Wall Street/Stock Market Insanity

Yep.  This blog was right again. (I have told you that I am perfectly willing to say:  "I told you so".  I am not above that kind of ego pettiness).

 

The Dow went up 1,000 on Monday for no real reason, except momentum triggered by a government plan (as if governments had shown the ability to run financial systems).  I told you the 1000 Dow rise was unhealthy.

 

Well, since Monday, the market as a whole has completely retraced its steps.  The Dow has not completely given up its gains, but almost.  The NASDAQ has more than given up its gains. 

 

There is no real fundamental change.  It is momentum again, based on "bad news" that was always going to happen. In other words, people driving the fad stocks up on Monday knew that this was the likely news.  All you had on Monday was a plan, that changed nothing in the economy.  Why should the "market" not return to the same place?  The people driving the market to these wild swings are short term traders riding/driving momentum up, and then riding/driving momentum down.

 

But "Wall Street" acts like the people there do not know that the wild swings themselves are unhealthy, and do not show anything fundamental (although they the swings can cause fundamental damage).

Yet, Wall Street is again asking, like Oliver, for more. Unlike Oliver, Wall Street does not deserve more  It deserves less.  Are people on Wall Street really this stupid and greedy?  My answer is "yes".

 

For example, corporate raider Carl Icahn (responsible, to a degree, for the unhealthy trend toward corporate concentratiioin) wants us (the country) to turn over the financial system to him, and corporate raiders like him.

 

I could not make this up.  The pigs on Wall Street are all at the trough, and grunting for taxpayer/government money and help.  They will sometimes point out the other pigs.  But that does not stop their own grunting at the trough.

 

If we turn this country over to Carl Icahn, we deserve what we get.  I sort of have the same view, of course, as to turning this country over to Obama, Pelosi and Reid--or, unfortunately, to John McCain. 

Nope.  Wall Street, and all of the people on it, are out of control.  And we are turning over the country to these people.