A Nightmare on Wall Street

  • Aired:  05/10/10
  •  | Views: 197,700

The Dow plunging 700 points is blamed on a perfect storm that, for some reason, takes place every two weeks. (3:51)

[CHEERS AND APPLAUSE]

>> Jon: WELCOME BACK.

TURNS OUT DURING THE BREAK I FOUND OUT I WAS WEARING THIS BACKWARDS.

[LAUGHTER]

TOUCHE ROLAND, MARTIN.

IT'S NOT SO EASY.

AS YOU KNOW I'M A BIT OF A STOCK MARKET WATCHER.

I LIKE TO FOLLOW THE BIG BOARD WHERE I OFTEN ATTEMPT TO BUY LOW AND SELL HIGH!

YOU CAN IMAGINE HOW A SOPHISTICATED TRADER SUCH AS MYSELF WAS PERTURBED ON THURSDAY

WHEN THE DOW PLUNGED 720 POINTS IN THREE MINUTES AND SHOT BACK UP AGAIN LIKE NOTHING HAPPENED

IT WAS LIKE THE ENTIRE MARKET SAID GOT YOUR NOSE.

JUST KIDDING.

THE QUESTION ON EVERYONE'S MIND.

WHY?

THE CASINO RIGGED TO THE BENEFIT OF A HANDFUL OF TAXPAYERS SUBSIDIZED BANKS -- BUT SERIOUSLY, WHY?

>> WE HEARD IT COULD BE HUMAN ERROR.

SOMEONE IN FRONT OF THEIR COMPUTER PUNCH THE WRONG KEY.

>> IT'S DUBBED THE FAT FINGER TRADE.

>> COULD A FAT FINGER BE TO BLAME?

[LAUGHTER]

>> Jon: YEAH, I THINK SOMEONE IS GETTING THE FAT FINGER HERE.

THAT'S FOR SURE.

[LAUGHTER]

APPARENTLY LAST THURSDAY AT 2:40 P.M. THE STOCK MARKET GOT FAT FINGERED.

[LAUGHTER]

OF COURSE, WHEN IT HAPPENS FAST IT FEELS LIKE TWO FAT FINGERS IN THE DOW AND ONE IN THE NASDAQ

AND ONE --

[LAUGHTER]

I GUESS -- I GUESS THAT'S WHY IT'S SUCH A SHOCKER TO THE ECONOMY.

[LAUGHTER]

I'M NOT DOING THAT RIGHT, AM I?

[LAUGHTER]

I'M OLD.

BUT DESPITE AIRING IT ON EVERY CHANNEL WITH ZERO EVIDENCE THERE WAS ONE THING WRONG WITH THE FAT

FINGER STORY.

>> IT WAS NOT A FAT FINGER.

>> Jon: DAMMIT.

I'M SURE IT CAME AS A RELIEVE TO EVERYONE ESPECIALLY THIS TRADER.

I TOLD YOU GUYS.

[LAUGHTER]

SO WHAT DID HAPPEN?

>> THERE'S A WHOLE LOT OF STUFF GOING ON ALL AT ONCE.

YOU HAVE THE BRITISH ELECTION.

>> THE PENSION ISSUES STATES ARE CONFRONTING.

>> PEOPLE ARE START STOG REPRICE RISKY ASSETS.

>> YOU'VE GOT CONCERNS ABOUT GREECE.

>> IT WAS A CONFLUENCE OF FACT KWRORDZ.

IN MANY WAYS THE PERFECT STORM.

>> Jon: AH, THE PERFECT STORM.

WHAT HAPPENS IN THAT MOVIE AGAIN?

THAT'S RIGHT, EVERYONE WINDS UP DEAD.

SPOILER ALERT!

IT WAS A PERFECT STORM.

I FEEL LIKE I'VE HEARD THAT ONE BEFORE.

MAYBE IT WAS DURING THE GM BAILOUT.

>> THE ECONOMIC CRISIS WE HAVE SAID TO SAY PERFECT STORM.

>> Jon: THAT'S NOT THE ONE I WAS THINKING OF.

MAYBE THE HOUSING BUBBLE?

>> WHAT IS CALLED A PERFECT STORM IN THE HOUSING MARKET.

>> Jon: NOW THAT IS THE 2007 HOUSING BUBBLE.

I KNOW WHAT IT WAS THE 2008 ECONOMIC MELTDOWN.

>> YOU HAVE AIG AND A LOT OF THINGS, A CONFLEWENCE, A PERFECT STORM.

>>

>> Jon: YEAH, NO, MAYBE IT WAS A RANDOM CRAPPY DAY ON WALL STREET IN 2007.

>> IT WAS A PERFECT STORM OF HOUSING PRICES GOING DOWN AS OIL PRICES GOING UP.

>> Jon: WHY IS IT THAT WHEN SOMETHING HAPPENS IT'S BLAMED ON A ONCE IN A CENTURY PERFECT

STORMS THAT TAKE PLACE EVERY (bleep) TWO WEEKS?

I'M BEGINNING TO THINK THESE ARE NOT PERFECT STORMS.

[ APPLAUSE ]

I'M BEGINNING TO THINK THESE ARE REGULAR STORMS.

THESE ARE REGULAR STORMS AND WE HAVE A||||

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