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The original was posted on /r/Superstonk by /u/glasses_the_loc on 2023-10-16 14:30:00.
Ah, Gary Gensler. Just like Obama predicted the pandemic back in 2014 () now he’s coming out and blaming AI for the inevitable market crash. Wall Street has been using algorithmic high frequency trading to suck the life out of our economy since (checks Wikipedia) 1949, reaching fruition in the 1970’s:
The concept of automated trading system was first introduced by Richard Donchian in 1949 when he used a set of rules to buy and sell the funds. Then, in the 1980s, the concept of rule based trading became more popular when famous traders like John Henry began to use such strategies.
Computerization of the order flow in financial markets began in the early 1970s, when the New York Stock Exchange introduced the “designated order turnaround” system (DOT).