The Fickle Finger Of Fat

Toronto Star, May 6th…

Mercifully, the latest stock market crash might have been caused by something with which many of us have personal experience: a “fat finger.”

SDA, via commentor ‘Melinda Romanoff’ at May 6, 2010 10:59 PM…

No trading platform allows the use of common english, in place of numerics, for electronic trading. None. And the CME has said nothing untoward occurred in the e-minis (electronically traded mini (1/5) S & P 500 stock futures contract).
The list of “corrections” from the NASDAQ has some unique overlapping data points: mutual funds and ETF’s holding the same individual stocks, as a multiplier).
This was no error, and I have made very expensive mistakes on the Globex trading platform. (In the pits too, but I won’t go into that.)

Cjunk, quoting Zero Hedge on May 7th…

A year ago, before anyone aside from a hundred or so people had ever heard the words High Frequency Trading, Flash orders, Predatory algorithms, Sigma X, Sonar, Market topology, Liquidity providers, Supplementary Liquidity Providers, and many variations on these, Zero Hedge embarked upon a path to warn and hopefully prevent a full-blown market meltdown.

WSJ, May 10th…

The trade by Universa, a hedge fund advised by Nassim Taleb, author of “Black Swan: The Impact of the Highly Improbable,” led traders on the other side of the transaction—including Barclays Capital, the brokerage arm of British bank Barclays PLC—to do their own selling to offset some of the risk, according to traders in Chicago.
Then, as the market fell, those declines are likely to have forced even more “hedging” sales, creating a tsunami of pressure that spread to nearly all parts of the market.
[…]
As more details of Thursday’s collapse become clear, there is less evidence to suggest a “fat finger” data-entry error caused the collapse. Instead, the picture is one of a rare confluence of events, some linked, some unrelated, that exposed weaknesses in the stock market large and small…

Tail Of Unintended Consequences

Wally Conran has regrets.


“I decided to stop mentioning the word crossbreed and introduced the term ‘labradoodle’ instead to describe my new allergy-free guide-dog pups,” he wrote.
The name caught on and interest in the labradoodle soared, but he began to worry about “backyard breeders producing supposedly allergy-free dogs for profit,” Conran wrote. He felt that he had opened up a Pandora’s box.

Better to say he fell into one.
Since the animal rights racket began targeting purebred dogs about 25 years ago, a steady trickle of propaganda masquerading as exposé began to enter the media mainstream. Time magazine’s A Terrible Beauty (which includes scientific gems like “practically every species suffers from inherited diseases”) is a textbook example.
Long on weepy anecdotes and lazy research, short on balance and meaningful rebuttal, the oft stated goal was to push the pet buying public towards shelter animals. For their animal rights puppeteers, the goal was for the public to forgo “enslaving” a pet at all.
Of course, Labs had been getting out of the yard and getting it on with the poodle down the street for as long as Labs and poodles have existed. But historically, the product of such matings rightly sold for a nominal fee, or – as they grew into the 30 lbs of puppy food a week stage – for nothing at all.
That all changed when media got involved to help spread the animal rights crafted message of Hybrid SuperiorityTM.
To Time magazine and others, Labradors and poodles weren’t simply breeds developed for cold water retrieving that excel in a host of other disciplines – they were deeply flawed symbols of a corrupt and elitist social class intent on forcing artificial standards of beauty on the health and welfare of millions of innocent family pets.

Within the past century, though, and especially over the past 50 years, the most popular types have been bred almost exclusively to look good — with “good” defined by breed-specific dog clubs and the American Kennel Club (AKC). “Form has been separated from function,” says Brian Kilcommons, a dog trainer in Middletown, New York.”Styles come in vogue. The competition at dog shows is geared almost exclusively to looks.” This focus on beauty above all means that attractive but unhealthy animals have been encouraged to reproduce — a sort of survival of the unfittest. The result is a national canine-health crisis, from which few breeds have escaped. […]
“Criticize the AKC, and there will be retribution,” says one New York dog trainer. “Judges may find they are no longer getting assignments. Breeders might discover their dogs are no longer winning prizes.”

Never mind that the AKC registers only a fraction of the purebred dogs born in America, and puppies produced by competitive show lines account for only 5% of those – the few hundred dogs awarded breed ring rankings each year were responsible for the gene defects of tens of thousands of largely unrelated purebreds churned out for the commercial market. To that end, Time (along with countless others) advised;

Most of these genetic problems would disappear if Americans could somehow be persuaded to abandon purebreds in favor of mutts. While individual mixed-breed dogs have problems, the animals on average are a lot healthier than their high-class cousins.

The public was paying attention. The result was an epic backfire in mankind’s long history of unintended consequences.
With the birth of a new type of snob appeal – that of the morally superior, politically correct dog owner – came an explosion in the breeding of so-called “designer dogs”.
A puppy who might command $35 in his grandsire’s day was suddenly worth $1200. And why not? If that was the going rate for a purebred standard poodle puppy, surely a fillintheblankpoo, endowed with media-certified hybrid vigour, was worth as much – or more?
No matter that the $1200 purebred might represent thousands of dollars investment in genetic testing, post sale support, and health guarantees – along with the predictability in adult size, coat type, temperament, and trainability so critical in matching a puppy with his owner’s lifestyle and environment.
No matter that late onset defects are often the product of dominant genes, which require only one affected parent to produce disease in offspring, or that many breeds share the same disease genes for common problems such as hip dysplasia.
No matter that purebreds are so often screened for sub-clinical disease or carrier status that handy databases exist ready to be mined and publicized by their critics – while crosses receive little or no such testing at all.
And no matter that crosses between breeds of different physical types can result in grotesque malformations of structure (such as jaw alignment) and coat care nightmares.
The thing that really mattered was that they weren’t “bred to look good”.
And so, Labradoodle beget Goldendoodle, which begat Cadoodle, which begat Doodleman Pinscher, which begat Giant Schoodle, and so forth, all of them commanding prices well in excess of the original purebreds that went into the mix – for the commercially bred purebreds used in such crosses are invariably the least worthy for breeding.
After all, no one with a poodle or Labrador from generations of health tested, champion stock would consider wasting that investment in a hybridized dead end.
Puppies produced by low quality Labrador parents might command $250 in a market saturated with pet Labradors – hardly enough to merit the work involved in producing a litter or the risk of being saddled with unsold puppies.
But by simply breeding the Lab to an equally invaluable poodle, the value of their puppies could instantly quadruple. Better yet, the profit margins were huge. The Labradoodle puppy requires no more “per unit investment” than does any other mutt – bargain basement breeding stock, dog food, and a vaccination. In contrast, a comparatively priced standard poodle puppy might represent hundreds of dollars of input costs.
Wally Conran knew these things, of course. What he couldn’t have known is how a left-leaning media largely sympathetic to the animal rights agenda would turn his little guide dog experiment into a Gen X status symbol and canine cash-generating monster.

Reader Tips

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Tonight, for your delectation, here is Jascha Heifetz performing Henryk
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Herr Gutenberg, You Can Have It Back Now

… …most Canadians were stunned to discover that one of their own was the star of a $2 million television campaign warning Americans about the perils of this country’s publicly funded medical system. Shona Holmes, the poster girl for that attack, turned out to be fronting a lawsuit against Ontario’s health ministry spearheaded by a Calgary-based Christian advocacy group named the Canadian Constitution Foundation.

I know I was.

Update.
When Ann Coulter wanted to perfect Jews, people said it was a bad thing.

That’s not a cookie jar. This isn’t my hand. You’re not standing there…

Several weeks ago the Conservatives complained to CBC Ombudsman Vince Carlin about the CBC’s use of pollster Frank Graves as a putative non-partisan: “Why,” the letter asked, “is a pollster who conducts polling for Canada’s national broadcaster…also giving partisan advice to the Liberal Party of Canada?”
The usual suspects shrugged off the charge. The network’s editor-in-chief insisted that the CBC “is ‘politically neutral‘ and ‘scrupulously fair.'” EKOS denied that any of the data from any of the CBC-commissioned polls had been shared with the Liberals (notwithstanding, apparently, that fact that the results of one such CBC-commissioned poll induced Frank Graves to announce on air that the Liberals would do well to point out to Canadians that the choice between the the Liberals and the Conservatives was one of “cosmopolitanism versus parochialism, secularism versus moralism, Obama versus Palin, tolerance versus racism and homophobia, democracy versus autocracy.”)
In the aftermath of all the hoo-ha Graves dropped out of sight, only to reappear last Thursday on Power & Politics to discuss the results of a recent “viewer-inspired” poll “conducted for exclusive release by the CBC program Power & Politics.” Seems a citizen viewer had come up with a thought-provoking suggestion for an EKOS poll: “It would be interesting to find out what issues are most important to women. What qualities they look for in a leader and conversely what issues/characteristics negatively affect their vote.” Host Evan Solomon gushed “Frank, this is a fascinating poll, because it came based on a viewer question…a fascinating question, and very timely.”
Why yes, yes, and what makes the poll even timelier and more fascinating is that the viewer who suggested the subject matter of the poll, a woman named Mary Pynenburg, just happens to be a former two-time candidate for the federal Liberals.
The reactions from the usual suspects show a Liberal-headed entitlement to passive-aggressive redirection. Jane Taber, for example, elevates apoplexy-inducing non-accountability into a perfected art form: she acknowledges that yes, Mary Pynenburg is a former Liberal candidate, and yes, Mary Pynenburg submitted the question that Frank Graves conducted a poll on, but she still manages to type out that “the Tories allege” that the poll “was inspired by a Liberal Party candidate.”
CBC/EKOS pollster Frank Graves:

“I had no idea whatsoever who submitted the viewer-inspired question.”

CBC spokesman Jeff Keay:

“The question sent to us was reasonable, timely and relevant.”

To sum up: a two-time Liberal candidate who the CBC describes as just a “viewer” – a concerned regular-Jane citizen, in effect – submits, to the CBC and EKOS, a poll question that just happens to be on a matter that the Liberals and the CBC have been attacking the Conservatives on (as evidenced by the fake “Abortion” issue as it pertains to foreign aid), and then the poll’s results are announced coast-to-coast on the taxpayer-funded CBC, including the “finding” that “Conservative supporters had a higher than average propensity to say that women leaders would have a negative effect.”
“Timely and relevant” indeed.

Reader Tips

Good evening ladies and gentlemen, welcome to SDA Late Nite Radio.
Tonight, for your delectation, here are Eddie Albert as Oliver Wendell
Douglas
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II & III episode of Green Acres in 1966 (Σt=28:20).

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It’s Like Deja Clinton All Over Again

Now is the time at SDA when we flashback!
Connecticut, USA , 2010 – Then it got worse: Reporters started showing up at Shahzad’s house in Shelton, waiting for the arrest to happen. Shahzad was actually up the road at a ramshackle apartment he had rented in Bridgeport. That’s where officers were watching him — but apparently that also was leaked. A TV reporter showed up there and waited.
Beach In Somalia, 1992 – As Navy Seals and Marine reconnaissance teams came shore under the glare of television lights, the spotlights and flash attachments gave away their positions, interfered with their sophisticated night-vision equipment and gave night blindness to commandos who wanted to have their eyes fully adjusted to darkness in case they were attacked from the dunes and scrub.
h/t Ardvark

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