It is all too easy to knock a quoted statement with an unsupported denial.
I don't really care if it's 22 seconds or 22 minutes the fact of the matter is that the stock market now appears to be the plaything of computerised poker players.
In support of Michael Hudson I provide the following:
"Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund".
Research on share trading is pretty limited as far as I can discover but I note the following:
This paper (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1686004) shows that inventory half-life of HFT firms in the e-mini S&P500s is less than two minutes.
