Thousands are Sailing.

“‘The potential for exit in terms of emigration is huge and it’s a major part of the Irish story’…’Ireland is on the verge of losing a whole generation. People are simply not able to get a job in Ireland, not happy with the quality of life here and they are upping and leaving.“

Faced, like so many other nations, with a bank-fueled financial meltdown and a grueling austerity program to make up the slack (sound familiar?), the Irish are — well, according to Reuters at least — either leaving or taking it in stride…for now. “‘It’s a cultural characteristic of the Irish people,’ said portrait photographer Kevin Abosch as he strode down O’Connell Street. ‘Generations of pacifism have been bred into them.’“

Particularly as I was just writing up The Town, it reminds me of that line from The Departed: “If we’re not gonna make it, it’s gotta be you that gets out, cause I’m not capable. I’m f**king Irish, I’ll deal with something being wrong for the rest of my life.”

And the Rich Get Richer.

“During the late 1980s and the late 1990s, the United States experienced two unprecedentedly long periods of sustained economic growth–the “seven fat years” and the “long boom.” Yet from 1980 to 2005, more than 80 percent of total increase in Americans’ income went to the top 1 percent. Economic growth was more sluggish in the aughts, but the decade saw productivity increase by about 20 percent. Yet virtually none of the increase translated into wage growth at middle and lower incomes.“

In a must-read series at Slate, Timothy Noah delves into income inequality in America, a.k.a. “The Great Divergence.” “Even Alan Greenspan, the former Federal Reserve Board chairman and onetime Ayn Rand acolyte, has registered concern. ‘This is not the type of thing which a democratic society — a capitalist democratic society — can really accept without addressing,’ Greenspan said in 2005.“

Obey Wan.

“I don’t know what my biggest contribution has been. I think it has been simply showing up for work every day, trying to fight the good fight for average people…But I leave more discontented when I came here because of the terrible things that have been done to this economy by political leaders who allowed Wall Street to turn Wall Street banks into gambling casinos which damned near destroyed the economy.“

On the eve of his retirement, Chair of the House Appropriations Committee David Obey has some choice words for the administration, and himself. “I think the more important thing was what was my biggest failure…our failure to stop the ripoff of the middle class by the economic elite of this country, and this is not just something that happened because of the forces of the market.”

Code Orange.

“‘They’re snuffing out the America that I grew up in,’ Boehner said. ‘Right now, we’ve got more Americans engaged in their government than at any time in our history. There’s a political rebellion brewing, and I don’t think we’ve seen anything like it since 1776.” In case you missed GOP leader John Boehner’s inadvisable, Barton-like unveiling of his true thoughts this morning, the Minority Leader gave an interview to the Scaife-owned Pittsburgh Tribune, and it’s actually an open question what the dumbest thing he said was. Was it:

1) Arguing that the avarice and fraud-fueled Wall Street meltdown that destroyed 8 million jobs was merely an “ant” Dems were trying to kill with a nuclear weapon? (Say what you will about this financial reform legislation, I wouldn’t call it nuclear-powered.)

2) Suggesting we should fund the highly-suspect–at-this-point war in Afghanistan by forcing Americans to work five more years? or…

3) The pathetic dabbling in Tea Party self-aggrandizement posted above? From what I remember of the history books, 1861 was a pretty banner year for political rebellion. Also, here’s a tip, Mr. Boehner: Read Rick Perlstein’s Nixonland. The Tea Party is not only not a new phenomenon, it’s not even a particularly special one. The only difference now is the media covers these John Birch Society wannabes like they’re actually a real political force in America. For shame.

And I’ve even skipped over stuff like the usual “repeal health care reform” inanities. Once again, the Majority Leader proves that one of the best assets Democrats have going into the fall midterms are the Republicans themselves. They’re just not ready for prime-time anymore, if in fact they ever were.

Despicable Me.

“[E]very investment expert knows two truths about investing: 1) Past performance is no indication of future performance. 2) You need to consider a company’s track record. Right, yes, those are opposites. And it’s pretty much all that anyone knows about investing.“

In the WSJ, Dilbert’s Scott Adams makes the case for investing in thoroughly evil companies. “People ask me how it feels to take the side of moral bankruptcy. Answer: Pretty good! Thanks for asking. How’s it feel to be a disgruntled victim?“

Spitting on a Gift Horse.

“They’re not accustomed to being engaged in politics this way,” says a private-equity investor. ‘Their skin isn’t toughened. They actually take [the attacks by Obama] personally. This is a profession with a lot of smart people, but who aren’t necessarily terribly introspective. They think they actually deserve to make all this money. So any attack on their livelihood is, ahem, unpleasant.’“

In the wake of the Senate’s 59-39 passage of financial reform last week (not to mention increasing evidence of rampant and pervasive fraud at Goldman, Morgan, and elsewhere), New York‘s John Heilemann surveys the bruised egos of Wall Street’s would-be robber barons. (In very related news, Paul Krugman and the WP note that Wall Street is now betting heavily on the GOP again.)

Keep in mind: Wall Street is angry with the administration despite the fact that “Geithner’s team spent much of its time during the debate over the Senate bill helping…kill off or modify amendments being offered by more-progressive Democrats.” [Change we can believe in!] Heilemann writes: “Whatever the effects of the bill, among them will be neither an end to the too-big-too-fail doctrine nor any curb on what the sharpest Wall Streeters see as the central threat to the system’s stability: excessive financial leverage. Geithner, Summers, and Obama had little interest in tackling those matters, not because they are indentured servants to Wall Street but because at heart they are all technocrats who believe the system doesn’t need to be rebooted or downsized, merely better supervised.“

Still, on the bright side and despite the ambivalence (or open opposition) from folks in high places, this bill did get significantly stronger on the Senate floor, and in some ways is now stronger than the House version passed last year. Let’s hope this welcome progressive trend continues in conference.

Cut Corners Kill Coasts.

“We had this gradual discovery during Hurricane Katrina, where a natural disaster eventually became seen as what it was, a man-made failure. And now, what was called an ‘act of God’ and a freak accident by the defenders of the pollution industry is now being labeled, proof positive, as the consequence of design failure. Not only did the blowout preventer under the Deepwater Horizon well have a leak in it, not only did it include a dead battery, not only were the tests on it falsified for years, but when engineers actually needed to use it and tried to activate it, they didn’t have the right schematics.“

As the Gulf runs black, it’s the same old story: FDL’s David Dayen brings us up-to-date on the idiotic and/or corrupt shenanigans coming to light in the wake of the (still-gushing) Deepwater Horizon gusher. “This is all a consequence of aggressive deregulation by industry, the maneuvers whereby powerful interests save billions in safety costs. They follow the rules at their discretion, they practically own the regulatory agency. It’s amazing how much this mirrors the problems on Wall Street. And just like with Goldman Sachs, the criminal justice system may get involved.” (Pic via TBP.)

Update: “‘We don’t have any idea how to stop this,’ Simmons said of the Gulf leak. Some of the proposed strategies — such as temporarily plugging the leaking pipe with a jet of golf balls and other material — are a ‘joke,’ he added. ‘We really are in unprecedented waters.’“

In a Flash, a Grim Recognition.

“The initial reaction of traders to the Flash Crash was that some human must have made a mistake submitting a trade. But the SEC…hasn’t found evidence of a ‘Fat Fingered Louie’ punching a billion rather than a million on an order. In fact, the SEC still doesn’t know what caused this crash. Curiously, no one is focusing on what caused the crash to stop…JP Morgan and Merrill Lynch were big buyers precisely as the market hit minus one thousand points on the Dow. It seems rather odd that both these firms at the same time would see the same trading opportunity.

In fact, what they did was violate one of the prime rules of trading: never try to catch a falling knife. The market was falling fast and furious at the point they entered the pit to buy equity futures, so why did they take such an enormous risk? We learned yesterday that both of these firms, plus Goldman Sachs, were such superb traders in the market that none of them had a single losing trading day all last quarter. This type of risky trade is not how you get to be a superb trader.“

Over at the Agonist, Numerian digs deep into last week’s “Flash Crash” — and comes to some very troubling conclusions. To wit, the big players know the thresholds where the trading algorithms kick in, and thus, basically, the fix is in. “The stock market seems to be nothing but a playground for the big banks and other connected firms who get a preview peek at everything that goes through the market, and who can program their computers to skim profits off daily with no risk whatever. The stock market is also, quite possibly, prone to more serious manipulation that resulted in last Thursday’s crash.“

Oof. I’m out of my comfort zone when it comes to understanding market behavior, so I hope someone has a better explanation for the Flash Crash than the disconcertingly plausible one offered here. (Just saying Greece doesn’t quite cut it, I don’t think.)

Green Noise.

In casting news, Colin Farrell (recently signed as Jerry Dandridge 2.0) and Marion Cotillard (currently looking stunning in the trailer for Inception) both sign aboard David Cronenberg’s version of Don DeLillo’s Cosmopolis. “The film, based on Don DeLillo’s novel, will follow a multimillionaire on a 24-hour odyssey across Manhattan. Farrell will play the asset manager who loses all his wealth over the course of one day. Cotillard will play his wife.” Oh, the exquisite, finely-manicured melancholy of the super-rich! Eh, I’ll probably see it anyway.

FinReg: Where Things Stand.

“Last week, Congress decided it would not confront Too Big To Fail, the single gravest threat to our collective financial security. But there are still several key Wall Street reforms worth fighting for–reforms that must be enacted before the next crisis hits, with or without a big bank break-up. And fortunately, key Senators have authored amendments dealing with each one.” In HuffPo, Zach Carter delineates the most worthwhile progressive amendments to financial reform still up for debate in the Senate. A good encapsulation of the state of play.