> i would agree with you. they should have provided liquidity. and in a bigger picture cents, the retail investor has yet to get back into this pool market. glitches like this the way of releasing of the last three and half years that undermine reach of confidence in the market. so i would tend to agree. it probably should have allowed trading to go on in other markets and give that liquidity since. but nonetheless it still would undermine retail investor confidence. dennis: does this have to undermine retail investor confidence? add on trade stocks every day. this had no impact whatsoever. >> investor confidence is already very skittish. so the markets have been doing fantastic of last year's. this is the most unloved bull market in history. by now retell should have

does the nasdaq freeze make you afraid to invest? illis.com and vote on the right hand side of the screen. we will share the results of the end of the show. coming up all next week in the 6:00 p.m. eastern hour on fox business, nine of me and all charles payne. he will demystify the stock market, helped you share your fear and prepare for a more prosperous future in the can't miss special, making your market. this guy is great. takes a hit. again, that is all next week. you will make some money. when we come back forget your smart phone. your dishwasher may be spying on you. we will explain. next economists keep saying the housing market is recovering. new numbers show that may not be the case. stay with us. ♪ dennis: sales of new homes plunging to a 9-month low, dropping 30 and half percent in july from june. mortgage rates are still taking up as the housing recovery losing steam. with more on this, anthony sanders, real estate professor at george mason university. thank you for being with us. i know one month does not a trend make.

of course, we start with the nasdaq. e exchange responding for the first time this morning on cnbc to yesterday's three-hour shutdown. ceo robert greifeld on "squawk" this morning defended the way hisses change defended the outage. he added that he was, quote, proud of the fact that we had an orderly close. guys, here's how it's playing on the front page of paper it is people have not seen. nasdaq in fresh market failure is the way the "journal" puts it across the top of the fold. nasdaq paralyzed by technical breakdown is the ft. and then, jim, "usa today," wall street yawns as nasdaq goes dark. >> i thought that was the most cogent of all. no one really cared. bob said everything was good. they did a great job. it's fine. i want to let people know we speak with people around here. they all scoffed and laughed at that. bob said what he did. i felt what i felt which was that the lack of communication was terrible. i had the unfortunate moment where i had to be on air and had to try to speculate. the way you cut back on sp

then i realize the nasdaq is frozen. u know what i thought what happened, i said you know what? there was so much volume in the hain today and so much excitement that we froze the nasdaq. you know that? we're a nasdaq company what happened? >> and i hope it -- >> there's a lot happening with the nasdaq. pretty surprising that this happens. >> yes. >> in a day -- listen. if that happened at hain i'd be in a lot of trouble. >> someone would be fired. would someone be fired? >> listen, my customers expect quality. because that's what i sell. >> right. >> you know, as a ceo, i expect my stock to trade the whole day. >> all right. sound like you're making some calls tomorrow. >> a day after earnings when you're not trading for an hour and a half, you know -- disappointing. >> enough said. last time i saw you -- >> you wore this -- you're giving me hugs and love the last time. so it's great to be back on. >> i called you, there was sort sellers -- we knew there were short sellers and the big issue was you have no organic growth

does the nasdaq freeze make you afraid to invest? s.com and vote on the right hand side of the screen. we will she the results of the end of the show. coming up all next wk in the 6:00 p.m. eastern hour on fox business, nine of me and all charles payne. he will demystify the stock market, helped you share your fear and prepare for a more prosperous future in the can't miss special, making your market. this guy is great. takes a hit. again, that is all next week. you will make some money. wh we com back forget your smart phone. your dishwasher may be spying on you. we will explain. next economists keep saying the housing market is recovering. new numbers show that may not be the case. stay with us. ♪ where is flo? anybody know where flo is? are you flo? yes. is this ththing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme o

the nasdaq added 19. the s&p was up 6 points. >>> as bill mentioned, the drop in home sales was bigger than analyst expected. they plunged 13.5% in july, the biggest decline in more than three years. that meant home builder stocks suffered big losses with names like ryland, kb home and more. until now, the booming sector was a strong sign the u.s. economy was on the mend. hampton pearson has more. >> reporter: july new home sales may be a test for what higher interest rates can do. sales are down double digits to 394,000 adjusted annual rate, the slowest pace in nine months. june also saw a downward division to 455,000 from 497,000, that's according to the commerce department. >> we've had a strong run in housing like the stock market and some correction was invefble. >> reporter: potential home buyers deciding not to pull the trigger and sign a contract now that the average 30-year fix the rate mortgage is 4.58% according to freddie mac, up a full percent since may. >> we've seen rate increases and seeing

the nasdaq, get to that. course, microsoft doing serious damage control today after yesterday's three hour trading freeze which left investors and, of course, traders in the dark. this morning, i went to the nasdaq, down in times square to speak one-on-one with the nasdaq ceo about how that flash freeze impacted all investors. >> nobody wanted to be down for three hours, and if we had been quite wreckless, we could have been up sooner than that, but the procedures in place, the industry in place workedded well so we would say to any technology based company, we're not perfect; right? we're 99.99% perfect. we're not perfect. we have problems. if we do, we maintain a fair and orderly market. that's what we did yesterday, and it's important to recognize the fact we didn't trade for several hours. if you're a traditional long investor, mom and pot institutional investor, that three hours doesn't matter. you buy in the stock for the longer period of time; right? the fact is, every single person was in the same sit

the nasdaq is rolling over. facebook will get hit. ecifically we're at a level between 40 and 42 dollars, it's tech lick any facing resistant for three reasons. number one, the ipo price. 42 42.05. and the low in facebook since september 2012, form add night technical trend channel. testing the upper end of that channel right around $40. the third reason, and this is a little technical. the low that we saw in september, 2012, sparked an 85% rally. technically, about the legs, maybe the steam that facebook has to rally. you've reset, back into summer 2012. we've now done another 85% rally. technically, we ski rhyti see r around the $40, $42 level. i think set to fall back to mid-30s. >> a heavy chart, technically speaking. a nasdaq ugly take. what about the fundamentals for facebook? >> a company on the forefront of the tech ecosystem. after advertising and e-commerce. 1.1 billion users in and growing. a de facto system of the world. every flows through it. look at all the ios, the android, everything going through, facebook. i think it

the nasdaq blaming itself and the new york stock exchange. adequate backup system. charlie gasparino spoke with bob greifeld just a short time ago. investors seem to be

the nasdaq blaming itself and the new york stock exchange.he nasdaq saying it did not have an adequate backup system. charlie gasparino spoke with bob greifeld just a short time ago. investors seem to be putting their faith in a better than expected economic reports. trading higher, the dow hyder by 50 points. the s&p higher by nearly a point. the previous estimate was a gain of 1.7%. the number of americans applying for first-time jobless benefits falling. that number coming from last week. the shares of two auto stocks getting a big boost today. >> i am at the ford post. they are increasing production of the fusion for the first time. it is behind the f150. the other auto maker is general motors. we are getting commentary. this is the reason why. it has been very bullish. they say the move reflects continued improvement in the company's profitability here in north america and stabilization in europe. they also had that it could lead to an upgrade for general motors in the next 24 months. cheryl: we will see you very soon. we are rounding ou

behind the trading trouble that took down the nasdaq. in today's cover story... the president's aggessive plan to ease the burden of college debt. plus....the conversation over employee wages goes rogue in traders unplugged. and....the wheels are in motion for high speed transit... a look at the 3d blueprint. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning! it's friday, august 23rd. i'm angela miles. in today's first look: trading turmoil at nasdaq-- traders and investors will recover today from the exchange shut down yesterday for more than 3 hours.the broader market rallied thursday, despite the trading halt. gold and oil also edged higher. in earnings after hours-- pandora reported growth among mobile internet radio listeners.however it also had a larger loss.shares fell 4% after the close.a report says i-tunes radio will be ready to play next month.the internet radio is apple's answer to pandora. and, mortgage rates rise.concerns the fed will start tapering its bond buying program i

i think the nasdaq did a great job with the big guys.hey did a great job talking wall street and they did a great job with the regulators and dealt with the issue pretty well. like put a cork in it very well. they dealt very well with their big customers and list of companies. >> two e-mails. >> you got two e-mails. >> i guarantee the apple people were on the phone. >> i'm telling you, it's how in 2001 and the computer has just started taking over here. >> but it hurts the retail guy. that's who really got screwed here. the average investor sits back and says, why am i in stock? i'm not a guy that pumps stocks up, but doesn't take a rocket scientists to figure out it went from 6 to 15 in a couple years. if you were out of it, you missed making a lot of money. >> we like to have people think at home it does take a rocket scientist. >> it actually doesn't. >> well, that's good. >> when we come back, the people working here can learn from this college sophomore in atlanta. still listening, washington? [ male announcer ] this is claira. to p

that doesn't leave the nasdaq off the hook.ible for the trading as it comes out of the archipelago system. but we are going to hear more detail on it. what you might hear officially is this malfunction began with an issue with the arco. that has not been out there officially. my guess is it we are going to get some of that in a statement. we don't know when the statement is going to come out. to be as early as today but it needs approval of the new york stock exchange, the securities and exchange commission and we should check out the nasdaq and its chief bob greifeld come under a lot of criticism without communicating entirely what is going on. i think some of that is overdone. some of the problems bob greifeld has is the fact he has to deal with regulators and his member firms and the stuff is going to get out to the public in general later, my main concern is making sure people trade directly with us. we are going to see what happens. when this thing gets out, i will be the first to bring in a. connell: we will have charlie

the view there from the nasdaq. end on this is probably the most important thing happening today. and this is niss major rally you have had in parts of the market. that pushed the yields on the 10 year from 2.92 right the way down to 2.8. we have had some recovery on the yield since then. okay but you still have quite a dubbish view. those people that aare talking about an exit. michele over to you. >> federal regulators may be about to turn their attention toward high frequency trading and traders. that is coming up next and speaking of regulations the fda looking at e cigarettes. are profits to those companies about to go up in smoke? it can't be cable without a really about pun. if you're serious about taking your trading to a higher level, tdd#: 1-800-345-2550 then schwab is the place to trade. tdd#: 1-800-345-2550 call 1-888-284-9410 or visit schwab.com/trading to tdd#: 1-800-345-2550 learn how you can earn up to 300 commission-free online trades tdd#: 1-800-345-2550 for six months with qualifying net deposits.

yesterday the nasdaq was shut down for three hours, not a single trade. re than 3,000 stocks trade on that exchange including google and apple, of course, you can trade those all over the world but that's where they are listed. the estimated combined market value of the nasdaq stocks, $5.9 trillion. now, for perspective if you don't know the difference between the nasdaq and nyc it's entirely automated. it did re-open with no glitches just before the end of the market day. you can see it was in positive oryitctually although the nasdaq is a publicly traded company. that stock traded to the downside. officials say the problem in the data system has been identified and addressed but the real concern is when this might happen again. last year facebook's ipo, the famous ipo was stalled after a number of technical issues and in 2010 the dow dropped more than 700 points in a matter of minutes after a computer malfunction in that famous flash crash. this is being called a flash freeze. >>> also a prominent republican speaking out against his party's push for stri

the nasdaq losing ground as well. a rough day for the market.re testing those. small and midsize cap's getting hit the hardest. front-pagfront page headlines, e case-shiller index shows u.s. home prices rose 2.2% in june, a slower pace than in me. sounds good but fudging on whether it was good in the long run. led by the 24.9% surge in las vegas. cheryl: place your bets.

in this country, trading on the nasdaq exchange stopped suddenly today. the market, heavy with technology stocks, blamed a technical glitch. here's our senior business correspondent anthony mason. >> reporter: the nasdaq saw the first signs of computer trouble at 11:45 this morning. by 12:15, they'd frozen trading on the second-biggest american exchange. for three hours, investors could not buy or sell 3,200 stocks, including tech giants like apple, microsoft, and facebook. it was another major embarrassment for the nasdaq, which just last year bungled the debut of facebook stock when technical glitches marred its first day of trading, leading to hundreds of millions of dollars in investor losses. when the nasdaq goes down for this period of time, what does that do to investor confidence? >> it definitely destroys the average retail investor confidence, but i think it also is destroying entrepreneurs' confidence. >> reporter: barry silbert is founder and c.e.o. of second market, an alternative online trading platform for buyers and sellers of companies tha

right now, according to my handy dandy phone, the nasdaq is up at 39 points. so things could be worse. you could be mr. kardashian. >>> one of the largest stock exchanges in the world knocked for a loop. investors left in a multitrillion dollar trading twilight zone, all frozen all frozen out and even now, everyone still trying to figure out what happened? and why does stuff like this keep happening? a glitch, technical difficulties. and now, the exchange flat lining just after noon, 12:14 to be exact in what some are calling a flash freeze. but a fix that proved more in super slow motion, trading returning but late and limited at best. and affecting other changes, too. on the new york stock exchange, where volume tumbled when investors discovered stocks like microsoft and dell couldn't be traded. capitalism unable to move nearly as much capital. a big deal but hardly an isolated one. nasdaq is the latest to get knock out. this past week alone, amazon, "the washington post," "the new york times," cnn, all hit, all down, all vulnerable to something or someone th

the sec totally failed. nasdaq needs to have a fail-safe system. they don't. they shouldn't be allowed to operate until they do. >> you know, ben stein, i do remember the days when you look at the floor of the stock stock and it's crowded with people. now it's tumbleweeds. so i'm wondering what happened? and is that the problem? have we taken the human out of it and made it so high-tech that it's high problem? >> the only way this would happen if there was the open crisis on live hoom an trades and if they all ate the same fish for lunch. but the bad thing is -- the question you have to ask is -- they could have. no question. how much better off are we with the computer system? i don't know that there's been any doubt showing we are better. there is more liquidity. but for the long run, stocks are certainly a heck of a lot better. >> there's more liquidity. >> but does it inhibit trade? obviously you don't see it in volumes. but could it inhibit trade? >> yeah. listen, it could be really bad. by the way, studies are all over the place on just net-net which is b

i'm surprised the nasdaq still doesn't know exactly what went wrong. and traders at cme are saying no impact. the dow jones is up 50 points. so people aren't that upset. it is almost as if this is becoming commonplace, todd? >> well, that's the sad thing about it, dennis, because electronically we hear about these stories from the electronic market centers. you heard about bats. obviously the facebook