If you’re saying that GS is basically running a pump-and-dump scam, that’s one more reason to be terrified of the “big” social media stocks. I’m not afraid of tech companies, but I think they should provide more value than being the next MySpace.

FB has essentially admitted a problem with ad revenue going forward by forcing pay-to-play ($1 to promote this post, $1 to message this user without the message going to spam) on ordinary non-commercial users. Also, with the NSA creepiness, Americans are becoming increasingly concerned about privacy, and it’s becoming quite clear that FB doesn’t have their best interests in mind on that front.

DOW: -73
NASDAQ: -11
(at close)

And again: If the Fed would have been smart a year or two ago, they’d have started buying infrastructure development bonds rather than gov’t bonds and MBS. Infrastructure improvements provide lasting value rather than blowing bubbles.