[Pen-l] Re: random thought

["Jim Devine" <jdevine03@xxxxxxxxx>]

I wrote:
> 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 forgot to add: weekend meetings also mean that programs can be
announced when financial markets are closed, allowing the money folks
to absorb the information gradually, rather than impetuously
responding (as is their wont).

gee, I'm feeling upbeat about the fate of financial markets after
Dubya's cheer-leading speech this morning -- NOT.  (You can take the
frat boy out of the cheer squad, but you can't take the cheer-leading
out of the frat boy!)
-- 
Jim Devine /  "Nobody told me there'd be days like these / Strange
days indeed -- most peculiar, mama." -- JL.
_______________________________________________
pen-l mailing list
pen-l@xxxxxxxxxxxxxxxxxx
https://lists.csuchico.edu/mailman/listinfo/pen-l