Be It Resolved: Floor Brokers Rule — Despite 20% Cut

Anyone buy the following argument at all from NYSE CEO Niederauer today in favor of keeping floor traders around, despite a predicted 15-20% decline in their numbers:

When you get into volatile periods, people want to use the floor more, they want to get experts involved, they want human judgment.

As I have said before, the people who will suffer most from no NYSE floor brokers are the TV networks. No more backdrop of people doing … whatever the hell floor brokers doing in an age of electronic trading.

[via Reuters]