Just A Flesh Wound

After shrugging off a period where Do futures were down over 500 points, the Dow is now down a mere 375. The S&P 500 is down, but only about 2% to 2067, so well off the overnight lows.

Sterling is getting pounded, down about 7% from yesterday's levels. Eurostocks are faring comparably poorly - Vanguard's FTSE Europe ETF is down 9% in dollar terms.

And what does it mean? You tell me.

Comments

[Jack is Back!]

Laugh all you want. I have lived there for 1/4 of my life and know how they think.

It is survival mode now. You think the UK is going to be an isolated instance? Wrong. The sweater is being unweaved as we discuss this. Do you really think they can survive without the UK? Give me a c

alculated economic reason they can. Surely, you JOMers are not all Germans now, or are you?

What do you know about the EU, its currency, its Lisbon Treaty obligations, its member state internals? This is just the beginning not the end. Keep up folks. This is not California going red, this is bigger than that.

Check back with me in a year and tell me if the EU has moved to accommodation. I am as patient as an oyster.

[Miss Marple 2]

Jack,

Is the EU going to rescind all its laws about sizes of hair dryers, curvature of bananas, acceptable size of apples, etc etc?

What about immigration? That horde is waiting at Calais to overwhelm truckers and get into the UK. Personally, I think that the Royal Navy should be patrolling the channel and let it be known they will fire at will on boats loaded with illegals.

I just do not think that the people, who are already upset at the EU, would accept any sort of negotiating for re-entry into the EU. And without Britain as the cash cow for all of those bureaucrats in Brussels and money poured into the Greek bottomless pit, the EU will have to become a leaner organization. I do not think the British trust them to handle things any more.

Should be an interesting summer. Right now there's a big crowd of African and Middle Eastern immigrants marching in London shouting "Migrants in! Tories out!"

Gee, I am sure THAT would change my mind about my Brexit vote!

[Jack is Back!]

MM and all,

The UK is not out of the EU (yet). This is a non-binding vote. It will take Johnson, if he is the new PM, years to negotiate their release. In the meantime they can and will succeed in moving the needle as will the other States now empowered to enforce chance in the bureaucracy.

Does anyone here think that Belgium is prepared to lose the high paying jobs their citizens have in Brussels at the EU or the French in Strasbourg? Why is it everyone here says the vote was from the wallet but are not ready to recognize that effect in the EU countries?

As The Donald says, everything is negotiatable. Stay cool people this is a long way from being law of the land in the UK.

[JM Hanes]

JiB:

I'm really not sure whom you're railing against. Your predictions @ 5:59 seem almost diametrically opposed to the prediction @ 5:32 with which I disagreed.

[Janet the expert]

An aside -

My neighbor parked a friend's car outside my house. It has a Bernie bumper sticker.
My good friend & best conservative friend here is my daughter's old soccer coach who's from Spain.
He saw the car & told me I should steal 2 tires.
Tell him I knew someone that needed 2 tires & since he had 4 I figured he wouldn't mind....being a Bernie supporter & all.
Hah!

[daddy]

General question. I am still doing Catch-up, but have not yet come across a single link by a JOMer to a National Review column on Brexit.

Are they generally silent, or are they not saying anything that others have said better? Also, having seen the genius and the toughness of the Brit people going for the equivalent of Trump, are some of the regular NRO's writers now a bit shellshocked, and having a tough time explaining why Brexit was right after telling us so many times why Trump was wrong.

Just wondering.

[Lurker Susie]

Paulson says pick country over party, vote Hillary

Laura Ingraham
Laura Ingraham – Verified account ‏@IngrahamAngle

Goldman Sachs for @HillaryClinton! https://www.washingtonpost.com/opinions/when-it-comes-to-trump-a-republican-treasury-secretary-says-choose-country-over-party/2016/06/24/c7bdba34-3942-11e6-8f7c-d4c723a2becb_story.html …

[buccaneer morgan]

yes, it's very near beer, when they had derbyshire and steyn, it was a very different matter.

http://www.nationalreview.com/corner/437134/brexit-polling-illusion

[Jack is Back!]

JMH,

Sorry but I don't understand your post. Where am I diametrically opposed in my posts? I have stated in both that this will bring the EU to the table to negotiate a way for the UK and others to stay. Please show me the contra. It may be fat fingers.

In any event, I believe that the EU is now forced to netotiate, and if they don't it is bye-bye the great experiment.

[Beasts of England]

It was a mixed bag over there, daddy. Nothing exemplary or unusual.

[buccaneer morgan]

as daniel patrick moynihan said, you're entitled to an opinion, but not your own facts, theo, trump for good or ill, has had a pretty cohesive worldview re trade and us committments,

[Porchlight]

B-b-but Janet, taking care of people is the government's job! Also "the Christian thing to do." Like this:

[Porchlight]

So has President Maldives weighed in on his failure to, uh, "convince" the Brits to vote Remain? Are they in the "back of the queue" yet?

[JM Hanes]

Germany, USA and Canada ALL say they want special trade deals with post-Brexit Britain

Germany has joined the United States and Canada in reaching out to Britain to stress the importance of trade deals with the UK outside of the European Union (EU).

So much for banishing our now “indepensable partners” to the “back of the queue.”

[Jack is Back!]

daddy,

I would prefer to see what the Spectator, Punch or others based in the UK say. This infactuation with American opinion is a bit much. This is the UK's decision and yet we welp against those from across the pond eulogizing our demise when we vote. Except for Charles Cook there the others have no idea what it means to live, work and die in the UK of European regulation and behavior (yes, the actually regulate behavior.).

[henry]

Despite Junckers' angry statement telling GB to get out ASAP.... the British contribute a net 8.5 billion (pounds) to the EU budget. Brussels wants that money (to subsidize French farmers etc), so may show some flexibility when they sober up. Brexit in a sense was GB calling the EU's bluff.

[Porchlight]

I agree with you, JiB, but I think daddy was just pointing out that as a matter of US domestic politics, NR may be experiencing cognitive dissonance wrt Trump's support of Brexit.

[Ignatz Ratzkiwatzki]

I will continue laughing at the idea a gigantic bureaucracy will reform and shrink itself in any significant way.
When it happens I'll stop.

[Jack is Back!]

Iggy,

What happens when a shark runs out of fish to eat?

[buccaneer morgan]

even the Spectator was getting a little wobbly, toward the end,

[lyle]

Paulson is about as much of a Republican as Cankles is.

[Ignatz Ratzkiwatzki]

It starts eating people?

[JM Hanes]

JiB:

I may have misunderstood, but the idea that the EU will reorganize, downsize and take a federalist approach to continued governance seemed quite different from the falling apart scenario you painted in your second post.

I've certainly said that I don't think the remainders are dead yet, which is why I will be relieved when Article 50 is officially invoked, which is what starts the legal two year countdown to severance. I have no doubt that the powers that be will try to derail Brexit in almost any number of inventive ways, but the longer it takes, the larger and more complex the matrix of subsequent agreements made by the UK independently will be. As the article I linked above suggests, that's already beginning.

[lyle]

A massive bureaucracy...reforming itself. All on its own. Huh. I'm no europhile but the idea seems rather far-fetched. Incredibly far-fetched. Astoundingly far-fetched.

[Jack is Back!]

JMH,

Article 50 will never get imposed or started. At least in my opinion. I am a geat believer in "survival". If they, the EU, doesn't see this as a precursor to their death by a thousand cuts, then they have proved everyone's point of their intransigent leadership.

I, however, believe they are smarter than that and will find a way to accommodate the UK and keep them in the Union. Lets see how good a negotiator Boris is.

[daddy on the iPad]

I love the clarity this Brexit Vote provides between Trump and the desire of Team Obama/Hillary to remain beholden to big Government, big Banks, big Bureaucracy.

The bigger the Government the smaller the Citizen---that's what the Left is for and that's what this Election is about. Sovereignty means nothing to Obama and Hillary, but being the Sovereign means everything to them.

[pagar a bacon, country ham and sausage supporter]

"Pick Country over Party"

IMO, any one who votes for Hillary and claims they are picking Country is insane.

[lyle]

When have the [redacted] Ds EVER placed or voted country over party? What a [redacted] joke.

[daddy on the iPad]

This comes from one of Narciso's many links that often get overlooked in the shuffle---it's about the name of a terrorist murderer that some Dem Congresswoman listed among the names of the shooting victims in the sit down stunt yesterday on the House Floor:

Beatty used part of her time speaking to read the name of every person who has died in Franklin County due to guns so far this year. The list included the names of Henry Green and Mohammed Barry, who were both killed in officer-involved shootings, prompting backlash.

Barry is the man who went into Nazareth Restaurant, attacking employees and customers with a machete, and later tried to stab an officer. He was shot and killed after a police chase. The FBI launched a terror invsetigation into Barry after the attack, and hearing his name on a list of gun victims is not sitting well with the Fraternal Order of Police.

"That's disturbing. The fact of the matter is that some of the people on that list are homicidal terrorists...who attacked people without warning or regard for human life," FOP President Jason Pappas said. "They are a threat to society. They should not be considered victims in any way, shape, or form."

Wonder how much money they'll raise for including Muhammed Barry as a victim?

[henry]

Paulson, former head of GS, bringer of Porkulus. Lately pushing "sustainability " at U Chicago. Probably confuses GS with "Country."

[Jack is Back!]

Belgium has already started the move to accommodation. LOL.

[lyle]

I hope the "leavers" tell Brussels FU.

[buccaneer morgan]

they did a similar thing with the everytown gang,
putting one of the t dawgs and at least one spree killer as a victim,

[JM Hanes]

JiB:

"Article 50 will never get imposed or started."

Yeah, that's what makes me nervous, but if a Brexiteer succeeds Cameron within the next three months, I'd be surprised if he didn't invoke it.

As a fundamentally anti-democratic organization, it will be interesting to see what kind of accomadations the EU might actually be willing to offer, though.

[lyle]

Again.

[Jack is Back!]

JMH,

Jobs! That is what they will offer.

[Jack is Back!]

BTW, the UK contributes €14 billion and gets back € 6 billion as a rebate. Where do you think the other 8 goes? Beaurcrats? Greece, PIIGS? Where?

How would you feel if the US government took billions from your state and then gave it to illegal immigrant programs or LBFTQ support or other prog causes? Wait...What?

[buccaneer morgan]

he makes charlie pierce seem wise,

http://www.esquire.com/news-politics/news/a46143/why-brexit-bad-for-britain/?mag=esq&list=nl_enl_news&src=nl&date=062416

[Jack is Back!]

Let's get over our differnces and enjoy a Glenmorangie Old Fashion.

http://www.telegraph.co.uk/food-and-drink/whisky-cocktail-recipes/boisdale-nineteenth-cocktail-recipe/

Spent many a night at the Boisdale bidding my HSL project. Lots of very unique cocktails there because they have every liquor ever produced.

I mean it. Its not our fight anywhere unless you believe it is a harbinger of a Trump ascendecy.

[Jack is Back!]

Heh!

[Ignatz Ratzkiwatzki]

--When have the [redacted] Ds EVER placed or voted country over party? What a [redacted] joke.--

It's Hank "TARPaulin" Paulson. He meant vote Countrywide over Party.

[BeenThereDoneThat]

https://twitter.com/RumsfeldOffice

[Beasts of England]

I don't put a material link between Trump and Brexit, except that I like his instincts in the matter.

I'm pleased anytime the state is hampered or rebuked by the people. And while I agree that bureaucracies are amazingly resistant to change, regardless of stimulus, they aren't self-sustaining and ultimately exist at the will of the people.

~ ~ ~

About to cruise up the river to hear my nephew's band play at The Docks. Good clean fun. Wonder if my Tele will fit in the ski locker? lol

[lyle]

Hayward promises TWIP to epic tomorrow. Can't wait.

[Jack is Back!]

BTDT,

I play Churchill daily waiting for Frederick at school. Now, not so much. Sigh.

[Porchlight]

Totally great Ask Me Anything with Curt Schilling at the Trump Reddit forum right now:

https://www.reddit.com/r/The_Donald/comments/4pppd8/curt_schilling_here_for_my_ama/

I absolutely love his answers!

[Porchlight]

[–]dead_indianID 3 points 45 minutes ago
What do you dislike most about Hillary Clinton? Go Sox!

[–]gehrig1938VERIFIED CURT SCHILLING[S] 9 points 31 minutes ago
That she breathes air meant for good humans.

[windansea]

JIB

Luv ya but before we accept any more predictions from you about Breixit didn't I see a post from you crowing about winning a bet with Ladbrokes before the vote was in? Clarity please...

[Jack is Back!]

Read Porch's link especially the comments. We are in deep doo doo if our kids are like the respondents there. Have we become a nation of entitlement and lower expectations"?

Maybe. Prove me right or wrong.

[daddy]

daddy @ 4:52

Goolsbee is one of the folks mentioned prominently on the homepage of that "Moneyball for Government" operation that Paul Ryan is so enamored with.

JamesD,

Thats frightening. I think Lou Dobbs described him perfectly:

"He's a condescending, patronizing ass! Who in the world does he think he is...That kind of language, that kind of thinking, that kind of lack of respect for voters wherever they are in any Democracy is the stuff of which Revolutions are born."

[buccaneer morgan]

so what comes after three strikes, baltimore, amnesty brexit, this is not one of zaphod's good weeks,

[daddy]

I see Fred Barnes, "Weekly Standard Editor" is on tonight with Lou Dobbs.

Anyone know if Bill Krystal ever took up Lou's invite to Krystal to appear on his show and explain himself? I'm betting "No."

[Porchlight]

Do you mean the Reddit link, JiB? That's their way. A huge number of the responses are in-jokes, which took me a while to get. I thought there were a lot of great questions and responses.

[Jack is Back!]

windansea.

yeah. I lost. You, of course, never lost a bet, right? But I was betting on my family and heritage knowledge not some one in the USA who has never lived there or even appreciated their positions. Was I wrong? Sure but it turned out the way I wanted it. So, no big deal.

[buccaneer morgan]

that's a rhetorical question, right,

https://twitter.com/MicahT1995/status/746461461170524160

[daddy]

Thanks for that steer JamesD.

I know nothing about Moneyball for Government, but the link above lists their Team of "Federal All-Stars," and Ryan joined the Team late last year:

Moneyball for Government
August 20, 2015 ·
U.S. Representative Paul Ryan (WI-R) is the newest member to join the Moneyball for Government Federal All-Star Team! See him & our other bipartisan All-Stars on our website:

Just the name "MoneyBall For Government" whatever it means, sounds repulsive to pedestrian me.

[Kat]

Iggy, 5:44

I love you, dear Sir, although I do not go as far to say I want to have your babies.

EU bureaucracy reorganizing? downsizing? We are talking alternative universe here. Watch for the EU next move: time for Turkey to join in.

[daddy]

Hey, Maybe Brexit is the Arab 'Albion' Spring?

[jimmyk on iPhone]

I thought the Moneyball for government was a joke, but they're actually serious. It seems to be a list of goo-goos (Porch reminded us of the term the other day). Just the kind of people you want to slap or punch in the nose for not being able to see the forest for the trees.

[Buckeye]

Buckeyette sat down for dinner and said "guess what I did today"?

"Beats me" says I.

"Bought international equities".

"Good for you" says I.

Youthful optimistic long view without undo emotion.

[buccaneer morgan]

well I would say there are many more failures of judgement, signing on to the skydragon agenda, the failure of the tottenham riots, to state just a few examples,

http://www.dailymail.co.uk/debate/article-3659075/Humbled-arrogance-highly-able-leader-rescued-economy-Cameron-ultimately-ruined-lack-conviction-poor-judgement-weakness-Etonian-cronies.html

[lyle]

Dear Kat: Ig wasn't the one in the alternative universe. That would be Jack.

[jimmyk on iPhone]

Someone (forgot who) was saying that the EU might play hardball with the UK "pour encourager les autres," even to the point of inflicting damage on themselves. It wouldn't surprise me.

[Buckeye]

so what comes after three strikes, baltimore, amnesty brexit, this is not one of zaphod's good weeks,

Mid-air collision in Air Force One?

[Ignatz Ratzkiwatzki]

I think Kat was agreeing with me, lyle.

Kat,
I do not have any spare babies you can have at the moment. Should that change send me your requirements and I'll check inventory.

JiB,
You know I was just messin withcha.

[Jack is Back!]

jimmyk

Hardball? Losing 12K jobs at the EU already? Yeah bring the heat.

[Ignatz Ratzkiwatzki]

Someone asked about NR's views on Brexit;
I see about 10 articles.
Didn't read them; just call me Rattlergator's brother Aggregator

[Jack is Back!]

where is rhe posr from Kat?

[Jack is Back!]

...the post from Kat....

[buccaneer morgan]

tina brown's basilisk misses the point again,

http://www.thedailybeast.com/articles/2016/06/24/how-britain-tricked-itself-into-leaving-europe.html?via=twitter_page

[Kat]

Lyle,

I know. I was responding to Iggy's very funny response to Jack.

Incidentally, JIB is not the only one around here who spent solid chunk of their life in Europe (I happened to grow up there, though of course I count as one of the second rate Europeans, from behind the Iron Curtain).

I may not know the full details of Lisbon treaty but I have a good grasp of European history and their mentality.

Their elites and governing bodies will never reform. They will remain delusional to the end, whatever that end may be: a guillotine, a panzer tank or a gulag.

Let's pray for a peaceful dissolution of the EU bureaucratic empire, as the East Block countries have managed.

[daddy]

Thanks Narciso for the link to that National Review column by Andrew Stuttaford.

it’s impossible not to wonder how many Leave voters thought they were casting a protest vote rather than, so to speak, the real thing (look over on Twitter and you’ll find plenty of talk on this topic). And how many Remainers felt it safe to stay at home?

So they didn't really mean to vote for Brexit?

OK. Boy do I hope we have similar numbers over here who wake up on November 8th having cast, instead of the real thing, merely a protest vote for President Elect Trump.

[buccaneer morgan]

so was there a Britannia bubble, because how else can we explain this overreaction,

[Jack is Back!]

kat

Great to hear from some one who has been through the hopper;

Yeah, the EU has devolved to what you left. Its a differnt form, not communism but an isope short of it. No one wants to recogonize the restraint it has on liberty and feedom especially for the indivdiual.

The baker, the butcher and the candlestickmaker.

[Kat]

Thank you for the offer Iggy :-)

https://www.youtube.com/watch?v=h2D8MB5s8Jg

Hitler finds out the UK voted to leave

[buccaneer morgan]

the varsity are notably perplexed,

http://www.foreigndesknews.com/world/us/al-qaeda-jihadis-target-white-americans-avoid-minorities-us-mislabels-attacks-hate-crime/

[Kat]

Horrible and sad, isn't it, Jack

[buccaneer morgan]

he is always on message, whatever the circumstance,

http://www.thegatewaypundit.com/2016/06/obama-bashes-whitey-speech-entrepreneurship-summit-video/

[Captain Hate]

When the throatslashing starts, I've got dibs on Goolsbee, Earnest and Plouffe. Shouldn't take long with a butter knife.

[lyle]

Mea culpa to any I've misconstrued. Maybe I should have another glass of wine... 😬

[Porchlight]

Sounds good, lyle. Wish I had some.

[lyle]

I call dibs on Rhodes, Capt.

[Kat]

Here's to you, lyle

[JM Hanes]

LOL, Kat!

"Every time it's the fucking British!"

[Jack is Back!]

lyle,

I have a nice Sauterne right now to settle my bones down. Easy eveyone on the Brit vote. Its only the beginning of something political to behold .

Believe me.

[lyle]

I thought you were hungover, Porch. 😎

Here's to all my great JOM peeps! 👊

[lyle]

Great words, Jack: something political to behold.

[Captain Hate]

It's been a great week:

1. Cavs win championship and I went to the parade
2. Brexit
3. Started rereading Proust at a time when I'm much more likely to appreciate it.

[Jim Eagle]

Off to bed. Slaap lekker, tots morgen.

[Ignatz Ratzkiwatzki]

"Now we're going to have to start planning our Fifth Reich!"

[Kat]

Personally, I think knitting is my thing.
I was never good at it, but I think I will manage to sit in front of a guillotine, move the needles and thread, and cackle.

[Ignatz Ratzkiwatzki]

1. Warriors lost the championship and I wouldn't enter Oakland on a bet [unless DocJ drives me:)]
2.Brexit.
3. Started reading Diary of a Wimpy Kid IX, a series my daughter keeps buying me for my birthday. I've always been the right age to appreciate it.

[daddy]

Reporter: "Nigil Farage, you've just won an amazing victory that you've spent your entire adult life fighting for, to get the UK out of the EU! So what are you going to do now, go to Disneyland?

Nigel: No, I'm going to run right on over and convince Boris Johnson to renegotiate staying in the EU!

[Miss Marple 2]

Good evening.

I have been at my granddaughter's acting camp play. They did The Lion King musical and I was stunned at the professionalism.

Seriously good acting by the kid who played Scar, who seemed to be about 15. He was so good he really stole the show, much like Alan Rickman in Robin Hood.

The other kids were good, too. My granddaughter was one of the hyenas, but true to form, she managed to look glamorous no matter what.

Now I am having a large glass of merlot (Australian) because that auditorium was freezing and I was right under the air conditioning vent!

[Miss Marple 2]

daddy,

Heh.

Well, I only lived in Europe for two years back in the late 60's, so I am not ahuge expert.

However, it seems to me that this decision was based on things that the EU is not going to bend on, which is massive interference in Britain's sovereignty and massive immigration.

And Britain isn't going to bend, either. I cannot see that they will accept any negotiation to get back in the EU.

I keep remembering that shopkeeper in Canterbury:

"They have made of London a sewer."

[buccaneer morgan]

rush riffed on these themes today,

http://www.freerepublic.com/focus/f-news/3443438/posts

[daddy]

I love the "Hitler Finds Out about..." videos, but in the latest one about Brexit they ought to substitute this Chancellor for Adolf:

[Miss Marple 2]

http://www.breitbart.com/2016-presidential-race/2016/06/24/brexit-comes-to-america-ryan-challenger-mounts-immigration-billboard/

[Ignatz Ratzkiwatzki]

Can I put Flo from Progressive on JamesD's guest list for that big, big wiener roast he's gonna have at somebody's house one of these days?

[buccaneer morgan]

like that scene in inglorious bastards, where the nazi high command get their comeuppance, yes ordinarily tarantino is dreadful, however,...