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I was tooling around the internet for awhile yesterday, looking for a transcript of the Congressional hearings that featured Goldman Sachs executives and traders as the star witnesses, before I realized that nowhere in print was there any real sense of what had gone on. Congressional hearings may have been effective at some point in the past, but these days, the witnesses are usually far too polished and used to dissembling for hours at a time to be of any real value, and the senators and congressmen who are asking the questions are usually too polite to do more than ask questions of little or no value. Senator Carl Levin tried to deviate from that formula on Tuesday. He was harsh, unyielding and relentless. "Your clients lost. Goldman profits" rang out several times during his opening address. But Senator Levin didn't have enough of an understanding of the business to really pin back the ears of any of the witnesses, including Lloyd Blankfein, Goldman Sachs chairman. I couldn't figure out for the life of me why his staffers didn't line up a few disgruntled traders and insiders to give the senator a three or four day crash course on the business. His gambling analogies were something that might appeal to my grandmother, who puts gambling of any kind up there with the cardinal sins, but missed the mark when it came to characterizing Wall Street's shenanigans.

Isn't it fiinally time to enact a "basic income guarantee"? The lack of individual and family income security in the midst of a highly-developed economy is a travesty under any circumstances. But the contradiction of "poverty in the midst of plenty" that has plagued the world since the start of the Industrial Revolution is becoming much more grave in the U.S. and abroad. The problem, of course, is one of distribution of earnings, and excess production capacity relative to available income... Winston Churchill gave eloquent testimony to this conundrum of the modern age when delivering the Romanes Lecture at Oxford University on June 19, 1930. This was a few months after the crash of the U.S. stock market marked the start of the Great Depression. Churchill said: "Who would have thought that it would be easier to produce by toil and skill all the most necessary or desirable commodities than it is to find consumers for them? Who would have thought that cheap and abundant supplies of all the basic commodities would find the science and civilization of the world unable to utilize them? Have all our triumphs of research and organization bequeathed us only a new punishment: the Curse of Plenty? Are we really to believe that no better adjustment can be made between supply and demand? Yet the fact remains that every attempt has failed. Many various attempts have been made, from the extremes of Communism in Russia to the extremes of Capitalism in the United States. They include every form of fiscal policy and currency policy. But all have failed, and we have advanced little further in this quest than in barbaric times. Surely it is this mysterious crack and fissure at the basis of all our arrangements and apparatus upon which the keenest minds throughout the world should be concentrated.

The Dow Jones Industrial Average fell almost 1000 points in ten minutes today, wiping out $1 trillion in equity values as algorithmic trading by high-speed computers spun out of control.

"If you were intentionally trying to chase the last of the individual investors from this market you couldn't have written a better script than "accidental trade vaporizes trillions in value from US stocks". People are just disgusted already."

5 days later, no one knows what went wrong on May 6th.