“Unfortunately, the U.S. economic system now finds itself crippled by a real-life technology-gone-wrong story line. In this case, the culprit is not a Pentagon fighting machine, but rather the computer-based modeling and trading programs developed for Wall Street over the last quarter century.”
With a considerably more nuanced appraisal than implied in that initial quotation, Joseph Fuller thoughtfully explores the role of extremely sophisticated computer trading models and their indispensable yet hazardous integration into the contemporary financial system. He then recommends a variety of measures to ameliorate the potential harms while preserving the benefits of these innovative systems.
See The Terminator Comes to Wall Street in the American Scholar for an interesting perspective on the state of our domestic and global financial systems.