Brexit causes 2 trillion dollar losses in stock market as millions of Brits experience "Bregret."

Courtesy of ABC News:

The Dow Jones Industrial Average plunged 611 points, or 3.39 percent, as investors reacted strongly to news that the United Kingdom voted to leave the European Union. U.S. markets closed at three month lows. 

Friday's sell-off marked the Dow's biggest drop in 10 months. All told, there were an estimated $2.1 trillion in losses across global markets today, according the S&P's Howard Silverblatt. There were an estimated $830 billion in losses estimated in U.S. markets today. 

The Nasdaq dropped 202 points, or 4.12 percent, while the S&P 500 slid 76 points, or 3.6 percent. 

U.S. crude fell 5 percent, or $2.47, to settle at $47.64, its largest one-day decline since February. 

From Europe to Asia to the United States, financial markets showed panic over the so-called Brexit.

There is also news that the United Kingdom may not deserve that name for much longer.

Courtesy of the New York Times: 

There has long been political jostling among the four nations that constitute the United Kingdom, but the so-called Brexit referendum has divided them in ways that mean they may not come back together again. England and Wales voted to leave the union. Scotland and Northern Ireland voted to stay. Within hours, Scottish and Irish politicians raised the possibility that their nations would leave the United Kingdom so they could remain in the European Union. 

“This outcome tonight dramatically changes the political landscape here in the North of Ireland,” said Declan Kearney, the chairman of the political party Sinn Fein, which has legislators in Northern Ireland and the Republic of Ireland and has long sought their reunification. Mr. Kearney said Sinn Fein would seek a referendum to have Northern Ireland leave the United Kingdom and join Ireland, an independent country (and European Union member). 

Scotland rejected a proposal to quit the United Kingdom in a referendum in 2014, in part over concerns that as an independent country, it would be unable to join the European Union and would suffer economically. On Friday, Nicola Sturgeon, the first minister of Scotland, said her party would “prepare the legislation that would be required to enable a new independence referendum to take place.”

While all of this is going on there are millions of British citizens who are hoping that the "no take backs" rule is not in effect in this case.

Courtesy of the Washington Post: 

A petition calling for another referendum on whether Britain should stay in the European Union has now received at least 2.1 million signatures — a level that means it must now be debated by British politicians. It was apparently so popular that the British Parliament's website, where the petition was hosted, briefly crashed.

The hope is to somehow invalidate the Brexit vote and get things back to normal in the United Kingdom, before that moniker gets retired for good.

What the political fallout might be if they succeed in shifting this whole thing into reverse is anybody's guess, but I imagine that the country will suffer some serious political schizophrenia for quite awhile.

Let's just make sure that every Trump supporting moron is paying close attention to what is happening here, becasue if their candidate were to be elected they would likely suffer the same feelings of regret now sweeping the British Isles.

Republicans learn the hard way that when they hold a hearing to rail against Wall Street reform, they may want to lock the doors before Elizabeth Warren walks through them.

Courtesy of Salon: 

On Tuesday, Senate Republicans on the Banking Committee decided to finally hold a hearing to “assess the effects of consumer finance regulations”– little more than another attempt to rail against Wall Street regulation like the Dodd-Frank law. Ostensibly, the hearing would have granted Republicans the opportunity to shed their “do nothing” image while simultaneously continuing to espouse their mantra of deregulation. Too bad Elizabeth Warren also showed up for her day job on Tuesday, completely eviscerating the Republicans’ main witness and destroying their tired talking points. 

“Of all the people who might be called on,” Warren said of Republicans’ lead witness Leonard Chanin, former Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board, “I am surprised that my Republican colleagues would chose a witness who might have one of the worst track records in history on this issue.”

I actually thought that Warren would climb over her lectern and throttle Chanin when he claimed there was no data that predicted that the mortgage bubble was about to crash.

Warren is a rock star and I am still holding out for the idea of Hillary Clinton picking her to join her on the Democratic ticket in 2016.

P.S. By the way if you want a real understanding of the 2008 financial crisis I cannot suggest a better source than the 2015 movie "The Big Short."

I watched it last week and it is excellent and just a little tirade inducing.

The Jeb! campaign considering bringing in George W. to give it a boost with conservatives. Oh, yes that is EXACTLY what this campaign needs, more George W. Bush.

Courtesy of the New York Times:  

With Jeb Bush struggling to connect with some Republican activists, his campaign has begun exploring whether to bring in the person it thinks may be best equipped to give him a boost with skeptical conservatives: his brother George W. Bush. 

The 43rd president is a very popular figure among Republican voters and could deliver a needed jolt to his brother’s sluggish campaign. 

Advisers to Jeb Bush in this crucial early primary state have asked national campaign officials in recent weeks to send in George Bush, 69, who so far has appeared only at private fund-raisers, to vouch for his younger brother on the campaign trail. 

The request for reinforcement underlines the growing urgency that backers of Jeb Bush, the former Florida governor, feel as other candidates vault ahead of him by stirring the passions of the party’s base.

Yes, yes, yes, what a splendid idea! 

And the great thing about it is that it will stir the passions in the base of BOTH parties!

You know if I were a consultant for the Jeb! campaign I would suggest just as many photo-ops with his brother as possible. I'm talking tons!

Hey maybe they could do a joint appearance on an aircraft carrier wearing matching flight suits?

Oh god, PLEASE make this happen!

(Sorry I got a little over excited there. I think I may have to change my pants now.)

Wait, wait how about this?

Bush/Bush 2016

(Yep I am definitely going to have to change my pants.)