If I am not mistaken, yesterday (and today?) was the single biggest drop (nearly 500 points in one day; over 900 points in two) in the stock market in the history of the stock market...the day after the election of a new president. I may also have this wrong: sometimes the stock market has actually increased in value the day after the election of a president.
News outlets are telling us that it all has to do with dire economic news, which seems rather tautological: Investors are selling because the economy is struggling. Such analysis is not only banal but stupid: it is the news of the obvious. But those same outlets won't note that yesterday was also a history-making day for the market; the media don't want you to note the correlation.
Of course, they don't mind peddling all kinds of correlations, particularly those that work to reinforce propaganda.
I wonder how many investors will be playing the stock market for all its worth till the end of the year solely to avoid the promised increases in capital gains and dividends taxes under the next administration. It seems likely, or so I feel, that they've actually been playing this game quite intensely since somewhere around September 15.
Or, perhaps, as a Democrat who voted for Barack Obama told me at lunch this afternoon (I am not making this up), perhaps the shrewdest Democratic investors are manipulating the market solely to make the next administration look every bit like a savior.
Well, if an avid Obama supporter can think such things (this very guy shouted at me in the same café four years ago because he heard I was a "Republican"), then anything seems possible.
Peace.
©2008. All Rights Reserved.
News outlets are telling us that it all has to do with dire economic news, which seems rather tautological: Investors are selling because the economy is struggling. Such analysis is not only banal but stupid: it is the news of the obvious. But those same outlets won't note that yesterday was also a history-making day for the market; the media don't want you to note the correlation.
Of course, they don't mind peddling all kinds of correlations, particularly those that work to reinforce propaganda.
I wonder how many investors will be playing the stock market for all its worth till the end of the year solely to avoid the promised increases in capital gains and dividends taxes under the next administration. It seems likely, or so I feel, that they've actually been playing this game quite intensely since somewhere around September 15.
Or, perhaps, as a Democrat who voted for Barack Obama told me at lunch this afternoon (I am not making this up), perhaps the shrewdest Democratic investors are manipulating the market solely to make the next administration look every bit like a savior.
Well, if an avid Obama supporter can think such things (this very guy shouted at me in the same café four years ago because he heard I was a "Republican"), then anything seems possible.
Peace.
©2008. All Rights Reserved.
