Seriously, Capitalism? Seriously?

Wait. The stock market had a Black Thursday for a while because some moron accidentally typed a “b” instead of a “m” (as in “illion”) on a sell order? Are you fucking serious?

Surely Marx would have something to say about this. Time to re-read Capital?

God it would have been nice to have been daytrading at that moment though. Buying, in particular. Alas. One can’t exactly predict these sorts of things.

Also, I dare anyone to tell me that this isn’t a much bigger national security threat than planes flying into buildings and shit. ONE GUY can tank the stock market with a fucking TYPO?! Five of ‘em, in the right position, and acting deliberately, could probably destroy the economy in ten minutes. Who needs suicide bombers?

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5 Responses to “Seriously, Capitalism? Seriously?”

  1. Matt Says:

    Five of ‘em, in the right position, and acting deliberately, could probably destroy the economy in ten minutes.

    Probably not. It’s been a while since I looked at this stuff, but my recollection is that modern exchanges have “safeguards” built in such that if they drop too far too fast they automatically close for a period. It’s supposed to help stop panic selling. I don’t know if it would work for that, but it would probably work for this sort of thing. (Also, I don’t see why this would implicate anything in Marx.)

  2. bbot Says:

    The market’s pretty over-valued right now. You probably wouldn’t see knock-on effects like this in a real bull market.

  3. Paul Gowder Says:

    I can’t think of anything particular in Marx either. But my experience is that any pathology of capitalism can be found predicted somewhere in one of his works, so, inductively…

  4. The core of a cooperative game « Christian Marks Says:

    [...] 9 May 2010. The stock market crash of Thursday 6 May 2010 occasioned the use of expletives in the crowded econo-blogosphere. Possibly related posts: (automatically generated)Core Set [...]

  5. Daniel S. Goldberg Says:

    He lives!

    (The pathologies of capitalism are apparently sufficient to disturb you from your [un?]dogmatic blog slumber, eh? As they should be).

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