Slate
May 6, 2010
Yikes! In the midafternoon, the markets went on something of a joyride. Actually, it was more like a distress ride: After plummeting more than 900 points, the Dow Jones Industrial Average closed down 348 points, a 3 percent drop. Why? It's unclear. CNBC said traders warned of a "black hole effect." The chief culprit, as Reuters pointed out, seemed to be fears of financial contagion from Greece, whose citizens are engaging in the ancient pastime of rioting.
I'm not sure whether irony comes from Greek. (Well-lettered readers, help me out here.) But if it turns out that fears over Greek defaults set off this bout of selling, then there's something a little ironic about the timing and origins of this meltdown.
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