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GLOBAL FINANCIAL SYSTEM OPERATING SMOOTHLY: Remember how the Dow dropped 700 points in fifteen minutes between 2 and 3 p.m. today, and then got back 500 of those points a few minutes later? Some dingbat computer went nuts or whatever: "NEW YORK (Reuters) - A trading error at a major firm was to blame for the day's market plunge, CNBC reported on Thursday. Separately, Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m." Ha ha, yes, "trading error." GREATEST SHORT SELL IN HISTORY! Everyone in America wins. UPDATE: Oh my god. Is this really allowed to happen? "According to multiple sources, a trader entered a 'b' for billion instead of an 'm' for million in a trade possibly involving Procter & Gamble, a component in the Dow." He works for Citigroup. [Reuters]

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Fellow Wonkers, this last week of horror has been wearing on us all, because here we are in a world where the "president" of the United States has ordered that migrant children be taken away from their parents at the border, and is simultaneously proud of it (for his base) and cravenly blaming it on Democrats because even he knows it's morally reprehensible. But what the hell can we do about it, we are all keening, beyond calling our senators and representatives and posting sadness on Twitter, the latter of which is of dubious utility to anyone, and mostly depressing?

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There are perks to being the only Harvard professor willing to shill for the Bush League Mussolini. Everyone else has to haul ass to the Fox studio and sit for hair and makeup. Not Alan Dershowitz! He just parks his laptop in Pee Wee's playhouse and Skypes in that rant. Is he even wearing pants? We hope never to find out!

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