It’s a really strange idea. The markets need stability and a predictable playing field. Here we have someone standing up on a soap box to announce that he checked, and that there seems to be enough money left for the moment.
Actually it reminded me of this.
Well, that’s what my link (which works for me) is supposed to be.
In the last week of each year, most mutual funds do some “window dressing.” That means they dump some losing stocks and such to make the portfolio look better. The resulting jumpy market numbers always give some investors the whim-whams.
I wish I knew what this thread was about. Both links give a 19 sec clip of what looks like a riot.
I’m not gonna dig up a screenshot, but Twitter says “this is like when your ex-girlfriend DM’s you to say that not all cold sores are herpes”.
I realize that now. Your link was broken for me, sorry.
It’s from Animal House.
Chip Diller is saying “Everything is OK” in the middle of a panic.
I was in investment banking a couple of times in Hong Kong, when the hong kong dollar came under attack. The Hong Kong dollar has a currency board mechanism, and IIRC the overnight lending rate went to 900%, which killed the run. i’m blanking now on the bank, but one of the smaller honky banks was under a run. The CEO was on the evening news calmly smoking a big ol’ honking cigar with the head of the HK monetary authority saying they had the full backing. The run ended the next day.
Mnuchin making this call was amateur hour at least as far as the press is concerned.
Ship of fools in this admin
From the BBC
I like your phrasing better.
The Dow lost 653 points in a half trading day. All the major indexes lost over 2%. The worst Christmas Eve performance ever.
I don’t think that’s a good comparison. Instead, imagine you’re on a plane that’s experiencing some turbulence. It’s not pleasant, but it’s not something you haven’t been through many times before. Then pilot gets on the intercom and says, “Ladies and Gentleman, I know that we’re experiencing some turbulence right now, but I want to assure you that the bolts holding the engines onto the plane are still present and haven’t sheered off.”
How would you be feeling after hearing that message?
Tomorrow, the head of NASA will appear on Fox News to tell us he’s pretty sure there’s no asteroid on it’s way to extinguish all life on Earth.