Tremors of capitalism
As I write this, the stock market is up again after being down earlier and down again yesterday. It is up and down like a Kennywood roller coaster.
It is always amazing to me that the smart money guys behave like Nervous Nellies at any minor fright. Every small signal of unemployment or report of inventory fluctuation is taken as a gigantic boo to scare them — or else as excuse to go on a wild spending spree that would be the envy of drunken sailors.
Of course, human cowardice (or avarice) is not only to blame. Computers are now programed to intervene in the market, which apparently makes the whole thing more incomprehensible. Authorities are still trying to figure out why the stock market suddenly and precipitously went south earlier this month.
The famous invisible hand of the market has palsy — and we should all be alarmed.
To be sure, this is not a very cheery way to end the week but I’ll reserve my banter for those who come on the PG tour on Monday. Last-minute acceptances can still be made but I need them first thing Monday morning. E-mail me at This email address is being protected from spambots. You need JavaScript enabled to view it. if you wish to come and supply me with your real name so I can tell the guards downstairs.
It is always amazing to me that the smart money guys behave like Nervous Nellies at any minor fright. Every small signal of unemployment or report of inventory fluctuation is taken as a gigantic boo to scare them — or else as excuse to go on a wild spending spree that would be the envy of drunken sailors.
Of course, human cowardice (or avarice) is not only to blame. Computers are now programed to intervene in the market, which apparently makes the whole thing more incomprehensible. Authorities are still trying to figure out why the stock market suddenly and precipitously went south earlier this month.
The famous invisible hand of the market has palsy — and we should all be alarmed.
To be sure, this is not a very cheery way to end the week but I’ll reserve my banter for those who come on the PG tour on Monday. Last-minute acceptances can still be made but I need them first thing Monday morning. E-mail me at This email address is being protected from spambots. You need JavaScript enabled to view it. if you wish to come and supply me with your real name so I can tell the guards downstairs.