In the following video segment, Melissa Lee interviews Eric Hunsader of Nanex on the issue:
One possible solution to this problem of quote stuffing is actually presented by one of the floor traders in the interview segment: simply place a fee on quotes placed over a certain limit each day as the European exchanges do. Hunsader of Nanex agrees that this would immediately fix the quote stuffing problem.
Read more from CNBC
Wall Street: The Speed Traders by 60 minutes, which first aired in October of 2010, is a great overview of high frequency trading. They also cover the flash crash.