Stock market collapsing will obama and the unions pay attention?

[droski]

greece, spain, and italy all threw money at the public employees and at the unions and now all 3 might have to default on their debt and/or remove themselves from the EU and massively inflate thier currency. will this be a wakeup call that gov't isn't the solution? that unions are what could bankrupt this country rather than be the savior as obama thinks? that paying people more than the market says they are worth isn't sustainable? that taxing the investor class and spending that money by overpaying our public employees is the way to ruin, not the way to a fairer america?

 

[IPorange]

In a word: no.
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[lawgator1]

Let's hope so.

 

[volinbham]

Down 900 points at one time - yikes!

 

[Velo Vol]

We've got bigger problems than the pay scale for union government employees.

 

[droski]

We've got bigger problems than the pay scale for union government employees.

actually no we don't

 

[volinbham]

this just in - BO inherited this...

 

[Velo Vol]

So paying government administrators 25% (or whatever it is) over "market value" is a problem but paying to station hundreds of thousands of troops on the other side of the globe for years on end isn't?

Makes sense.

 

[BigPapaVol]

So paying government administrators 25% (or whatever it is) over "market value" is a problem but paying to station hundreds of thousands of troops on the other side of the globe for years on end isn't?

Makes sense.

Good point. Military spending is killing this country.

 

[Velo Vol]

Rick "Tea Party" Santelli says today's action will raise some interesting questions about high-frequency trading.

 

[droski]

So paying government administrators 25% (or whatever it is) over "market value" is a problem but paying to station hundreds of thousands of troops on the other side of the globe for years on end isn't?

Makes sense.

that 25%, particurally if you include the state and local level, dwarfs spending on iraq by a factor of 10 at least.

 

[droski]

Rick "Tea Party" Santelli says today's action will raise some interesting questions about high-frequency trading.

i sold my ultra shorts at the market when the market was down 900. let's just say i'm less than thrilled with my execution.

 

[Velo Vol]

Now CNBC is speculating about a trading "error."

Oh brother.

 

[droski]

Now CNBC is speculating about a trading "error."

Oh brother.

if true heads should roll. no one should be able to put in that size sell order error or not.

 

[BigPapaVol]

if true heads should roll. no one should be able to put in that size sell order error or not.

how big was it?

 

[droski]

how big was it?

they are saying it was a billion shares (meant to do a million) on an broad market index.

 

[BigPapaVol]

they are saying it was a billion shares (meant to do a million) on an broad market index.

holy crap. You'd think someone would double check.

 

[droski]

holy crap. You'd think someone would double check.

must have been a very senior trader. most firms wont let you even put in a trade over 500k shares electronically even if a managing director.

now saying it's citibank. not surprising. their traders are idiots.

 

[lawgator1]

Shares of?

 

[droski]

now they are saying it's just PG (remember it's a major part of a lot of indexes). still shouldn't have been this big of a drop

 

[TennTradition]

PG?

 

[Velo Vol]

Report: someone at Citi screwed up a P&G trade.

How that leads to a 500 point drop in the entire market is an indictment on the whole electronic system.

 

[volinbham]

Proctor and Gamble?

 

[TennTradition]

Proctor and Gamble?

Yeah...just looked up an article. I thought it was some sort of finance lingo

 

[droski]

Report: someone at Citi screwed up a P&G trade.

How that leads to a 500 point drop in the entire market is an indictment on the whole electronic system.

agreed. obvoiusly this triggered program trading (only explanation). program trading was supposed to have been curtailed after the crash in 1987 if the market drops a lot. whoops.