I'm not confusing anything. Yes the previous crash wasn't HFT but current trends will lead to the already rich (the banks) being the HFT's because the land surrounding the exchange is limited and costs will increase (HFT is about land and computer resources, and high speed networks - new models don't factor in as much). It won't be programmers calling the shots, they'll be employed by the banks. Already, the average geek is outgunned (overall competitiveness has decreased).