Fast magnetic reconnection refers to annihilation or topological rearrangement of magnetic fields on a timescale that is independent (or nearly independent) of the plasma resistivity. The resistivity of astrophysical plasmas is so low that reconnection is of little practical interest unless it is fast. Yet, the theory of fast magnetic reconnection is on uncertain ground, as models must avoid the tendency of magnetic fields to pile up at the reconnection layer, slowing down the flow. In this paper it is shown that these problems can be avoided to some extent if the flow is three dimensional. On the other hand, it is shown that in the limited but important case of incompressible stagnation point flows, every flow will amplify most magnetic fields. Although examples of fast magnetic reconnection abound, a weak, disordered magnetic field embedded in stagnation point flow will in general be amplified, and should eventually modify the flow. These results support recent arguments against the operation of turbulent resistivity in highly conducting fluids.