Morning Report: NYSE shuts down on software error 7/9/15

There is a definite risk-on feel this morning after Chinese shares rebounded overnight. Bonds and MBS are down.

Actually a bit of a slow news day

Initial Jobless Claims rose 15k to 297,000 last week.

The FOMC minutes from the June meeting were generally taken as dovish. Housing was still characterized as “slow” and inflation remains below their target. Between Greece and China, it is hard to see how the Fed moves in September.

The New York Stock Exchange is blaming a software update for the trading suspension yesterday afternoon. Lots of people were thinking “cyber attack” yesterday.

This Sunday’s deadline for Greece might actually be a deadline. It’s “really and truly the final wake-up call for Greece, but also for us — our last chance,” EU President Donald Tusk said on Wednesday.

Wonder why so many stocks are suspended in China? It turns out many companies have been using their own stock as collateral for bank loans. These stocks have been suspended at the request of the companies themselves.

22 Responses

    • I was searching the ATiM archives for something and stumbled across this old post from qb, written almost 4 years ago, which is very interesting in light of current developments. qb sagely foresaw the looming assault on religious freedom in the US in a brief filed by the Obama admin in a SCOTUS case.

      I also thought this comment from FB was notable, again in light of recent developments.

      I think you’re hanging a lot off of a technical change, QB. I recognize that upon such technical changes, much can hang. Yet… your interpretation of the administration’s action would have the tax exempt status of the Roman Catholic Church revoked. Evidence, please?

      Stay tuned, FB. Stay tuned.

      Like

  1. @ScottC: While I lack evidence, I expect churches will lose any ability to say no to officiating a gay wedding over time, or will lose their tax exempt status. At which point, the argument will smoothly change from “It’s absurd to suggest that such a thing could ever happen” to “It’s absurd to suggest that such a thing should not happen. It is, in fact, long overdue with we’re going to live in the 21st century.”

    While progressives and conservatives have, in truth, always desired coercive legal force to compel others to conform to a certain set of mores, I think the progressives are ultimately the people in the position to actually do it. And such power, when available, will be used. But ultimately it’s the overall culture that allows it.

    Like

  2. @NoVA: Paul’s got an Obamacare post up if you’d like to join us. Your absence has been noted.

    @Kevin: I let you have this one. 🙂

    Like

    • ‘Goose, one of our generals, testifying to a congressional committee, just elevated Ukraine to being a quasi-ally of the USA, deserving of arms shipments.

      ‘Goose and George and Brent, I would like to think we had a clear notion of who are our allies. It seems to me we could then draw clear lines and not get involved in every freaking brushfire war everywhere.

      I think Gulf War I was a good idea, and Yugoslavia was OK, but I think we had actual allies in mind for both.

      I remember how I thought Iraq 2 was going to be OK b/c I bought Tony Blair’s explanation to Parliament. In hindsight, I have been too easily sold on these unclear agenda missions.

      Like

  3. The problem now Mark is that we’re bankrupt. How are we going to finance an expansive foreign policy?

    Like

  4. Scott, everyone in a position of power in this country believes in AGW, energy resources will remain in the ground until this country fucking freezes over.

    The new Maunder Minimum will conclusively prove AGW, however.

    Like

    • How are we going to finance an expansive foreign policy?

      Same as before – smoke, mirrors, “believe me, not your own lyin’ eyes”.

      Like

    • McWing:

      Scott, everyone in a position of power in this country believes in AGW, energy resources will remain in the ground until this country fucking freezes over.

      And consider the ironic ramifications of that!

      Like

  5. Mark, how much debt are you willing to leave your children and grandchildren for the sake of American hegemony?

    What can’t go on forever, won’t.

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    • McWing:

      Mark, how much debt are you willing to leave your children and grandchildren for the sake of American hegemony?

      It is not really foreign policy that is driving the debt. Domestic spending is the problem. Nearly two-thirds of the budget goes to health and welfare spending.

      Like

  6. Brent, when it is reported that P&G is selling its hair product and cosmetic lines to Coty, is it conveying factories, or just patents, copyrights, and IP?

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  7. Mark, I didn’t say it was, bankrupt is bankrupt, no? What are politicians going to cut, defense or Medicaid?

    Still didn’t answer my question.

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    • McWing:

      Mark, I didn’t say it was, bankrupt is bankrupt, no? What are politicians going to cut, defense or Medicaid?

      I think you are referring to what I said. Unfortunately I don’t think politicians are likely to cut either. I was just responding to the notion that we are putting future generations into debt for American hegemony. I actually think we can get that relatively cheap, if we want to. What we are putting future generations into debt for is the insane welfare spending we engage in.

      But anyway for the burn-it-down-and-start over school of thought (with which I have some sympathy, believe me), I would imagine that increased borrowing and spending on whatever would be welcome, as that can only hasten the inevitable collapse.

      Like

  8. “markinaustin, on July 9, 2015 at 1:10 pm said:

    ‘Goose, one of our generals, testifying to a congressional committee, just elevated Ukraine to being a quasi-ally of the USA, deserving of arms shipments.”

    Keep in mind that there are US trainers there now.

    http://www.nytimes.com/2015/04/18/world/europe/us-army-trainers-arrive-in-ukraine.html

    http://www.nytimes.com/2015/05/10/world/europe/ukraine-troops-receive-us-basic-training-after-battle.html?_r=0

    Along with Chechen volunteers:

    http://www.nytimes.com/2015/07/08/world/europe/islamic-battalions-stocked-with-chechens-aid-ukraine-in-war-with-rebels.html

    Like

  9. By all means, we deserve Single Payer!

    http://www.nationaljournal.com/tech/hack-opm-office-personnel-management-cyber-million-20150709

    They’d handle that information TOTALLY different.

    Like

  10. I have recommended My History Can Beat Up Your Politics before, and I recommend just subscribing to the podcast, of course, if you haven’t already. He recently reposted a great piece that covers the history of the 14th of amendment and puts it in the context of the time (if Andrew Johnson had been a better president, we wouldn’t even have a 14th amendment). He covers a lot in this podcast, so it last for an hour and twelve minutes.

    Subscribe to the podcast. Or listen to this while still available:

    [audio src="http://www.myhistorycanbeatupyourpolitics.com/14.mp3" /]

    Like

  11. Or, link to the WordPress post, since the comment section here handles it weird:

    https://myhistorycanbeatupyourpolitics.wordpress.com/2015/07/03/the-slaughter-could-not-be-ignored/

    Like

    • nova (from the link):

      Once again, Hillary Clinton finds herself on the precipice of history, only to know in her heart that she’s not her party’s first choice. Much like her marriage, she’s simply the one they’ll settle for.

      Heh.

      Like

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