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Doug Kass: Kill the Quants Before They Kill Us

Strategic investor Doug Kass is mad as heck about the latest ‘technology issue’ threatening the market. And he’s not going to take it any more.

“I say kill the quants and their technology before they kill us,” he exclaims on CNBC’s Fast Money Halftime Report.

Kass, who is president of Seabreeze Partners and a CNBC Contributor made the comments with a wink in his eye.

But he’s very serious about events involving Knight Capital and the ripple they will likely send through the markets. Though relatively small – Kass worries they may be the proverbial straw that breaks the camel’s back.

“It’s just the latest gaffe in a series nightmares on Wall Street – it’s as if Freddy Krueger is taking and axe to the heart of investors.”

Kass points to other technology related woes, such as the Facebook IPO debacle in May, the glitches on BATS in March and of course the Flash Crash on May 6, 2010.

It has to stop, he argues. “It’s really disruptive to the marketplace and it gives people pause.”

And in a market like this, the market doesn’t need any more headwinds. The overseas financial crisis, the anemic recovery in housing and the fiscal cliff are more than enough.

“It's an unintended consequence from innovation,” Kass says more seriously. But it has to stop or it will keep people out of the market.

What do you think? We want to know!

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Posted by CNBC's Lee Brodie

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Trader disclosure: On August 2, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; ; Jon Najarian is long call spreads in GMCR; Jon Najarian is long call spreads in OCN; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in YELP; Jon Najarian is long call spreads in MON; Jon Najarian is long put spreads in HPQ; Jon Najarian is long put spreads in KCG; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long CIGX; Jon Najarian is long GLUU; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long MCD; Stephanie Link is long DD; Stephanie Link is long GE; Brian Kelly is long SPY Puts; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU

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