Stock Market (Typing Fail)

[Ziner]

Check out the video below. Apparently a trader caused a massive sell off of P&G because he/she mistakenly typed Billion instead of Million when selling. Whoops. Some people out there just made a butt load of money. Its pretty entertaining (and also scary) you can turn a crappy day on the market of a 300 point drop to 1000 point drop in less than 5 minutes with a mistake like this. Just watch the video and the numbers as it goes.

http://www.cnbc.com/id/15840232?video=1487056830&play=1

http://www.cnbc.com/id/36999483

Already a bad day with Greece. Going to be interesting to see how Europe handles this. One of the biggest issues with the Euro is taking the monetary policy away from the individual countries.

[jfiling]

Somebody had to make money off of that "mistake". I noticed that after the stock drop it rebounded to its opening price, then continued the fall. If I wanted to make money while short on P&G, I might make a "mistake" like that, then buy back the shares, and then cover my position with the original shorts when people overreact and sell the crap out of it.

[Cerebral_DownTime]

I have no faith in anything Wall Street says or does.

[waborat]

I have no faith in anything Wall Street says or does.

Unfortunately, if you wanna retire at a decent age then ya better

[Cerebral_DownTime]

I have no faith in anything Wall Street says or does.

Unfortunately, if you wanna retire at a decent age then ya better

Nah.

We've already have a nice nest egg started and I plan to retire when i'm 55.

[waborat]

I have no faith in anything Wall Street says or does.

Unfortunately, if you wanna retire at a decent age then ya better

Nah.

We've already have a nice nest egg started and I plan to retire when i'm 55.

Atta boy...

Just saying that all that compound interest that you'll need is somehow tied to the markets

[leadpipe]

I have no faith in anything Wall Street says or does.

Unfortunately, if you wanna retire at a decent age then ya better

I wholeheartedly agree with both of you.

Which is beyond ridiculous when you think about it, but they got us by the balls.

Of all the things in this country people consider unscrupulous, the stock market, with all it's insider trading and underhandedness, is right up there with the most crooked of them.

And so many American futures are dependant upon it.

[Ziner]

http://www.gop.com/index.php/briefing/c ... acceptable

Gotta love politics today. Saw this at the top of drudge and started laughing.

Today, BLS Reported That Unemployment Rose To 9.9 Percent In The Month Of April, Up From 9.7 Percent. (U.S. Bureau of Labor Statistics, http://www.bls.gov, Accessed 5/7/10)

Pulled out one line from the jobs report.

Finally some good news with the jobs report and this is the shit they pull. It makes my brain hurt.

For those of you that don't know the unemployment number is nothing but unemployed and still looking over the labor force. Labor force doesn't include discouraged workers. Discouraged workers beginning to look for jobs is a good thing even if it increases the unemployment rate. It wouldn't be shocking for it to continue to rise with the number of discouraged workers out there.

[danwismar]

For those of you that don't know the unemployment number is nothing but unemployed and still looking over the labor force. Labor force doesn't include discouraged workers. Discouraged workers beginning to look for jobs is a good thing even if it increases the unemployment rate. It wouldn't be shocking for it to continue to rise with the number of discouraged workers out there.

As long as you're consistent, and notice when the reverse happens, this is a reasonable point to make.

When the unemployment rate drops, it is in part because long term unemployed "discouraged" people stop looking for work and drop out of the job market, yet it is routinely celebrated as "good news", even when it isn't, really...at least not completely.

Similarly, repeated extensions of unemployment benefits (even when they are paid for with borrowed, deficit-increasing federal dollars) are viewed by most as an unalloyed societal "good", because what callous prick wants to stand up and be counted as against "help" for the unemployed? In practice, extending unemployment benefits just delays what is now happening...people who have been unemployed for many months are starting to look for work again. Many folks will not start to look as long as the government continually extends their unemployment comp.

[Orenthal]

As long as you're consistent, and notice when the reverse happens, this is a reasonable point to make.

When the unemployment rate drops, it is in part because long term unemployed "discouraged" people stop looking for work and drop out of the job market, yet it is routinely celebrated as "good news", even when it isn't, really...at least not completely.

I would say that this is true only at the beginning of such a move to the positive, but either way is impossible to judge without actually knowing how large or small that pool of discouraged worker really was, and then tracking its movement.

This little piece of commentary gives a good take on the real number...
http://voices.washingtonpost.com/economy-watch/2010/05/truer_unemployment_rate_rises_2.html