Strategic investor Doug Kass is mad as heck about the latest "technology issue" threatening the market. And he's not going to take it any more.
"I say kill the quants and their technology before they kill us," he exclaims on CNBC's Fast Money Halftime Report.
Kass, who is president of Seabreeze Partners and a CNBC contributor, made the comments with a wink in his eye.
But he's very serious about events involving Knight Capital and the ripple they will likely send through the markets. Though relatively small -- Kass worries they may be the proverbial straw that breaks the camel's back.
"It's just the latest gaffe in a series nightmares on Wall Street -- it's as if Freddy Krueger is taking and axe to the heart of investors." (Read more below the video.)
Machines Killing ConfidenceHas high speed trading created a market that's just too fast for individual investors to thrive? Chester Spatt, former chief economist at the SEC; Douglas Kass, Seabreeze Partners Management; and Irene Aldridge, ABLE Alpha Trading, discuss.
It has to stop, he argues. "It's really disruptive to the marketplace and it gives people pause."
And in a market like this, the market doesn't need any more headwinds. The overseas financial crisis, the anemic recovery in housing and the fiscal cliff are more than enough.
"It's an unintended consequence from innovation," Kass says more seriously. But it has to stop or it will keep people out of the market.
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