Well, the author called this situation very accurately. I fear that Thursday's events were somewhat contained compared to what might happen in a real crash. Imagine every stock's market quoted .01 @ 100. The only thing we can do is try to prepare to profit from the coming fallout. A typical clearly erroneous trade might occur from 3 to 10 % outside the "last consolidated sale price." That works fine when the problem is contained to RMBS. However when the entire market goes away, like last Thursday, the exchnages couldn't bust everything, so they allowed for a very wide +/- 60% from the last consolidated sale. I am developing a system now, that places limit orders 50% below all etf prices (the etf's had the most fallout) for huge size. I plan on buying every one of these products when this happens next, with as much as my capital will allow. Next time this happens, I will double my capital, or at least that is the plan. of course this is INCREDIBLY risky.