It was not a computer glitch. The market was tumbling and the Feds came in and bought to prop it up.
Gold… to da moon!
BTW: The story that a trader accidentally typed “b” for billion instead of “m” for million is nonsense. Orders are entered using the written out word for numbers.
The “fat finger” is BS but what ever started the plunge it was likely accelerated and deepened due to high frequency computer trading with no humans involved.
The market is a very scary and often rigged place.
Proceed with great caution.
douglas
(Douglas Wall, CIE, FL Lic. Mold Insp #2)
7
Have been for a couple years now - retired in 1995.
This inspection business with 5 employees is our hobby, kids and grandkids will love it even more than the trips to Disney.
With new law, life is gooder
Obama did NOT put us in the cash crash. BUSH put us in the cash crash. You may not agree with the fact he’s trying to save our butts financially, but be honest about who put us in the hole. That person was Bush and his entire administration. No Thanks to the greedy money hogs who run the big banks.
This problem goes far beyond the just last two administrations but Obama is doing nothing to improve our situation by his massive and unprecedented deficit spending and debt accumulation.
Look at Greece and ask yourself if Socialism is the direction we want to go in this country.
Obama saved us from a repeat of the 30’s crash and the banks did not hold up their end of the deal. Am I surprised, No. Obama is doing his best with the bucket of **** he was handed when Bush left. Is he perfect, No more then you or I. There are things I don’t agree with either, but I’m not go trash him because we think he should have made more changes by now. Change takes time. Even building a house takes at the very least a week and that doesn’t include all the time manufacturing the materials used to build it. True more could done, but its not going to happen over night.
Obama has saved nothing. It was congress that approved the billions in bail-outs. The national debt has been rising for decades, and some foreign countries who bought our debt years ago called it in to help bail out other countries (buddies), and themselves. This caused a major run on the federal reserve back in the fall of 2008. Bush had no choice, as did Obama, to ask congress for monetary bail-outs of hundreds of billions. Or, face bankruptcy for the U.S. Some banks failed, to cover the blame.
It is not only our economy that is fragile, but many others throughout the world. Our government should stand tall and help other countries more, but their head is elsewhere; health care, cap and trade, and satisfying their own political egos and agendas, all to take attention off of what is really happening.
The past is spilled milk. Both Dems and Republicans voted to give Wall Street fat cats money the government didn’t have. This recession would be over by now had we simply let these poorly run companies go under and had Barnie Frank not screwed up the free market to begin with, with his silly Federal guarantees of no-doc loans.
Our future problems, however, have everything to do with what is going on late tonight. Late tonight, just like every night, and every morning and every afternoon… Obama prints. He has printed about as much fake, paper money since becoming President as all other Presidents combined going back to 1776. Someone has to stop him before we become Zimbabwe.
Being off the gold standard permits him to keep printing and keep spending. The dollar is a total joke, propped up… but a dead man walking.
Last week’s crash was most likely just a friendly warning shot across the bow from Goldman Sachs showing this administration what might happen if they continue to pursue their public investigation.
As former president Eisenhower once feared…We have created the monster known as the “Military Industrial Complex” which has become the unelected leader of our nation and will insure our destruction as a democracy.