If my understanding of what you've told me is correct, it would appear that the oh-so-FAT FINGERS have gone and created......A CRISIS.
Do I read that correctly, sir?
Posted on 05/08/2010 11:11:25 AM PDT by billorites
Somewhere – wherever his eternal home is – Dick Nixon is smiling today. He pulled a lot of shady, underhanded, illegal stuff in his life. But he’s potentially giving the Commander in Chief props today.
On Thursday, the New York Stock Exchange was brought to its knees by what many reports are saying was “one stray trade” or “one mistakenly stroked key” on a keyboard. Investigators are trying to find the singular cause of the problem that caused the largest point swing in the history of investments.
On Thursday afternoon, CNBC’s Money Honey, Maria Bartiromo, said, “I mean this really sounds like market manipulation to me. This is outrageous.” Her comments weren’t made to colleagues off the record; they were said on the network, in the midst of the meltdown.
Ironically enough, Obama’s financial reform measure languishing in Congress may actually have received a huge shot in the arm by this horrifying result. What an amazing coincidence. Hmmm.
“Wait a minute, Coco,” you’re probably wondering. “Are you hinting that the President of the United States, less than two weeks removed from coming down from Heaven and spending a day or two with us mortals in Quincy – on this very Earth – may possibly have had something sinister to do with the collapse on Wall Street on Thursday? Can you seriously be alleging the biggest point swing in the history of mankind’s investments was possibly done by this administration’s leaders?”
Yep.
Let me be clear. There is no known paper trail, and if this administration is half as smart as I think they are, there wouldn’t be one to find, either. But do I seriously think it’s within the wide, wide realm of possibilities that this administration helped manipulate this situation?
Absofreakinglutely.
“But Coco,” you’re surely gasping, “you can’t possibly be serious? You really think this genuine savior of the 21st century could possibly be willing to inflict so much personal and financial pain across the world simply for his own political and professional gain?”
I hate repeating myself, but yep. I don’t even know that it’s likely, but I can guarantee you it’s possible.
Look at the facts. Democrats in Congress just this week took a huge political sock to the mouth. They quietly gave up a major component of their financial reform bill, giving up on the $50 billion fund to supposedly prevent future bailouts from occurring. Oh, and that’s what always happens, by the way. Whenever government has a pot of money to manage, no matter where the money is coming from, it’s always managed efficiently and never blown away. Just look at the Social Security Trust Fund, right? But I digress.
Congress agreed to drop the $50 billion fund measure, but there still isn’t uniform agreement to move this bill anytime soon.
Hmmm…how could they get momentum – fueled by public support – for a bill like this? Wow. I don’t know. If they could only politically benefit from a financial crisis the likes of which hasn’t been seen before and start getting the talking heads chatting about the potential need for reform… if only that amazingly cataclysmic set of circumstances would occur…I mean, what are the odds, right?
The main reason this Obama option is a possibility is that this administration absolutely despises big business. They’ve spent the better part of the last 15 months exacting their revenge on those that they feel have ruined this country.
Insurance companies and the medical profession? Welcome to Obamacare. Energy companies? Cap and trade and the climate bill. The oil spill off the Gulf Coast? Those mean old oil companies.
Democratic Congressman Paul Kanjorski said on Thursday evening the market on Thursday – with one day of trading insanity that may possibly have been caused by one errant keystroke – was “just as volatile as the situation we faced in 2008.” Fascinating.
Cause calamity, crisis, and panic…and now you’ve got some serious momentum. Proof? Nope. Possibility…let’s see how the next few days play out.
I don’t know if there was a financial Lee Harvey potential wannabe in New York City or not. But do you wanna guess what the underlying topic of the Sunday shows will be? It ain’t gonna be the oil slick or terrorism. Financial Reform 101, friends, and there’s only one man who stands to politically benefit – the same man that has dedicated his presidency to tearing apart the fabric of free market enterprise in this country; the same man who believes the government should be in charge of the air you breathe, the doctors you see, and now the money you invest and (barely) get to keep.
This is the same man who, just a few weeks ago, asserted, “I do think at some point you’ve made enough money.” As an aside, I wonder if he told that to Oprah?
This is definitely change, all right. But if this is actually true, it’s the scariest kind. It now resembles some Tom Clancy novel. I wish I knew what really happened, but for now, I just wish I knew Jack…Bauer or Ryan would work fine.
Yep.
Remember TARP and how billions were being stolen and more if they say that hadn’t caught it. I bet Soros was there earning a lot illegal gains there too.
Wow, anyone who believes THAT was the cause of the "big Dow drop" has got to be dumber than a box of rocks.
I agree with this, but, there is another angle. Only a very few stocks were affected like this. Why not a broad market computer sellof?
Of course even a very few stocks dropping to a penny could drag the indexes down hard, yet it seemed they dropped just hard enough to avoid the circuit breakers. This means someone would have had to calculate which stocks to crash and by how much to achieve this.
There also seemed to be a rush of volume when the circruit breakers dropped off in the afternoon, from 10 to 20%. It seems like someone gaming the system and knew exactly how to play it.
Coco = nickname of Conan O'Brian.
Letterman = David Letterman.
If my understanding of what you've told me is correct, it would appear that the oh-so-FAT FINGERS have gone and created......A CRISIS.
Do I read that correctly, sir?
The exchanges know EXACTLY where those trades came from, and that it hasn’t gotten out who did it yet should be telling you a hell of a lot.
Somebody (China) sent a very loud shot (China) across Obama’s bow (China) on Thursday.
bttt
Yeah. Well put indeed.
“I bet Soros made a few million$ on this little trip.
On a $1T drop in market cap, his gains could have been measured in billions—all of which ironically are likely to be channeled into more efforts to push a very leftist agenda by bashing business! Is this a great country, or what?
“Somebody (China) sent a very loud shot (China) across Obama’s bow (China) on Thursday.
You may be right, but if so, that is a VASTLY different explanation than the one being offered at the start of this thread. In the latter case, the administration is the perpetrator, but in your scenario, it is the victim. Quite clearly, both explanations cannot be correct.
If Stroker is bugged by the word “regime”, then he has two choices.
Begin to honor our constitution and the laws of the land
or
grow a pair and accept this reality.
either way,
F*** him if he can’t take a joke.
I have had my fill of the thin skinned little pansy.
bttt
ping
pinging
bttt
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