Washington's War With Wall St. to Blame for Panic Selling, Scott Bleier Says

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Traders, exchanges and regulators are still trying to figure out what prompted Thursday's near 1,000-point drop. One theory espoused by CNBC claims the precipitous drop was the result of a ‘fat finger’ mistake triggered when a trader accidentally sold billions of shares instead of millions.

Scott Bleier, president of financial advisory firm Createcapital.com, doesn't buy it. “There's no trading error. In my opinion, I think it’s a lie,” he tells Tech Ticker in this clip.

Bleier believes the sell-off was the result of a “perfect storm” created by Europe's debt crisis, a market that’s come too far too fast, and a government that has suddenly turned against Wall Street.

Bleier says the battle over financial regulation reform has become a, “war between Washington and Wall Street now,” with Wall Street flexing its muscle of late, intent on showing lawmakers who’s boss.