“I went to lunch and the market dropped 800 points. People were pretty chill and like, ‘Oh, it’s just some program trading thing’ … [The] Citi rumor spread here before I started seeing it hit the news, because people were talking to clients on trading desks who were all hearing it too.” —A source in Goldman’s investment management, to the New York Observer, in regard to today’s crash. Meanwhile, Citi is denying reports that one of their traders may have instigated the crash: “We have not found any info that would lead us to believe we were involved in a technical error,” Armando Diaz, Citi’s U.S. Head of Franchise Trading, said. [NYO]
Facebook didn’t tiptoe to avoid poking the bear on the left. They went right up to the bear and stabbed it repeatedly. And then goaded the right’s bear to join in the stabbing.
The power of leftist outrage mobs has been well-discussed. The power of conservative outrage mobs to affect corporate and political policy, even from left-leaning organizations, is arguably less acknowledged.
In no small part to placate the right, the liberal company Facebook misled the nation again and again about the nature of Russian interference in the election. They repeatedly fed right wing conspiracies while waving away criticism from the left. It’s hard to see how an ardently Trumpist company could do much better.