White House doesn't rule out sabotage in market plunge
President Barack Obama has not ruled out sabotage in Thursday afternoon's Wall Street panic. White House press secretary Robert Gibbs said Obama's economic team was jolted by the news and met Obama shortly after the market plunged. The president announced a full review Friday, and Gibbs said Obama is waiting to hear the results before ruling out possible causes, including sabotage. . . . read the full story at The Hill
A couple of questions come to mind:
First, "What's this "we" business, Kimosbie? Is there not a Securities and Exchange Commission that is in charge of keeping Wall Street walking the straight and narrow? Of course it is not "wrong" for the Administration to be concerned, but Obama never issues statements such as, "Let's not jump to conclusions while the folks at the SEC figure out what happened" No, indeed. Its all about Obama. HE's going to to get to the bottom of the most recent Wall Street ride. HE's going to investigate the oil spill (after waiting 9 days to even mention the problem). HE handles all of the major foreign affairs diplomacy - as if he actually has a plan for dealing with any of the world's hot spots. We could go on and on. Not a big deal, of course, but just a note on how this man wants to be perceived. He is our protector. . . . . . and fine job he is doing.
Second, since he does not recognize an organized Islamic terror war against the United States, does "sabotage" include an external techno attack from that community? Understand that in this war of terror, any costly assault is viewed as a success by radical Islam.
Third, since Obama has no admitted world wide enemies - including the likes of Chavez, Putin or Castro - does "sabotage" include an external cyber attack from China? You do know that China has been involved in such nonsense against the US for sometime, now. (see a related story here).
Folks wanting to learn more about such attacks can reference the Report to Congress , or a report written by the US - China Economic Security Commission, or the Nart Villeneuve's blog . Other sources of information can be found at sites such as Tracking Ghostnet or a FoxNews' investigative report reviewing 5 cases of cyber espionage. The Pentagon has to deal with some 1600 attacks per day !!
Understand that all of this speculation, all of these questions and more, present themselves because no one actually has any idea what caused the worst stock market single-day crash in history. It has been suggested that a "glitch" was the cause or an error committed during a stock purchase. We have listened to a number of business programs and are surprised to realize that the economic community does not understand "why" the continuing mystery, as well. We should know. We don't. Have the "bad guys" gotten away? Was money made that should not have been? Was money lost that otherwise would not have been lost? And the beat goes on. -- jds.
Note: an informative article can be found at The Financial Times.
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