honchos, media, Uncategorized

Red Arrows Pointing Down

Tough day today in the financial markets. Normally I don’t pay that much attention to the day-to-day. But four times a year, on those days that my company announces earnings, I can’t help but watch the tickers closely to see how investors react. Well thanks to Alan Greenspan’s utterance of the word “recession” yesterday and a major sell off in China overnight, the Dow dropped 416 points today, and had its worst day since March 24, 2003. As a point of reference, the first day of trading after Sept 11, Sept. 17, 2001, the Dow dropped 684 points. As for the cause of the sudden meltdown? Is it the Asian Contagion Part II? Who the hell knows. It was one freakin’ day! And yet another freakin’ day that the dolts on CNBC managed not to say anything remotely intelligent. The best parts come from things they don’t produce. Like an impromptu interview with an old school trader on the floor. Something he said rang true: “When you can’t sell what you want to sell, you sell whatever you can.”

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