Come for the politics, stay for the snark.

They think we are photo bombing their nice little lives.

Narcissists are always shocked to discover other people have agency.

At some point, the ability to learn is a factor of character, not IQ.

We can show the world that autocracy can be defeated.

A democracy can’t function when people can’t distinguish facts from lies.

Reality always lies in wait for … Democrats.

“I was told there would be no fact checking.”

This country desperately needs a functioning fourth estate.

People really shouldn’t expect the government to help after they watched the GOP drown it in a bathtub.

These days, even the boring Republicans are nuts.

This chaos was totally avoidable.

Of course you can have champagne before noon. That’s why orange juice was invented.

When you’re a Republican, they let you do it.

Since when do we limit our critiques to things we could do better ourselves?

fuckem (in honor of the late great efgoldman)

American history and black history cannot be separated.

Never entrust democracy to any process that requires republicans to act in good faith.

Democracy cannot function without a free press.

Yeah, with this crowd one never knows.

Lick the third rail, it tastes like chocolate!

When I was faster i was always behind.

Jesus, Mary, & Joseph how is that election even close?

We cannot abandon the truth and remain a free nation.

We’re watching the self-immolation of the leading world power on a level unprecedented in human history.

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196Comments

  4. 4.

    ericblair

    Yes, in case you haven’t had a look at the markets in the last hour, the indices are taking a major shit. Dow was down more than 800 and is now banging around. I’m not a financial advisor, but I’d advise everyone to start drinking heavily and hide under your desk.

  5. 5.

    Shinobi

    Good thing I don’t have one then. Maybe I could pretend my credit card balance was my retirement account, since it only ever seems to be going up.

  6. 6.

    Short Bus Bully

    Has there been a good day to look at a retirement account lately?

    And let’s give it up for those of us who would love have enough extra scrilla laying around to contemplate such a thing as RETIREMENT…

    Retirement for me is looking increasingly like a Wal Mart greeter type of gig in my golden years. Hey, at least the grandkids can visit!

  7. 7.

    Jim, Foolish Literalist

    I was on the phone with Vanguard Monday. Almost took my chips off the table. Oh well.

  9. 9.

    ericblair

    @Jim, Foolish Literalist:

    Almost took my chips off the table. Oh well.

    I got spooked mostly out of the market ten minutes after the financial stock shorting ban in Sept 08 and have been dragging my ass getting back in since then. Yay for procrastination.

  11. 11.

    kommrade reproductive vigor

    Hooray! The Villagers can officially ignore any economic problems that may have possibly allegedly sprung up in certain undetermined portions of the country during the Bush Administration!

  15. 15.

    Nick

    Greece is going to become the pariah the right uses to rail against the left and spending. I’ve already heard a lot of people, and pundits, use the Greek crisis as a reason against stuff like healthcare…”We can’t afford it, we can’t increase the deficit and debt, you wanna be like Greece? Look at Greece! Look at Europe! Welfare state unsustainable! Too bad to those who don’t have healthcare, but we can’t be like Greece!”

  16. 16.

    Ella in NM

    Oh, well. Even if I DID try to look, our TSP account only reports from the close of business the day before.

    I asked for a fife for Mother’s Day so I can walk through the mall playing “World Turned Upside Down”. Not that 99% of the folk would even get it, mind you. They’d just think I was some kind of Tea Bagger.

  17. 17.

    Martin

    Wow! That’s the worst panic I’ve ever seen. My Apple stock dropped from $252 to $216 in 4 minutes. Those Goldman guys with the awesome trading systems probably picked up a shitload at $220. A new yacht for them, a bit of heartburn for me.

    But of course, it’s soçialists like me which are the problem with this country…

  18. 18.

    Rosalita

    Heh, I just looked at the market before seeing this post. How low will it go this time?

  19. 19.

    R-Jud

    The Greeks passed their austerity bill through parliament, so we should see that bailout happen within a few days.

    However, if the UK’s parliament is hung when they count the votes tonight, expect even more panic in the markets– especially since our debt-GDP ratio is almost as bad as Greece’s.

    We always have the out of printing more money, though.

  21. 21.

    beltane

    We pulled the 401(k) out of stocks the weekbefore the crash of 2008 and never put it back. I will not trust the stock market until the big investment banks are dealt with.

  22. 22.

    bobbo

    Two weeks ago, after reading “The Big Short,” I moved half my 401k to cash. Wish I had had the balls to move all of it.

  23. 23.

    licensed to kill time

    Retirement account? {{{peeks in cookie jar}}} Yep, still there.

    Hey, am I a lucky ducky or what?!

  25. 25.

    flukebucket

    I can remember when the DOW lost 22% in a single day. Fuck it. The DOW giveth and the DOW taketh away. Blessed be the name of the DOW.

  26. 26.

    Rosalita

    @Nick:

    Yesterday I noticed that a friend (funny the things you learn about them by their posts on Facebook that you never knew before, like they are flaming righties) put as his status that he wondered if Americans would also be rioting in the streets if we had to take austerity measures here like they are in Greece…

  27. 27.

    asiangrrlMN

    @Rosalita: But Blue is so cute! I assume it is he of whom you speak (the one you posted the pic of recently)? What a way to go. When I nap on the couch, one of my boys likes to jump onto the pillow on my head and groom his ass. NOT pleasant.

    @Omnes Omnibus: I get a chuckle out of that every time.

    @Persia: Good lord. I can’t get over the fact that they won’t change the name of the high school that was named for the founder of the KKK! I mean, the other shit, I believe, sadly, but this? And they’re just worried because it makes their brand look bad?

    Another drink is needed!

  28. 28.

    asiangrrlMN

    @beltane: Son, you have the wrong attitude. You have to go all in and let the free market sort it all out, doncha know. I mean, if everyone lost faith in the market, then the market will no longer be!

  29. 29.

    cleek

    the last 18 months have been pretty good for the DJIA. it was up like 3000 pts from Oct 2008. oh sure, everything before then got wiped out by 09/2008. but everything since then has been growing fairly well.

    /brightside

  30. 30.

    Rosalita

    @asiangrrlMN:

    yeah! that’s him! I get sometimes get ass-to-face when he jumps in bed to say good morning… guess he’s proud of his buns

  31. 31.

    Jim, Foolish Literalist

    @Rosalita: Christ, we’d have the American equivalent of rioting in the streets (cable anchors who aren’t Rachel, Olberman or Schultz asking if Democrats were “over-reaching” and Jim Webb and Claire McCaskill boldly declaring their willingness to stand up to their own party) if they tried to pass a penny per gallon gas tax or the closure of a single foreign military base.

  32. 32.

    asiangrrlMN

    @Rosalita: It’s also the way cats greet each other. He wants you to lick his bum! As I tell my Shadow, I love you, but that’s what your brother is for. There are limits to my love, even for my boys.

  34. 34.

    Martin

    @cleek: That’s my attitude as well. I’m up from 9/2008, so have no place to complain.

    Important to be in the right markets, though.

  37. 37.

    Michael

    Fuck it – my retirement is going to either involve me eating cat food or sitting quietly in prison for the crimes I feel like perpetrating against my “betters” in the financial, insurance and energy industries.

  39. 39.

    Bnut

    @Persia:

    Holy shit. Watch the video of the city council meeting. The local DA basically tells him to STFU. Gasps from the audience. Classic.

  40. 40.

    Corner Stone

    @ericblair:

    but I’d advise everyone to start drinking heavily and hide under your desk.

    So in other words…Thursday?

  43. 43.

    Comrade Dread

    The Stock Market is clearly upset by Obama’s strong polling results election, spending, deficit, health care proposal, uh… Immigration Reform package?

  44. 44.

    CK Dexter Haven

    Crude oil is going down too. Although, that piece good news takes forever to reach the gas station.

  45. 45.

    Poopyman

    Yeah, I’ve been on calmer roller coasters than the last couple of hours on the Dow.

    I think you people are missing the point on Greece. It’s just the canary in the coal mine. Watch what the markets do when Spain and/or Portugal really start to totter.

  46. 46.

    Brachiator

    @The Dangerman:

    How does one put out a Greece fire again?

    Use lots of Trojans?

    @Mark S.:

    What’s the best statistic for how fucked a country is? I would have guessed public debt as % of GDP, and Greece is up there, but so is Japan. Is there a better number to look at?

    Pretty good Economist article with charts (Greece’s sovereign-debt crunch)

    Last year Greece’s budget deficit reached 12.7% of GDP. Worries over whether the Greeks would act to cut it have caused paroxysms in the bond markets: late last month the yield on ten-year Greek government bonds vaulted to 7.1%, the highest since the country joined the euro area and about four percentage points more than that on German bunds, the euro zone’s safest investment. The panic abated on February 3rd, when the European Commission endorsed the Greek government’s plan to cut the deficit to 3% of GDP by 2012. The day before, Greece’s prime minister, George Papandreou, had used a television address to announce higher taxes on fuel and an extension of a public-sector wage freeze to include low-paid civil servants.

  48. 48.

    D-Chance.

    Just lovin’ that Obamaconomy, baby!

    The mattress is still comfy, even if everyone else’s 401Ks aren’t. Pretty soon, you’ll all learn: you keep it in cash, or you don’t keep it. Forget the double dip recession; with the current administration in charge, we’re heading for Great Recession followed by the Great Depression II. No jobs, disasters abound, Europe crumbling, China maybe on the brink, CRE still in the wings… the past week has been your warning to move whatever cash you have left OUT of the markets and into hoarding mode.

  49. 49.

    JenJen

    @Nick: Started awhile ago. Joe Scarborough says Greece is just a preview of what’s going to happen here once the “new HCR entitlement” is enacted.

    And Carl Quintanilla of CNBC is on air right now, comparing the Greek anger to that of the teabaggers here. Jaysus.

  50. 50.

    Martin

    @me: Yeah, the run on money market funds was fucking scary. That was one of those ‘world rapidly spiraling out of control’ moments.

    I’m not getting that vibe today. Bad day, but it’s not really our shit blowing up, we’re just reacting to everyone else’s shit blowing up. For a stock like Apple, every dip like this is a buying opportunity. They’ll sell another million iPads and I’ll be back at $270, even if Greece slides into the ocean.

  51. 51.

    Nick

    Greece passes a bill that will force its surpluses to go to Germany and France, the people burn Athens…we cut money to hospitals and senior centers, we’re like “eh?”

    The truth is, liberals and reformers only win when they fight by force, not by legislation.

  53. 53.

    Tonal Crow

    Those with extra cash and lots of tolerance for risk could consider buying. But consult your favorite investment adviser first.

  54. 54.

    Randy P

    Too late. I have already been doing retirement calculations today. A little fed up with work today.

    About the cat thing: My cat doesn’t sit on top of the electronics. But she does unplug the power connection on the side of the laptop (that magnetic thing on the side of the MacBook). I plug it back in, she knocks it back off. I think she’s trying to cut off my access to the internet and possible rescue.

  55. 55.

    Martin

    @Poopyman: The markets do much better when they have time to process information. This is fortunately a somewhat slow process to play out (painful as it is to watch) compared to late 2008. When the mood changes to panic, watch out. The market still needs better protections against panic trading. That was what a 600 point drop in 5-10 minutes? Sure, the computers stopped the freefall, but still… No person can process information fast enough to react rationally to something like that. We’re pretty much turning our economy over to Skynet ever time the market freaks. That’s not comforting.

  56. 56.

    Tonal Crow

    @D-Chance.:

    …Pretty soon, you’ll all learn: you keep it in cash, or you don’t keep it….

    I love trading with people like you.

  59. 59.

    Tonal Crow

    @Martin:

    …Sure, the computers stopped the freefall…

    I’m skeptical about that. I suspect some people saw the positive feedback caused by toppling (computer-driven) stop-loss orders, cancelled theirs, and began buying.

    but still… No person can process information fast enough to react rationally to something like that.

    Sure you can. You can see it for a panic, down a glass of chamomile, and buy. (This is not investment advice; consult your favorite investment adviser for that.).

  60. 60.

    beltane

    @Nick: The main reason FDR was able to accomplish so much is that there was the real threat of communism lurking in the background. Without the bad cop of a violent left, there is not much a slightly left-of-center supporter of capitalism can hope to achieve. Notice how income disparity and corporate bad behavior in this country did not really take off until after the fall of the Soviet Union? The powers that be no longer had to work to prove their superiority.

  61. 61.

    Martin

    @Tonal Crow: I think I’ll put some ridiculous limit buy orders out there. I wouldn’t be surprised to see another hiccup like this over the next week. Maybe I’ll get lucky.

  62. 62.

    Comrade Colette Collaboratrice

    @asiangrrlMN:

    I can’t get over the fact that they won’t change the name of the high school that was named for the founder of the KKK! I mean, the other shit, I believe, sadly, but this? And they’re just worried because it makes their brand look bad?

    Sing it, sister. If they’re such fucking awesome Christians, I really don’t understand why they’re worried that their bigotry will tarnish their brand when they should be worried that it’s going to cause them to GO TO HELL. I’ve heard all about that “love thy neighbor” and “whatever you do to the least of these” stuff, and I’m not even a Christian. What’s their excuse?

  63. 63.

    Regnad Kcin

    CNBC Breaking: Trading Error at a Major Firm Caused Market Plunge.

    noobz

  66. 66.

    arguingwithsignposts

    @Martin:

    The markets casinos do much better when they have time to process information.

    fixd for ya. The markets *got* Greece into this situation (not that the Greeks were entirely free of guilt), and now they’re laughing as they fuck them coming and going. I have absolutely *no faith* in “markets.” these days. Fuckers can DIAF.

  67. 67.

    cleek

    “The market is now realizing that Greece is going to go through a depression over the next couple of years,” said Peter Boockvar, equity strategist at Miller Tabak. “Europe is a major trading partner of ours, and this threatens the entire global growth story.”

    MSNBC

    yay!

  68. 68.

    Montysano

    I rarely see him because I’m at work, but Dylan Ratigan was on MSNBC just now, ranting about how our govt , like Greece’s, is shot through with fraud and corruption and corporate influence/control. It was the kind of firebreathing FDR-speak that I’d enjoy hearing from Obama.

    If our govt is ever forced (and I believe they will be) to implement Greek-style “austerity measures” (i.e. we fucked up, now you’re gonna pay), I hope we’ll see people take to the streets.

  69. 69.

    Martin

    @Tonal Crow: In 3-5 minutes? No, the market rules kicked in and shut the computerized selling down. Traders can’t reverse that kind of momentum that quickly. It was completely broad-based, too. Sure, for a single stock, they do that all the time. But they have no ‘buy everything’ button, and the meatware bandwidth is really quite limited. That was the computers doing their thing.

  70. 70.

    JGabriel

    CNBC:

    In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points on worries about the spreading European debt crisis before paring those losses in an equally rapid rebound.
    __
    A possible culprit for the drop was a trader error in which someone entered a “b” for billion instead of an “m” for million in a trade. Multiple sources confirmed the report to CNBC and CNBC.com.

    Dudes, what caused it, the debt crisis or the trader error? Make up your damned minds. It’s one of those things that kind of can’t be both.

    Dimwits.

    .

  71. 71.

    Regnad Kcin

    Thank god he didn’t type in “zillion” or we’d be listening to these idiots saying it’s all obama’s fault that the world has come to an end

  72. 72.

    arguingwithsignposts

    @arguingwithsignposts:
    previous comment in moderation:

    The markets cas1nos do much better when they have time to process information.

    fixd for ya. The markets got Greece into this situation (not that the Greeks were entirely free of guilt), and now they’re laughing as they f**k them coming and going. I have absolutely no faith in “markets.” these days. F**kers can DIAF.

  73. 73.

    Mark S.

    @JGabriel:

    A possible culprit for the drop was a trader error in which someone entered a “b” for billion instead of an “m” for million in a trade.

    Oopsie! I do that all the time.

  74. 74.

    D-Chance.

    OK, Cole, why is Larry the Cable Guy dancing naked across my computer screen?

  75. 75.

    Martin

    But why is Apple down?
    “Apple is not a Europe play whatsoever, but its been performing and traders need to take profits and raise cash to cover their losses,” said Pete Najarian, co-founder of OptionsMonster.com and TradeMonster.com. Forced selling is causing an opportunity in these names, according to Najarian, who said he would be looking to add to Apple when he feels the panic is over.

    I’m in the wrong career. The CNBC guys are just reading my posts and emails now.

  76. 76.

    eemom

    @Nick:

    yup. I’m Greek too, and I’m proud of my people. Tea bagging tools of their oppressors they are NOT.

  77. 77.

    Martin

    @Mark S.: Man, that’s right out of The Onion. What’s next, “Tennessee man accidentally unplugs the Internet”.

  78. 78.

    beltane

    @JGabriel: I thought this was a pathetic attempt at humor until I clicked the link. Now I just think it is pathetic. Bet you anything the person who made this mistake gets paid $1 million plus a year because he or she knows Excel.

  81. 81.

    Martin

    @Martin: I take it back, maybe someone just entered a trade to sell the entire S&P 500 and then quickly reversed it. And how is this even possible?

  82. 82.

    Tonal Crow

    @Martin: Computers are involved, but computers don’t necessarily make the decisions. Why can’t I write a program to buy or sell the entire S&P 500 at some price per?

  85. 85.

    Martin

    @Tonal Crow: You don’t think Goldman and the other big players don’t do this? I’ve got a S&P 500 index fund – it’s pretty much just a big computer program to buy and sell in order to keep the fund in balance, with some trader oversight.

  87. 87.

    Mark S.

    @asiangrrlMN:

    Good lord. I can’t get over the fact that they won’t change the name of the high school that was named for the founder of the KKK!

    What’s their fucking team name, the Clansmen?

    I also love the timeline on the sidebar:

    2006: Nooses were found in the lockers of black firefighters.

    Maybe McMegan could write a post about how useful rope is and how she would love it if someone left that in her locker.

  88. 88.

    Tonal Crow

    @Martin: I think we agree: trading programs can be under varying degrees of trader control. Nothing prevents a person from stepping in and telling the program to issue a large “buy everything” order.

  89. 89.

    El Cid

    I just heard a clip of Senate Minority Leader Mitch McConnell ( R ) condemning financial regulation reform as an attempt to impose a “European-style system” on the U.S. economy.

    Apparently to be a modern conservative you need to believe that Europe is some sort of Stalinist hellhole where private industry just doesn’t exist.

  90. 90.

    Michael

    Jesus – its a black swan.

    The guys in the big investment houses need to be lined up against a wall and shot every time one of these happens. There is no fucking excuse for it.

  91. 91.

    Tsulagi

    A possible culprit for the drop was a trader error in which someone entered a “b” for billion instead of an “m” for million in a trade.

    Oops.

    So let’s recap, when wingnuts in positions of power really fuckup they get Medals of Freedom. Traders get 6,7, or 8-figure bonuses. I’m doin it wrong.

  94. 94.

    Regnad Kcin

    @Tonal Crow: Yeah, that was me, back in the early days of program trading.

    We’d just say “F*&# it, I’m bored, run a buy program out onto the floor.” Then we’d sit there and watch what happened and unwind it an hour later with a sell program, just to keep some juice in the market.

  98. 98.

    arguingwithsignposts

    @Regnad Kcin:

    We’d just say “F*&# it, I’m bored, run a buy program out onto the floor.” Then we’d sit there and watch what happened and unwind it an hour later with a sell program, just to keep some juice in the market.

    Which is exactly why the cas1nos are fucked.

    look, I have no problem with people making money. I *do* have a problem with a bunch of people manipulating the “market” and playing roul1ette with the money of people who earned it. Damned traders can eat it!

  101. 101.

    JGabriel

    @Paul L.:

    Nothing the Obama regime did before “foiled” it.

    And nothing the Bush administration did before “foiled” 9/11.

    But wait, that was when terror was new and no one had ever tried to bomb the WTC before! I mean, except for that time in the 90’s …

    It’s not as if Bush was warned that terror would be a huge issue for his administration, and ignored it — except that’s exactly what he did.

    And yet no one died from the Times Square Car Bust, where, instead, almost 3000 Americans died on 9/11, under the Bush Presidency.

    .

  103. 103.

    Brachiator

    Only 1 more hour to go in UK voting. And continuing a trend in duplicating American trends (prime minister debates, use of the InterTubes to get out the vote, etc), UK media is chomping at the bits to be the first to get the results out.

    BBC News has a good page dedicated to Election Coverage.

  104. 104.

    flukebucket

    @Paul L.:

    The Times Square time bomb went off and was defective. Nothing the Obama regime did beforehand “foiled” it.

    Hell man. Terrorists flew planes into buildings and killed thousands and Bush got re-elected because Republicans keep us safe.

  106. 106.

    David in NY

    @beltane:

    Yes. Communism elsewhere, strong unions, and government regulation kept things on keel for half a century. And then …

  108. 108.

    Fax Paladin

    @JGabriel: Sure it can be both. The market’s twitchy because of the European debt situation, sees huge movement in a major stock and starts reflexively screaming “Sell!” (or rather, its computers do).

  109. 109.

    R-Jud

    @Brachiator: Andrew Sparrow at the Guardian isn’t bad either; if you scroll all the way down his blog there are good links to the FT’s analysis of past exit polls, what the protocols are for a hung parliament, etc.

    First exit polls come out at 10 pm BST/5 pm EST. But there are still huge lines being reported at many polling stations. Mr Jud had to wait 15 minutes to vote this morning, which he says has never happened before in his 25 years as a voter.

    Rumors currently suggest a small outright majority for the Tories. Projections suggest it’s gonna be hung. We probably won’t know which way is up until Monday or so. Ugh.

  110. 110.

    mcd410x

    Of all the things that journalism does poorly, covering financial markets is at the top (or bottom).

    Greece. Bad commands. These people have no idea what is going on … I just wish they would admit it.

    At the very least, I’d like one of them to report what a drop of one point in the DJIA actually means mathematically. If they can figure it out.

  111. 111.

    Paul L.

    @flukebucket:
    Who has said that G. W. Bush foiled 9/11?
    One could say that the attack on the target of United 93 (US Capital?) was foiled but I do not give the Bush Administration any credit for that.

  112. 112.

    Brachiator

    @R-Jud:

    Andrew Sparrow at the Guardian isn’t bad either.

    Thanks for the link. I love stuff like

    Here’s a picture of the queue at a polling station in Stoke Newington

  113. 113.

    Cat Lady

    @beltane:

    I read Calculated Risk and did the same thing the day after Lehman filed bankruptcy. Haven’t gone back in yet either, ‘cuz of the impending CRE smoking crater. Thanks Calculated Risk!

  115. 115.

    Citizen_X

    A possible culprit for the drop was a trader error in which someone entered a “b” for billion instead of an “m” for million in a trade.

    Shorter: Fucking cattle are easily stampeded.

    I never (never did, and never will) want to hear any fairy tales about how markets are our collective intelligence, blah blah. The Holy Market is nothing but greed and fear filtered through mob psychology.

  116. 116.

    arguingwithsignposts

    @Paul L.:

    The Times Square time bomb went off and was defective. Nothing the Obama regime did beforehand “foiled” it.

    What’s with this “regime” shit? How many terrorism plots were “foiled” during the Bush “regime”? Can we just stop with this shit? Oh, no, because we’re a troll with no actual evidence.

  118. 118.

    Tonal Crow

    @mcd410x:

    Of all the things that journalism does poorly, covering financial markets is at the top (or bottom).

    No. Science coverage is at the top (or bottom) — witness, for example, the “he said/she said” coverage of climate change. Financial market coverage is considerably less worse.

  119. 119.

    eric

    @Martin: not an automatic play: if you are buying Apple on the belief that IPads will drive profits, you could get burnt bad. If the overall economy tanks, IPads are the types of (luxury) goods that usually suffer first.

    eric

  120. 120.

    Ryan S.

    @mcd410x:
    I don’t know about them but the Dow number is a weighted average of each of its component stocks. Think of it as the price if would cost if you bought one of each stock its composed of.

  121. 121.

    The Moar You Know

    We pulled the 401(k) out of stocks the weekbefore the crash of 2008 and never put it back. I will not trust the stock market until the big investment banks are dealt with.

    @beltane: Put all mine in money market about the same time, and there it has stayed ever since.

    It will be staying there for the forseeable future for exactly the reasons you cite.

  122. 122.

    ChockFullO'Nuts

    @Paul L.:

    Bush did foil it. They brought him a warning that the attack was imminent, and he blew it off. He foiled his own deterrence opportunity. He foiled America.

    Heckuva job, Bushie. Amirite, Paul L? Huh? Amirite?

    Heh.

  125. 125.

    wrb

    Imagine if whatever stopped the plunge so dramatically wasn’t there:

    “World destroyed by typo”

  126. 126.

    J.

    Today may not be the best day to look at your retirement account.

    Or book a Greek cruise.

  129. 129.

    asiangrrlMN

    On my way home from Walgreens, I saw a sign in red and blue lettering that read, “Stop thugs politicians attacks on America.” I had no idea WTF the sign was trying to say until I edited it in my head. A teabagger in my own backyard! How cute!

    @Rosalita: Shadow refuses to move. He just arches higher and more insistently. He sure is hard to move for a 10.6 pound cat (and he’s my fat one).

  130. 130.

    Corner Stone

    @Citizen_X:

    I never (never did, and never will) want to hear any fairy tales about how markets are our collective intelligence, blah blah. The Holy Market is nothing but greed and fear filtered through mob psychology.

    There’s a narrative setting up that the excuse of a fat fingered trader is for the dummy public. The real deal is the Banksters are threatening Reid/Obama et al about going through with trying to break them up.
    Touch us and you’re done!

    Can’t say I argue with the premise. It’s at least as plausible as one trader pushed an entire market psychology off the cliff with one trade.

  131. 131.

    Corner Stone

    @wrb: Actually I’ve been thinking The Onion must be pretty pissed about now. Can you imagine trying to pitch a spoof article that’s more bizarre than:
    “Trader drops keyboard, eliminates $2 trillion in wealth in one morning”

    ETA – and I see Martin got there already.

  132. 132.

    Tonal Crow

    @Corner Stone: I have it from a source speaking on condition of anonymity that Obama is considering designating some new enemy combatants.

  133. 133.

    lawguy

    I for one am happy to see this since I have no retirement plan except to spunge off the backs of those of you who have worked hard and paid your taxes like decent citizens.

    Also in addition, how come this blog always screws up while loading on my computers both at home and the office.

  136. 136.

    flukebucket

    @Paul L.:

    I was just referencing this

    About the only hope the GOP has of overtaking Congress is a terrorist attack.

    I was just trying to say that terrorist attack does not automatically mean election defeat.

    I do not understand why anybody would think that electing Republicans would make us safer just like I cannot figure out how anybody would think that electing Republicans would lead to a smaller and more fiscally sane government.

    Republicans were given their once in a generation opportunity and they made the grandest fuckin’ mess this country has ever seen.

    They’re dead to me.

  138. 138.

    Martin

    @eric: So, that’s why Apple’s profits have nearly tripled since the recession started?

    Actually, during recessions consumers don’t so much curtail luxury purchases as they seek value. They stop buying extraneous crap and instead make every purchase count, which is why Apple is growing and the companies that make crap are having more trouble. People only buy cheap shit when they can afford to waste money.

  140. 140.

    beltane

    @Cat Lady: Funny. I had just started reading Calculated Risk on a regular basis then and it strongly influenced my decision. Plus, I was worried about Republican shenanigans during the campaign.

  143. 143.

    Bret

    The drop was caused by a Citigroup trader entering “b” for billion rather than “m” for million.

    Masters of our Universe.

    Sigh.

  145. 145.

    Emma

    One of my retirement accounts is invested with TIAA Cref. Blue-chip stocks, bonds, money market, annuity, with the annuity carrying most of the money. At the worst of the plunges I only lost a few thousands. It’s a very conservative investment strategy which my “counselor” at the time disapproved of since “I could make millions in the market.” The thing is, I knew some market people and it didn’t seem to me that they knew as much as they thought they knew…

    The other one is probably a little worst, since that’s the one with the small and mid cap stocks, but it hasn’t been doing too badly. But it has time to recover, since I can’t touch it for another 15 years.

  146. 146.

    wrb

    @Corner Stone:

    “Trader drops keyboard, eliminates $2 trillion in wealth in one morning””

    If I was the trader it most likely would be:

    “Trader spills wine on keyboard again, this time ending civilization. However, new market in sharp sticks is booming.”

  147. 147.

    JGabriel

    @Citizen_X:

    … fairy tales about how markets are our collective intelligence, blah blah. The Holy Market is nothing but greed and fear filtered through mob psychology.

    I’m failing to see the contradiction.

    .

  148. 148.

    EthylEster

    @Cat Lady:

    I read Calculated Risk

    me, too. but i got out just after Bear-Stearns (6 months before Lehman went down). and i’m still pretty much out of the market.

    i saw that jerk Ben Stein on TV saying that what he learned from the ’08 meltdown was that at 62 he should have been less in stocks and more in fixed return instruments. well, duh.

    if you are below age 45, stocks may be a good place to park all your money. if you are above age 55, they are NOT.

    i assumed everybody knew that.

  149. 149.

    Martin

    @Emma: My dad used to be an analyst for one of TIAA-CREFs annuities, btw. He says TIAA-CREF was the only outfit he ever worked for that was truly well-managed and took their role responsibly. He can’t praise them enough.

  150. 150.

    Brachiator

    @arguingwithsignposts:

    I have absolutely no faith in “markets.” these days. Fuckers can DIAF.

    We are soooo lucky to be living in a relatively sexualized secular society. Otherwise, Wall Street would start up every morning with a virgin sacrifice to the Markets.

  151. 151.

    EthylEster

    @Emma

    : …TIAA-CREF

    Yes! Me, too,
    And they are a non-profit.
    No commissions..everybody is salaried.
    Investment for the greater good…that’s the slogan.

    The former pres or CEO was in line to head the SEC several years ago. Then the markets got wind of it and he was removed from consideration.

  152. 152.

    Tom

    Trader drops keyboard, eliminates $2 trillion in wealth in one morning

    Good to know my retirement fund is in good hands.

  153. 153.

    Mnemosyne

    @Omnes Omnibus:

    Oh, we already know that Keaton is trying to kill us. Whenever he “plays,” he goes for our knees or our elbows. Because the joints are the most vulnerable parts, of course.

    Good thing we’re the only ones who know how to open the canned cat food.

  156. 156.

    Tom Q

    Off the financial topic, but this is a open thread…

    Anyone who’s even faintly followed the British election knows the Tories needed to get c. 326 seats to have a majority government — that anything less would mean a hung parliament, the equivalent of a US election decided in the House of Representatives.

    At 5PM, BBC announced the first exit poll result: Tories 307, Labour 255, Lib Dem 55.

    Bearded Blitzer for the Most Trusted Name in News: “A decisive win for the Tories’ David Cameron”

  157. 157.

    kay

    Do a lot of individual people actually trade individual stocks? I know some people do, I can read the comments here, but how many do? I’m not talking about having a Vanguard account, I mean buying and selling stock. How many people is someone like Jim Cramer talking to?
    Is it millions of people? Tens of millions? I honestly don’t know.

  159. 159.

    arguingwithsignposts

    @Tom Q:

    At 5PM, BBC announced the first exit poll result: Tories 307, Labour 255, Lib Dem 55.
    __
    Bearded Blitzer for the Most Trusted Name in News: “A decisive win for the Tories’ David Cameron”

    is there any way to end exit polls? Seriously, can we not wait for the actual fucking vote?!

    ETA: spoken as someone who actually conducted an exit poll once, but felt dirty doing so.

  161. 161.

    danimal

    Oh hell, I leave the internets for a few hours and y’all take the Dow rollercoaster thrill ride without me.

    Anyway, I’m taking all my spare money and buying stock tomorrow morning. Panic selling always presents opportunity.

  163. 163.

    Mnemosyne

    @Doctor Science:

    Last I saw, they were still going back and forth on whether early sapiens and Neandertal interbred. Interesting to see that “yes” is back on the table, because it seemed to be “definitely not” for a while there.

  164. 164.

    Emma

    EthylEsther: Why am I not surprised? Too honest, I suppose.

    And Martin, that is high praise indeed. I have never found TIAA-Cref to be anything other than honest and above board. It’s nice to have it confirmed.

  169. 169.

    GregB

    On the bright side, I am about to release my Donner Party Cookbook.

    It looks like it might be perfect timing.

  171. 171.

    JGabriel

    @Corner Stone:

    Can you imagine trying to pitch a spoof article that’s more bizarre than: “Trader drops keyboard, eliminates $2 trillion in wealth in one morning”

    Dry Drunk With Daddy Issues Elected President of US; Florida “Butterfly” Ballots May Be At Fault

    .

  172. 172.

    WereBear

    @Doctor Science: at least one of the researchers carries Neandertal genes.

    That is awesome! I always thought if it was possible, it would have happened. Especially during fermented fruit time.

  173. 173.

    MikeJ

    @MikeJ: In now. Sunderland S swings 5% to Tories, Labour of course still wins it easily.

    The question is, is 5% a predictor for the national distribution, and if it is, how many seats will that net them?

  174. 174.

    Katie5

    What worries me at the moment, is that Jordan Staal has rejoined the Pens! Nooooo.

  175. 175.

    Tonal Crow

    @arguingwithsignposts:

    is there any way to end exit polls? Seriously, can we not wait for the actual fucking vote?!

    Ending exit polls is a Very Bad Idea. Exit polls deter large-scale official vote fraud. Alas, they don’t do much when fraud flips a very close election, as in Florida 2000.

  177. 177.

    JGabriel

    @ChockFullO’Nuts:

    Who pays attention to people who throw plates instead of putting them into the dishwasher?

    That depends on a number of variables. For instance, is the plate-thrower someone I’m dating?

    .

  179. 179.

    mcd410x

    @Tonal Crow:

    No. Science coverage is at the top (or bottom)—witness, for example, the “he said/she said” coverage of climate change. Financial market coverage is considerably less worse.

    I love the “considerably less worse.” Just not sure I agree. Oh, the media are inept at both, no doubt. Know what puts financials over the hump? numbers. I could relate stories about how bad journos are with math, but you simply wouldn’t believe me.

  180. 180.

    Annie

    @asiangrrlMN:

    LOL…You are a treasure…Came home to cat puke on the kitchen floor, papers to grade, and the fear that I never will be able to retire…My future students will probably have to wheel me into the classroom and hang me from the smart board…My kitty boy loves to lay on my chest while he waits for me to rub his butt and back…When I start, he puts his little face in the air, closes his eyes, and just purrs…

  181. 181.

    Martin

    @kay: Millions to tens of millions. For a lot of these, they dump a grand in an Etrade account, buy some Disney, and that’s the extent of it. The next group are long-term investors that do actively manage their account – like me. Not a lot of money, tens of thousands to low hundreds of thousands (if they’ve done well). The more adventurous (like me) might do some options trading as well, but that’s a pretty small number. Once you get up to people day trading, the numbers *really* fall off.

    For active investors, I’d say low millions of people. But what they represent in the market is miniscule. Vanguard or Fidelity should easily outgun every non-Buffet-type individual stock investor out there. We have no influence on the market whatsoever. There’s no point talking to us except to sell advertising.

  182. 182.

    JGabriel

    Doctor Science:

    No-one who has observed human sexual behavior should be surprised that there was gene flow between the species …

    Given that there are people who fuck horses, I never doubted that there was intercourse between Neanderthals and Sapiens. I’m just surprised that it gave birth to non-sterile children, and that any of the gene sequences persisted to present day.

    In fact, I’m still not entirely convinced of the latter over the possibility of either convergent evolution due to already similar genetic sequences being acted upon in similar environments, or common descent from the unidentified most recent ancestor (erectus? heidelbergensis? antecessor? ergaster?).

    .

  183. 183.

    CynDee

    @Comrade Colette Collaboratrice:

    I’m not even a Christian

    Me too, neither, after fruitlessly squandering my youth trying to be and wondering why it wasn’t working.

    I honor anyone’s religion; if it’s working for you and you aren’t hurting yourself or any other creature, hot dog!

    For myself, Christianity doesn’t work, and I don’t do well in church. When I stopped going, I was no longer ruined for the week.

    1. I believe that we should all be fully responsible for our own sins. Only way to really keep bad behavior in check. Nobody, especially nobody INNOCENT, should suffer die for your sins crimes. That’s just crazy and is supposed to be against the law.

    2. I don’t believe in blood sacrifice in general. That’s just depravity taking advantage of superstition. We shouldn’t encourage it.

    3. I can’t figure out why such huge numbers of professed Christians think it’s OK not to abide by the ten commandments and secular laws of the land that exist for the common good. Just sayin’.

    4. I love and respect Jesus, but I think he’s wrong if he actually did direct people to turn the other cheek so they can hit that, too! I guess he’s pitching for non-violence. OK, but it’s much more life-affirming to give them a lesson that will result in them not repeating the sin crime against you. Such as making them accountable under the aforementioned law for the common good.

    5. I don’t like the busybody-I-know-better-than-you stuff.

    5a. I don’t believe in anybody telling anyone else whom they should love. Love is good. Anybody who is loved has a bigger likelihood of being lovable. You love ’em? Great; they must be wonderful.

    5b. I don’t believe in worrying whether I’m saved, and especially whether YOU’RE saved. Who’s got the TIME?? We’re living human beings, therefore valid and already saved. You were born; you’re valid. You’re not sinful or unworthy. You’re good. You can be trusted to seek out and find an excellent path. Don’t let anybody lie to you and scare you about that.

    6. I believe: Do what creates life and health, not death and destruction. Sounds like –The Golden Rule. Sounds like “Kindness is my religion” (Dalai Lama).

    We don’t need no stinkin’ relgio-corporate hierarchy to spend gazillions and take up lifetimes to teach that. (They don’t teach that anyway. They’re after your money and the godless power it will buy them. And if you won’t cave, they’ll bully and batter you.)

    Believe me, your cat’s not the one who’s trying to kill you. A cat just has a deeply weird sense of humor aimed at keeping you on your toes with one eye open, even in bed. Comfortable, huh. You can learn from that. You know you love the durned critter.

    Any good Mom or Dad or Animal Person can teach the important stuff in five minutes and keep expanding on it wonderfully for a lifetime and reap the rewards most days.

    So that’s why I’m not a Christian or a church-goer. My faith tells me that wasn’t God who messed up the ice caps, the honeybees, the Gulf of Mexico, the World Trade Center, Iraq, Afghanistan, and the world economy.

    Nasty folks didn’t go for life and health.

  185. 185.

    MattR

    @Annie: If only my dog would puke on the kitchen floor, instead of on the carpet in the corner of my bedroom.

  186. 186.

    kay

    @Martin:

    Thanks. I wondered. I can see the attraction to buying and selling, as an individual, although I don’t do that.
    I almost resent the 10 minutes a year I have to spend on the phone with Vanguard, I’m a horrible customer, my whole attitude is ” get to the point, Mr. Consultant, clock’s running!” so I don’t think I’m likely to start, but I can see how it might be interesting.
    I won’t have much room to bitch if the whole thing falls apart. I wasn’t really paying attention.

  187. 187.

    debbie

    @Bret:

    The drop was caused by a Citigroup trader entering “b” for billion rather than “m” for million.

    I just listened to a local broker from Ameriprise say that he didn’t think the trader’s actions were “intentional,” but he did think they were “deliberate.”

    Maybe tinfoil hats aren’t so crazy, after all.

  188. 188.

    Wile E. Quixote

    @Montysano:

    Denninger says it was high frequency trading (“front running”) gone amok.

    Someone needs to do a sequel to War Games where Matthew Broderick and Ally Sheedy got married and produced a genius hacker son or daughter who hacks into the computers on Wall Street and almost destroys the world. Barry Corbin could reprise his role as General Beringer, now retired from the Air Force and running the SEC, and say, when the shit has hit the fan because of uncontrolled program trading and front running, “Goddammit, I’d piss on a spark plug if I thought it’d do any good!”

  189. 189.

    asiangrrlMN

    @Annie: Thanks! Does he put his butt up in the air as you scratch? Shadow does that. As of now, both are warming my lap. It’s fifty-five degrees, and we’re supposed to have SNOW tomorrow. I haz a happy.

    @jeffreyw: Man, you are killing me. That looks so good! Serious question: How much time, on average, do you cook a day?

  190. 190.

    Brachiator

    @Doctor Science:

    Breaking Science News! Neandertal genome sequenced! For reals. No-one who has observed human sexual behavior should be surprised that there was gene flow between the species, and at least one of the researchers carries Neandertal genes.

    That near modern homo sapiens and Neandertals may have had sex is a no brainer. That a homo sapiens group raised mixed sapien/Neandertal children is a deeper question.

    In the past, there was some question about whether Neandertals were capable of speech. I’ve read scientists say definitively Yes! and No! and Maybe! Even allowing for sign language.

    If Neandertals could not speak and if children of NM homo sapien/Neandertal mating could not speak, they would be at a very serious disadvantage, as would any Neandertal mate in a NM homo sapien social group.

    But as always, it would be irresponsible not to speculate.

  191. 191.

    trollhattan

    @Brachiator:

    If I were more clever(er) I’d have a quip about, “At least you won’t get any comments about your driving from the Neandertal M.I.L. in the back seat of your Flinstones car.”

    But I’m not.

  192. 192.

    Annie

    @MattR:

    Found “puke 2” about 5 minutes ago — on the carpet in the family room….Wondered why my two monsters were suddenly best friends, sitting together and trying to look perfectly innocent…I wouldn’t put it past them to have a bet going on over how long it would take me to find treat no. 2.

  193. 193.

    burnspbesq

    Am I the only one who finds it somewhat ironic that the candidates for the Republican nomination for the California Senate seat that is up this year (Boxer’s) are having a debate tonight at the Museum of Tolerance?

  194. 194.

    debbie

    @Nick:

    Greece is going to become the pariah the right uses to rail against the left and spending.

    Ironic. Conservatives in the past have pointed to Ireland as the model of unregulated free markets, and now it’s not so far behind Greece.

  195. 195.

    Cain

    What these greeks need is to do is to start a battle with some persians.

    cain

  196. 196.

    Mnemosyne

    @Annie:

    The late great Boris always puked in threes. The one thing I was able to train him to do was to run to linoleum instead of puking on the carpet. Sometimes. When he could get there in time.

    Keaton tries to hide that he’s puking (unlike Boris, who produced many heaving noises) so he’s pretty much ruined our carpets. Good thing it’s a rental.

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