[timmac]

Who believes the story that someone just pushed the wrong key and caused today's crash [largest ever drop] or is this a story to hide behind the real truth.

Greek Government has crashed and riots on the street, they burn a bank and killed 3 people, I mean really now, Greek, Spain, Portugal all are tanking.

The Dow did its biggest drop in 3 months on the Tuesday the 4th, the Euro is sinking fast, Ireland ins troble and not to mention Americas many money problems.

So who hear thinks this story about some trader that just hit the wrong key is true,, because I don't believe it,, but I am sure wall street will come out with their fake story to broadcast on the news so folks don't panic and have another large sell off.

http://www.ktvu.com/news/23448195/detail.html

http://www.mediaite.com/tv/cnbc-report- ... by-a-typo/

http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

[Thralen]

The alternative story that I've heard, which I find far more likely, is that some hedge funds had problems with investments in Greece which required some quick cash. They sold off a bunch of stocks, enough to trigger some of the automated responses that are programmed into some brokerages' computers. That precipitated the dive since once one automated response takes over, guess what... it triggers the automated responses in other brokerages as well. I'm oversimplifying the whole thing there but I think I got the general idea across.

Here is an unsubstantiated story that covers it:
http://johngaltfla.com/blog3/2010/05/06/fat-finger-bullcrap/#comments

Thralen

[timmac]

I do believe that some one or some hedge fund etc was doing a large sell off, hell maybe 2 or 3 of them were doing it today and cause this panic in the system, that's why they stopped trading for a hour or so.

Don't tell the masses the real truth, they will panic, lets spin the truth and raid the banks for or selves, just like Enron..

I think the coming weeks and months are going to be rocky, its time we need to check our preps again folks, I am not a doomer like most here but what's happening in Europe has me on edge..

[Sixstrings]

$this->bbcode_second_pass_quote('Thralen', 'T')he alternative story that I've heard, which I find far more likely, is that some hedge funds had problems with investments in Greece which required some quick cash. They sold off a bunch of stocks, enough to trigger some of the automated responses that are programmed into some brokerages' computers. That precipitated the dive since once one automated response takes over, guess what... it triggers the automated responses in other brokerages as well.

[Buggy]

What has me wondering is, a year ago peakoilers would have been jumping all over this story here. But now it is strangely mostly silent. Have the hard core peakoilers gone off grid? Am I the jack-ass left holding the bag?

[eXpat]

$this->bbcode_second_pass_quote('Buggy', 'W')hat has me wondering is, a year ago peakoilers would have been jumping all over this story here. But now it is strangely mostly silent. Have the hard core peakoilers gone off grid? Am I the jack-ass left holding the bag?

[Pops]

Or a typist inputting an order to sell 16 million e-mini SP futures, and typing "B" instead of "M." Oops. Crashed the free world.
Jesse

[timmac]

Well according to the evening news [abc/nbc/cbs] wall street does not know what really happened yesterday with the 1000 pt drop, could take weeks/months before they know ??..

What kind of a crap story is that, why not just say the truth that a certain many folks panic over the Greek government collapsing and wanted to sell off and this cause many more to sell off, sort of like when folks ran to the banks during the 1929 crash to withdraw before banks shutdown..

We are in strange times for sure....

[Cloud9]

All the big boys were not able to get out. Not enough buyers. They have to bring in more suckers or they get left holding the bag. The plunge protection team will keep it up until they and their home boys wring the last cent out of my pension fund.

[Novus]

Some of the Doomers are off grid with no internet/TV but most of the hard core doomers have our own forum: doomers.us


Anyway I don't think anyone with half a brain believes the official story.

[americandream]

The recent hyper-volatility is merely symptomatic of a deeper cause. Greed, which has been venerated as a virtue by the free marketers, has now come home to roost in speculative behaviour that now beats to the rhythm of computerised trading.

This volatility can only grow in magnitude as speculative money moves across asset classes in the blink of an eye. Much of this money is controlled by criminality as well.

What do you expect in these circumstances.

[Gerben]

The Dow is still over 10,000 points. And with the dollar strengthening in real terms nothing really happened. Such a small glitch won't exite the real doomer.

[AirlinePilot]

The only reason the dollar is strengthening is because the US isn't in as bad shape as the Eurozone presently. Ultimately it is my belief that it doesn't really matter, it is just going to be a matter of time until we become what is now Greece.

We passed the event horizon for that in 2008 I believe or early 09. Our debt is too high, our deficit spending is too large in relation to REAL GDP (without governments ridiculous pumping) and the dollar will take its lumps once Europe crashes, which also appears to be inevitable at this point.

All this because no one wants to cull the debt or claim the true losses on all the banks books because if they do it results in collapse. Ultimately they are making it worse at this point by continuing the charade and throwing more money into the Giant black hole which just makes the money problem that much worse when we come out the other side.

My thoughts are that the Euro collapses within a short period of time and we see things happen in those countries similar to or worse than what is going on in Greece.
I think it is where we(the US) are headed and probably a lot sooner than some folks think if we don't immediately do something about bank assets and government spending. We probably could have solved a lot of this two years ago, but the consequences then were too horrendous to allow. Unfortunately we still have those problems on the table we are just in worse shape from a financial and budgetary standpoint with something over 2 trillion dollars thrown into a black hole and forever lost.

Until we allow/force the resolution of the debt, the bad assets, and get some sort of aggressive spending discipline instilled in government the specter of large scale financial collapse remains in the cards. Its probably even more a threat now than it was.

[shortonsense]

$this->bbcode_second_pass_quote('Novus', 'S')ome of the Doomers are off grid with no internet/TV but most of the hard core doomers have our own forum: doomers.us


Anyway I don't think anyone with half a brain believes the official story.

[Cloud9]

Ever jump in a pool to save a drowning man? If you are not very skilled, he will drown the both of you. While the skimmers are skimming off the top, one half the population is living off the sweat of the other half. How many times do we have to hear unsustainable? Every rational human being knows the jig is up, but we are not going to stop dancing until the music stops. We will restructure and reorganize when we have absolutely no other choice. Until that time comes, enjoy the dance.

[Revi]

Remember what happened to the dinosaurs?

[Sixstrings]

What a pathetic email. First of all, there aren't enough traders to "take all the jobs" in the non-financial economy. Throw in every Joe Schmo that works at a bank or off Wall Street then you have a sizable number, but really who's talking about shutting down every bank anyway?

Secondly.. this is a pretty piss-poor defense. The best this guy can come up with is "leave me alone or I'll take your job." He couldn't even think up some reason why Wall St. is useful to society. His best proof of self worth is that he works from 5am to 10pm. Well, ok, so what's that prove? I'm sure the Nazi's worked long hours too. Putting in a long day doesn't necessarily mean you're doing "God's work."

Bottom line.. these guys are hardly something new, we've had their type ever since the 20's (prior to that, robber barons at least got involved in tangible businesses; making money from thin air didn't get going until the early 20's).

[jbrovont]

I'm with you 100% on this SS. Stock exchanges (at least in theory) are supposed to provide a valuable service to our society. This mentality always puzzles me: they want to live in a high order civilization with rules and laws, but only so far as those social rules and constructs don't hinder their freedom to prey on other members of society. This seems to be the quanta of antisocial behavior that breeds from the diametrically opposed poles of living in a "capitalist society." On one side, we have a need to provide for common interests, such as a military, roads, and fiscal stability. On the other side, the pure capitalistic "eat what you kill" mentality is used by some to grant themselves a moral pass to leech from the same system that allows them to exist, and stroke their egos at their "success."

In a pure "I'm so fierce I eat what I kill" situation, one person may well be able to steal and defraud their way into great wealth. However, it is only social order and structure that enables them to do so, since without it, rampant theft or fraud would quickly land them at the end of a short drop and a quick stop in the backwoods of one of their disgruntled victims.

Now, I'm not saying "hang all the wall stree bankers." (Although I do think arbitrage against the people of the US should be treason and carry at least a life sentence w/out possibility of parole) What I am saying, is that without carefully measured, codified and applied law, these "predators among us" will continue to rot our best attempts to have a stable, equitable and progressive society.

$this->bbcode_second_pass_quote('Sixstrings', 'W')hat a pathetic email. First of all, there aren't enough traders to "take all the jobs" in the non-financial economy. Throw in every Joe Schmo that works at a bank or off Wall Street then you have a sizable number, but really who's talking about shutting down every bank anyway?

Secondly.. this is a pretty piss-poor defense. The best this guy can come up with is "leave me alone or I'll take your job." He couldn't even think up some reason why Wall St. is useful to society. His best proof of self worth is that he works from 5am to 10pm. Well, ok, so what's that prove? I'm sure the Nazi's worked long hours too. Putting in a long day doesn't necessarily mean you're doing "God's work."

Bottom line.. these guys are hardly something new, we've had their type ever since the 20's (prior to that, robber barons at least got involved in tangible businesses; making money from thin air didn't get going until the early 20's).

[Revi]

Those wall streeters can have my job, but I doubt they would last too long.

I think staring at a screen all day hardly qualifies them to take all the jobs of all of us proles. They will have to learn to eat crappy food, work 10 hours a day and take care of their children all at the same time.

Good luck.

[Sixstrings]

$this->bbcode_second_pass_quote('Revi', 'T')hose wall streeters can have my job, but I doubt they would last too long.

I think staring at a screen all day hardly qualifies them to take all the jobs of all of us proles. They will have to learn to eat crappy food, work 10 hours a day and take care of their children all at the same time.

Good luck.