Wednesday, January 23, 2008

It's Wild! It's Whacky! It's Wall Street!

From Bloomberg comes this handy little graph of the roller coaster that was today's market.

I do believe that I shall no longer write about the markets. I think these people are simply disconnected from reality. Period. Unalloyed pessimism is as ridiculous as the kind of Dow 36000!! crap we've heard over and over again - it is, indeed the flip side of the same coin - but this is just . . . I don't have words to describe the way I feel. After yesterday, I expected modest losses, again. In fact, I expected them for the next few weeks.

A three hundred point gain? This isn't irrational exuberance. It is the equivalent of Adolf Hitler sitting in his Feurherbunker and playing with his architectural models for a new Linz and new Vienna. As a professor of mine at Alfred University used to say, it is a bit like shuffling the deck chairs on the Titanic. There are problems in the market, and the economy . . . and the market just simply ignored them.

Virtual Tin Cup

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