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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (9131)	10/21/1998 12:58:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Joe and I talked about it some time ago. While there may have been great strides in the speed with which orders are executed, information was disseminated fairly quickly back then. If you have to draw comparisons, the ticker-tape machine, which was widely available for public access at major public places, is similar to the internet. I personally think that more information will hurt, not help. Then again, WTFDIK? -g-

To: MythMan who wrote (9131)	10/21/1998 1:06:00 PM
From: Thomas M.	Read Replies (1) \| Respond to of 86076

TV and Internet are overrated for their impact on global markets. In the 1857 panic, global markets moved in lockstep, even though they were isolated from each other. ...The cause of the market low in New York on October 13 is ascribed to the banking panic, yet London bottomed on the same day. The selling, motivated by fear, was pervasive on both side of the Atlantic leading up to October 13. That selling ceased and a vigorous rally commenced on the same day, continents apart, with neither market having access to any timely information from the other. Word of the N. Y. banking panic did not reach London until October 26, and was then reported in The Times the following day. The sudden, international cessation of distress selling that is a hallmark of 20th century panics also occurred in the crisis of 1857, at a time when no timely communication existed... What is striking is the concentrated nature of the crises…Clapham observes that it broke out almost at the same moment in the United States, England, and Central Europe, and was felt in South America, South Africa and the Far East... Tom