When something happens people didn't predict, they find ways to explain it as if it were predictable.

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.

What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.

The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.

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

The idea that it's smart to allow Wall Street firms, with this "too big to fail" imprimatur, to become hedge funds again - it's unconscionable. You're essentially saying we're going to take some elites in our society and let them roll the bones in the marketplace, and if it works out they get rich, and if it doesn't work out the taxpayer comes in again. That seems absolutely crazy to me. That seems to be where they're headed. I mean, maybe they're not and I'm wrong. Maybe they'll do sensible things. It's hard to know! There doesn't seem to be a plan.

People don't like uncertainty, and their minds are tools for making sense of the world, even when the world is senseless.