Editor's Note: This article was originally published at 6:28 a.m. EDT on Real Money on Aug. 26. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
NEW YORK ( Real Money) -- "Last straw." Those are the two words I heard everywhere I went this weekend. The Nasdaq outage was the last straw, as it's become clear that the machines have taken over and they simply can't be stopped. That attitude, plus the desire to see someone at the Nasdaq OMX (NDAQ), which runs the Nasdaq, take the fall for Facebook (FB) and for this three-hour shutdown, was on one everybody's lips -- my conversations tend to skew to the stock market when any event puts stocks back on the front page.
The criticism was two-pronged. The professionals would like to see Bob Greifeld replaced as CEO at Nasdaq, mostly because of his total failure to communicate anything about the situation, coupled with his insistence that such a lack of transparency is absolutely the right thing to do.
The amateurs, on the other hand, just want out. They have lost faith in the system entirely, because they believe that the big guys -- particularly the high-frequency traders -- are the ones behind the complexity. These folks just want a simple bid-and-ask to make their sells and their buys. They don't need the obviously not-redundant dark pools and rival exchanges in order to get what they want done. They just want the old days back, when the Nasdaq was the technological leader and seemed like the better-run of the two big exchanges.Greifeld's hold on the Nasdaq board is a little mystifying. I think his success has a lot to do with his hard-core "don't cross me" ability that can beat back all critics. To say that Greifeld is tough would be an incredible understatement. It's a given that he'll ensure those who disagree with him will have to explain themselves a lot harder than he has to do. In light of Facebook and this debacle, that's is a pretty brilliant strategy: He's put the critics on the defensive even after these two confidence-destroying episodes. That shows his power and his hold on the franchise -- as well as the toothlessness of the Securities and Exchange Commission.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV