Get Ready for Your 'Daily Glitch'—The NYSE, WSJ and United Were Just the Beginning

Get Ready for Your 'Daily Glitch'—The NYSE, WSJ and United Were Just the Beginning

REUTERS/Kacper Pempel/Files
By Yuval Rosenberg

“Glitch” is clearly the word of the moment, after a series of pesky little technical problems forced United Airlines to ground flights, halted New York Stock Exchange trading and took down The Wall Street Journal website homepage all on the same day. If that wasn’t enough technical trouble, Seattle’s 911 system went down briefly. And a couple of NASA spacecraft also suffered “glitches” in recent days.

We deal routinely with glitches these days — a Wi-Fi connection goes down, an app freezes, a plug-in (usually Shockwave) stops responding, an email doesn’t load properly — which may help explain why, aside from lots of grumbling from delayed airline passengers, the reaction to Wednesday’s glitches was rather muted. The NYSE problems were reportedly caused by a “configuration issue” after a software update and United blamed its problem on “degraded network connectivity.” We see those issues every day, just not on as large a scale.

But that’s the problem.

At the risk of sounding like a high school term paper, let us note that the Merriam-Webster definition of glitch is “an unexpected and usually minor problem; especially: a minor problem with a machine or device (such as a computer).” The full definition describes it as a minor problem that causes a temporary setback.

Sure, Wednesday’s setbacks were all temporary. The Wall Street Journal site came back up quickly. Seattle’s 911 service was restored. Action on the NYSE itself was stopped for nearly four hours, but even then traders were still able to buy and sell NYSE-listed stocks on other exchanges. United grounded about 3,500 flights, which meant some people missed a wedding or a crucial business meeting. That will take time to sort out, but it will get sorted out.

In aggregate, though, the problems add up — and the word “glitch” only minimizes what can be much bigger, more serious issues..

Stock exchanges have suffered from a series of stoppage-causing glitches in recent years, pointing to the value of having trading spread across numerous exchanges. United’s tech breakdown “marked the latest in a series of airline delays and cancellations in the last few years that experts blame on massive, interconnected computer systems that lack sufficient staff and financial backing,” the Los Angeles Times reports. Just ask any of the roughly 400,000 United passengers whose travel plans were messed up if this was a little glitch. Or maybe check with the engineers who had to troubleshoot and rebuild the HealthCare.gov site after its glitch-laden launch.

It may be some relief that these latest outages weren’t the result of external attacks, but as sociologist Zeynep Tufecki, an assistant professor at the School of Information at the University of North Carolina, writes at The Message, “The big problem we face isn’t coordinated cyber-terrorism, it’s that software sucks. Software sucks for many reasons, all of which go deep, are entangled, and expensive to fix.”

These foul-ups are now mundane, and to some extent they may be inevitable as we rely more and more on complicated computer systems in every aspect of our lives. That’s the real issue, and it’s a lot bigger than a glitch.

Special Tax Break Zones Defined for All 50 States

Workers guide steel beams into place at a construction site in San Francisco, California September 1, 2011.  REUTERS/Robert Galbraith
© Robert Galbraith / Reuters
By Michael Rainey

The U.S. Treasury has approved the final group of opportunity zones, which offer tax incentives for investments made in low-income areas. The zones were created by the tax law signed in December.

Bill Lucia of Route Fifty has some details: “Treasury says that nearly 35 million people live in the designated zones and that census tracts in the zones have an average poverty rate of about 32 percent based on figures from 2011 to 2015, compared to a rate of 17 percent for the average U.S. census tract.”

Click here to explore the dynamic map of the zones on the U.S. Treasury website. 

Map of the Day: Affordable Care Act Premiums Since 2014

FILE PHOTO: A sign on an insurance store advertises Obamacare in San Ysidro
MIKE BLAKE
By The Fiscal Times Staff

Axios breaks down how monthly premiums on benchmark Affordable Care Act policies have risen state by state since 2014. The average increase: $481.

Obamacare Repeal Would Lead to 17.1 Million More Uninsured in 2019: Study

A small group of demonstrators stand outside of of a hotel before former South Carolina Senator Jim DeMint, president of the The Heritage Foundation, speaks at a "Defund Obamacare Tour" rally in Indianapolis, Indiana, U.S.  August 26, 2013.  REUTERS/Nate
© Nathan Chute / Reuters
By The Fiscal Times Staff

A new analysis by the Urban Institute finds that if the Affordable Care Act were eliminated entirely, the number of uninsured would rise by 17.1 million — or 50 percent — in 2019. The study also found that federal spending would be reduced by almost $147 billion next year if the ACA were fully repealed.

Your Tax Dollars at Work

White House Office of Management and Budget Director Mick Mulvaney speaks about the budget at the White House in Washington
REUTERS/Kevin Lamarque
By Michael Rainey

Mick Mulvaney has been running the Consumer Financial Protection Bureau since last November, and by all accounts the South Carolina conservative is none too happy with the agency charged with protecting citizens from fraud in the financial industry. The Hill recently wrote up “five ways Mulvaney is cracking down on his own agency,” and they include dropping cases against payday lenders, dismissing three advisory boards and an effort to rebrand the operation as the Bureau of Consumer Financial Protection — a move critics say is intended to deemphasize the consumer part of the agency’s mission.

Mulvaney recently scored a small victory on the last point, changing the sign in the agency’s building to the new initials. “The Consumer Financial Protection Bureau does not exist,” Mulvaney told Congress in April, and now he’s proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter).