[Pen-l] random thought

["Jim Devine" <jdevine03@xxxxxxxxx>]

Back in the 1990s, I believe, some people were thinking that financial
markets should be open 24/7. Part of this was due to the fact that
with globalization, it seemed that there was a stock market open
_somewhere_ in the world at any specific time (even if this wasn't
literally true). And the "new era" optimism of the 1990s, combined
with the view that financial wheeler-dealers were the omnibenevolent
Masters of the Universe, suggested that the finance people be allowed
to do their charitable work all week. Of course, this didn't happen,
perhaps because the financiers need some time off to enjoy their loot
(when they get it).[*]

Now, it seems that the failure to attain 24/7 status is a good thing.
Weekends are when US and/or world financial decision-makers can get
together to think up and arrange bail-outs and fixes. (Then, our noble
and wise Leader -- the exalted Dubya --  can praise them for working
all weekend.) Without the weekend, they might lack the presence of
mind to get anything done: how does one focus on saving the "Market"
when conditions are changing by the hour, even by the minute?

[*] I still think that most of the stock market's business could be
done if it were open only one day per week. With four extra days, that
creates a lot of idle hands prone to create the devil's work in the
financial playground. They can churn asset ownership simply to rustle
up some brokerage fees, fall for financial fads, etc.
-- 
Jim Devine /  "Nobody told me there'd be days like these / Strange
days indeed -- most peculiar, mama." -- JL.
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