Monday, December 01, 2008

Just How Smart Is Wall Street?

Anyone with half a brain has known for months that we're in a recession...
The evidence of a recession has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs.

But the nonpartisan National Bureau of Economic Research, charged with making the call for the history books, waited until now to make it official — and the announcement came on a day when the American stock market fell nearly 9 percent in a single session.

As usual, the "profit-takers" were to blame....
The sharp declines on Wall Street — the Dow Jones industrial average dropped 679.95 points or 7.7 percent — appeared more about profit-taking than the economy. Investors have long assumed that the country was in recession, and analysts said that after last week’s gains, including the biggest five-day rally in decades, a sell-off was to be expected.

Is it just me, or is this entire system just a tad bit, oh... how shall I phrase this without offending the sensibilities of my readers... fucked up the ass?

And speaking of which, weren't some investors fucked up the ass by these "profit-takers" who keep buying and selling like they were playing with Monopoly money? That's the thing I don't understand about the markets. When I hear that x trillion dollars has vanished from the markets in x number of months, I keep wondering, how does a trillion dollars vanish?

Oh, it's down there somewhere. Let me go down and take another look. Because I'm the dude.

I have a hunch the people getting fucked up the ass are you and me. Investors who don't respond to every blip every minute of the trading day. As if we had time for that. I didn't even know the market had plunged until I started writing this post. Sorry, but I was working too damn hard for my living.

Excuse the fuck out of me.

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