Muse in the Morning
May 07 2010
Yippee ! Wall Street is saved !
Senator Sherrod Brown’s (D OH) amendment 3733 on the Financial Stability Act bill, to break up the Big 6 Banks into smaller ones that couldn’t take down the entire nation’s economy if they failed, itself did not pass the vote in the Senate this evening, failing by a spectacular 61 noes to 33 yeas, with 6 senators too timid to approach the subject.
Not all bought and paid for yet:
YEAs — 33 votes
Coburn (R-OK)***** Republican
Shelby (R-AL)***** Republican
Specter (D-PA)***** ex Republican
_______________________ end of people who don’t like Great Depressions and financial chaos
___________ Begin list of Senators who liked that Citizens United Ruling by the Supreme Court:
NAYs — 61
Baucus (D-MT) a small, cold, scenic state of tiny population, which votes with Utah. wtf.
Bayh (D-IN) does you wife get more insura/pharma stock options for this ?
Carper (D-DE) meh. typical.
Dodd (D-CT) looking for that Golden Parachute……
Feinstein (D-CA) meh.
Gillibrand (D-NY) really, Kirsten, how could you
Kerry (D-MA) meh. first no public option, an excise tax, and now this. you still suck.
Landrieu (D-LA) say, how’s the Gulf doing, Ms. Mary of Louisiana?
Lieberman (ID-CT) suing Atty General Holder over the tragic Ft Hood shooting information release, too
McCaskill (D-MO) midwestern Blew Dawg who thinks she’s a hot shot financial whiz. ya huh. not.
Nelson (D-NE) at least he’s consistently not on our side
Schumer (D-NY) wants to be next Majority Leader after making us all get biometric cards. Swell.
Tester (D-MT) meh. These netroots Dems.
Not Voting – 6
Byrd (D-WV) okay, you’re old and frail. pass. barely.
Vitter (R-LA) you don’t have enough diapers to clean anything up
May 07 2010
What passes for sanity on Wall Street was eventually restored, and after falling 998.5 points or 9.2% in only a few minutes, stocks ended the day with a relatively benign loss of 3.2%, 347 points off the Dow, in what was still its biggest one-day tumble since February, 2009.
The more or less rational fraction of this mini-panic was apparently fear that the Spanish economy would collapse along with Greece, and then…
Robot-traders ran wild!
The 1987 crash, when the Dow lost 20% in a matter of hours, was blamed squarely on program trading, in which computers are set to sell (or buy) when stocks hit a certain threshold.
But at the end of the day, nobody knows exactly what happened, or why, and our economy continues to be ruled by a tunnel-vision coalition of half-bright wonks and predatory hustlers.
May 07 2010
A very good friend of mine has a problem.
I was over at his house today where I was to meet his son.
We had a nice talk about gardening & lizards, out on the grounds around the house. There was no one else there.
The mom had told me she wasn`t around much, since she was caring for her ill brother. I`m very friendly with the mom & she`s a very very nice person. Their daughter comes over to my house & I can leave her there by herself.
I trust her to no end. She`s going off to college back east in the fall.
The older brother is in his second year at San Francisco U.
He also is a personal friend & always welcome at our house.
Now we come to the dad.
He`s a doctor & one of the nicest person anyone could ever meet.
So what`s the problem.
May 07 2010
Slick Operator: The BP I’ve Known Too Well
I’ve seen this movie before. In 1989, I was a fraud investigator hired to dig into the cause of the Exxon Valdez disaster. Despite Exxon’s name on that boat, I found the party most to blame for the destruction was … British Petroleum (BP).
That’s important to know, because the way BP caused devastation in Alaska is exactly the way BP is now sliming the entire Gulf Coast.
Tankers run aground, wells blow out, pipes burst. It shouldn’t happen, but it does. And when it does, the name of the game is containment. Both in Alaska, when the Exxon Valdez grounded, and in the Gulf last week, when the Deepwater Horizon platform blew, it was British Petroleum that was charged with carrying out the Oil Spill Response Plans (OSRP), which the company itself drafted and filed with the government.
What’s so insane, when I look over that sickening slick moving toward the Delta, is that containing spilled oil is really quite simple and easy. And from my investigation, BP has figured out a very low-cost way to prepare for this task: BP lies. BP prevaricates, BP fabricates and BP obfuscates.
That’s because responding to a spill may be easy and simple, but not at all cheap. And BP is cheap. Deadly cheap.
May 07 2010
Whoo! That was a bit of the old galvanic skin response, wasn’t it? Wall Street’s high frequency trading programs exhibited a bout of uninhibited sympathetic discharge, and lots of hearts initially stopped dead before drum-rolling seconds later, amid abrupt increases in blood pressure, pounding headaches of sudden onset, profuse sweating, piloerection, blurred vision, and micturition and voiding reflexes. The Dow, Nasdaq, and S&P took a huge, 1,000-point swan dive, while the Volatility Index shot up Ben Bernanke’s butthole like a bolt of lightning. Exciting stuff!
I’m just glad everything is back to normal.