“That speculation and its aftermath are recurrent and inherent, unfortunate characteristics of markets extending over the centuries, went mostly unmentioned. So also in the other studies. That of the SEC, weighing in at under five pounds, was devoted entirely to market performance and “strategies” during the crash. There was no mention of the circumstances that induced it. The report said, in sum, that program trading had substituted a computer-based technological intelligence for the human version, and the technology could spill out sell orders in a sudden and unprecedented way.”