Demonizing Wall Street is nothing new. The markets are down because of the trading error, oil spill, and instability in Greece.
Most of this may be correct but there are a couple of tweeks you may want to consider.
- The the 0bamament is seeking to take more control of the financial industry and the securities and exchanges.
- The trading error may not have been a trading error. It may have been the result of a confluence of an enormous amount of programmed transactions which involved unwinding of derivatives which could have geometrically enlarged the volume and all hit at the same moment.
- Finally, the market has become frothy and it is time for a correction.
Yep.