Complete our exhibit scavenger hunt to receive buy one, get one free ice cream, courtesy of our new neighbor, Salt & Straw.
BOOK REVIEW of less reliable IBM and Sperry( Rand) mainframes with Tandem computers that ran in parallel, covering for each other when one had to reboot, swap out hardware or otherwise go offline. Computation also continued to speed up, becoming fast enough to allow the proliferation of the automation of the real-time monitoring of prices and analysis of markets.
Kennedy’ s story culminates with the October 1987 stock market crash, which many contemporaries blamed on the proliferation of computer programs given authority to execute trades without human signoff. Early that same year,
science journalist Robert Wright( no relation) had warned that computer groupthink could spark large, rapid, automatic selloffs. That“ cascade theory” became one of the postmortem explanations for the crash, leading to the official adoption of automated trading stops designed to give humans time to intercede in trading during panics. Indeed, adding frictions to the market, specifically a five-second pause in E-mini S & P 500 futures trading by the Chicago Mercantile Exchange, arrested the“ Flash Crash” that sent stock prices spiraling downward for about a half hour on the afternoon of May 6, 2010.
In sum, Kennedy’ s book has much to offer those interested in the interplay of US securities markets and computer technologies. It is imperfect, but pretty good for a work created with old technology and fallible natural intelligence.
Robert E. Wright is an associate professor of history at the University of Austin. He is the editor or co-editor of more than 20 volumes and the author or co-author of 25 books. He has served on the Financial History editorial board since 2008.
Looking for Family Fun in Boston?
Complete our exhibit scavenger hunt to receive buy one, get one free ice cream, courtesy of our new neighbor, Salt & Straw.
Scavenger Hunt
Can you find the following items? Check the boxes below the photos when you spot them in our exhibits.
Alexander Large $ 100 Bill
US National
Hamilton Statue Debt Clock
Admission to the Museum and participation in the scavenger hunt are always FREE.
Disney War Bond
Boston Red Sox Certificate
Paul Revere’ s Bank Book
Dunkin’ Donuts Certificate
Edison Stock Ticker
Bitcoin Miner
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www. MoAF. org | Fall 2026 | FINANCIAL HISTORY 39