In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.

When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.

I think that fans are always looking for someone to blame. Wouldn't it be nice if they looked in the mirror?

There are several insights at the heart of the A’s system that I think are wonderful for baseball. One, that it’s a team game. That no one player is going to make that much of a difference to your team, so for god’s sake don’t go blow a quarter of your budget on one guy.

Above all, recognize that if you have had success, you have also had luck — and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.

The incentives are still rotten, and people are still paid to do things they shouldn't be doing. The reforms did not really address the incentives, the system is still dysfunctional and there are still behavioural issues that need to be addressed.

Wall Street is not being made a scapegoat for this crisis: they really did this.