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Politics : Welcome to Slider's Dugout
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To: anyer who wrote (533)8/30/2005 2:08:49 PM
From: anyer   of 50638
 
Denial ain't a river in Egypt!

"A hurricane is a nonrecurring event," said (a chief investment officer). "And terrorist attacks are the same. They jolt the market, but the markets recover because they're nonrecurring."
---(The Wall Street Journal - 8/30/05)

Schaeffer's addendum: Now I get it. The markets have become invulnerable to "nonrecurring events." Presumably, such events would also include a hedge fund blow up that leads to a derivatives meltdown, a major terrorist attack on a large U.S. city, or an event that takes down a large portion of worldwide oil production capacity. An old adage on Wall Street was "Never confuse brains with a bull market." These days, it might go something like this: "Never confuse a market that is structurally supported by complacent derivatives players and by abnormally high liquidity that is threatened by a tightening Fed and an inverting yield curve with a market that is invulnerable to external shocks."
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