For the Record

Nothing irks me more than the idiots* who say that nobody saw the crash coming. I blogged about it years before it happened. It was plain as day. The real estate market was a bubble. Nothing fundamental had changed.

So for the record, the bump in the stock market today suggests just how fragile the markets are. I've brought this up many times in the networked publics panels, but it's worth mentioning again: high velocity trading is a major threat to the markets and the markets are far from stable.

In literally the blink of an eye the NYSE had dropped over 995 points. It bounced back, but was still down over 350 at the end of the day. 

This isn't the kind of glitch we should ignore. It's a warning underscoring how unsound our financial markets are. Anyone interested in the survival of the current economy system should hope that the Obama administration doesn't ignore it.  

*Of course some of the people saying that nobody saw the crash coming aren't idiots; they're liars.

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[...] For the Record | varnelis.net varnelis.net/blog/for_the_record – view page – cached Nothing irks me more than the idiots* who say that nobody saw the crash coming. I blogged about it years before it happened. It was plain as day. Tweets about this link Topsy.Data.Twitter.User['rogre'] = {"photo":"http://a1.twimg.com/profile_images/815646066/avatar-new_normal.jpg","url":"http://twitter.com/rogre","nick":"rogre"}; rogre: “RT @kazys: For the Record: Nothing irks me more than idiots who say that nobody saw the crash coming http://bit.ly/dqcWPh [Agreed.] ” 3 minutes ago view tweet retweet Topsy.Data.Twitter.User['kazys'] = {"photo":"http://a1.twimg.com/profile_images/69643986/concretecubes_normal.jpg","url":"http://twitter.com/kazys","nick":"kazys"}; kazysHighly Influential: “For the Record: Nothing irks me more than the idiots* who say that nobody saw the crash coming. I ... http://bit.ly/dqcWPh on varnelis.net: ” 11 minutes ago view tweet retweet Topsy.Data.Twitter.User['kazys'] = {"photo":"http://a1.twimg.com/profile_images/69643986/concretecubes_normal.jpg","url":"http://twitter.com/kazys","nick":"kazys"}; kazysHighly Influential: “For the Record: Nothing irks me more than the idiots* who say that nobody saw the crash coming. I blogged about it... http://bit.ly/csPnvh ” 39 minutes ago view tweet retweet Filter tweets [...]

I found it interesting too

I found it interesting too that it came as such a shock to analysts. I guess it's in the way economic practices are taught. A growth economy vs sustainable economy debate needs more emphasis in the public arena I believe.

(Found your site by way of researching into network culture, thanks for posting up your thoughts)

I found it interesting too

I found it interesting too that it came as such a shock to analysts. I guess it's in the way economic practices are taught. A growth economy vs sustainable economy debate needs more emphasis in the public arena I believe.

(Found your site by way of researching into network culture, thanks for posting up your thoughts)