There was a massive SNAFU in the stock market today as the high frequency computer trading algorithm for Knight Capital ate its pigs and spent 45 minutes selling at the bid and buying at the ask thus eating the bid-ask spread, 100 shares at a time, 40 times per second for I don't know how many stocks. Knight had to decline all orders and tell people to trade with someone else before Dave finally figured out how to pull the plug on the HAL 9000.Garbage in, garbage out...and if you want to vaporize $400 million that's a good way to do it, I guess. "Computer error" is entirely due to human error, and it's good that the NYSE is not letting Knight take a mulligan on it.
The NYSE has already made clear that Knight is going to have to eat almost all of its losses, which will be in the hundreds of millions of dollars.
Someone lost his job over that one.
But in the future, guys, if you want to get rid of $400 excess million just give it to me. Give me 1% of that $400 million. Hell--0.1%, even. 0.01%.
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Speaking of "lost his job", Lemonzen was telling me last night that, on Tuesday, #MAJOR_TELECOMMUNICATIONS_CORPORATION shut down a call center and sent home the employees staffing it. They've got 60 days to find other positions within the company, else they get a severance package and "have a nice life...somewhere else."
Strangely enough, I don't think my recent re-application to said company is going to do me any good whatsoever. *sigh*
I wonder if Chick-fil-A is hiring.
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Speaking of which....
Apparently they had a record-breaking day. Americans showed their support for little things like freedom of expression and freedom of religion by going to Chick-fil-A for lunch yesterday.
I'd go today if I didn't have 50,000 other things on my plate. (Okay...three. Three things of importance, including therapy, paying bills, and grocery shopping. But then there's my huge list of chores to do....)
Maybe tomorrow? I don't know.
Anyway, Mark Steyn opines that we need to start asking the PC police and the dictator wannabes, "Who the hell do you think you are?"
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I could have sworn that I already linked to this AoSHQ post titled, "CBS MarketWatch Writer: It's a Depression, Not a Recession"...but I can't find it and don't have time right now to do an exhaustive search; it's easier to say "WTF IDK" and shove the link into this post.
...but I've been saying for a good long time that the recession never ended in fact, that the "end" was only due to government adjustering and fiddlating of statistics. I guess other people are finally getting hep to the fact that this ain't no ordinary recession.
And no post about the economy would be complete without something "unexpectedly" happening. Bloomberg obliges.Shocked! Surprised! Dismayed! Why, the economy is unexpectedly performing poorly in the middle of a depression!
U.S. Manufacturing Unexpectedly Shrinks for Second Month
Yes, unexpectedly. We're all stunned.
...and oddly enough, we're in a depression because the government did exactly the same things it did in the 1930s, which led to the Great Depression.
But, "It's not the economy, stupid! It's that Romney misspeaks, thus disqualifying himself to be President!"
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CFLs emit ultraviolet-A and -B, which cause skin cancer if the fluorescent coating inside the glass is not perfect. The bulbs don't last as long as advertised and are simply not suitable for certain applications.
But since our CO2 emissions are going to destroy the world, I guess we all just have to suck it.
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The Kennedy family is notoriously hard on women. But since they vote the right way, no one cares.
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Another failed Obama campaign promise. "Most transparent administration in history"? Really?
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Coastal liberals are dependent on the very system they criticize.
That's what they don't stop to think about: they're in a small wooden boat surrounded by miles of shark-infested water...and they're hacking at the hull with an axe because it's not fair!
...and their opinions and attitudes are luxuries afforded to them by a rich civilization.
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That's an awfully ominous note on which to end a blog post, but it's what I've got. Therapy's in ten minutes; I gotta scoot.