Archive for the ‘The end of an era’ tag
Why Does Anyone Still Care About Wall Street?
Wall Street is now totally disconnected from economic reality. Every day there’s more bad news, and half the time Wall Street is “rallying”. The reason is simple. It’s a closed market. It doesn’t have much to do with you and me, and now with the world crumbling, there’s less incentive than ever to pay attention to the indicators. Why not just buy and sell with other people’s money, going short or picking up bargains as the recession deepens. And yet the press dutifully trots out the Dow Jones and Nasdaq averages as if they actually mean something. But the truth is they’re getting to be as irrelevant as the latest Box Office Top Ten. Read the rest of this entry »
