Just wanted to check in and be sure to state that I'm genuinely curious here and trying to ask sincere questions to get a better understanding. My last response to Boston Red could certainly read differently, and I should have stated it better.
Basically I'm just trying to figure out why the difference exists between the two situations (among a few other things, of course).
Again, I don't think the financial markets were closed the week after 9/11 for any reason other than that they were physically in the same area as the WTC. If the NYSE had been in Philadelphia instead (which means it would have been weird given the name), I think it would have been back trading within 48 hours.
Today, I'm not sure why we even need people physically in the building. To the extent we don't need that, I think we should get them out of there and just keep the market electronic.
The job of traders isn't to make "a killing." No, their job is to facilitate the efficient allocation of capital, and take from that a fair share in accordance with their labor.Originally Posted by Boston Red
Our planet is a lonely speck in the great enveloping cosmic dark. In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves. -- Carl Sagan (Pale Blue Dot)
Uh, right.
I am right. It's one of the many screwed up things about our world right now that somewhere along the line, the bankers stopped performing their needed function in our society and economy, and began focusing on "making a killing."
Our planet is a lonely speck in the great enveloping cosmic dark. In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves. -- Carl Sagan (Pale Blue Dot)
Ok
Yeah, I remember when bankers were really nice and existed for the betterment of others.
Where do you get this stuff?
There was a time when banking, even i-banking, was seen as a pretty boring thing to get into. Like being an accountant.
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
WrongVerb (03-17-2020)
Well yeah, it's still pretty boring unless you are in the top tier. I was speaking to the suggestion that bankers used to act differently. They didn't. Look back in history and you'll see that they were just as brutal as today.
Who cares about bankers? Not remotely what this thread is about. Whatever convo WV wants to have belongs on a different board.
P&G is up over 8% so far today and is off only 8.5% from its 52 week high. That's good news for Cincinnati. People are certainly buying their products like crazy right now. Kroger is almost at its 52 week high and should have a blockbuster quarter. I have been in a Kroger store (Dillons) basically every day for the last week. They're having a hard time keeping the shelves stocked....but they're doing a great job.
This "temporary UBI" that Mnuchin is talking about right now is much more important for other reasons (and if I end up getting a check I'll be looking for a more worthy cause because we're fine for right now), but it's also sent the markets screaming upwards. Particularly for companies that would benefit directly from consumer spending (WMT, PG, etc).
Almost like stimulating demand instead of supply is something we should have been doing years ago.
Our planet is a lonely speck in the great enveloping cosmic dark. In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves. -- Carl Sagan (Pale Blue Dot)
Team #MATH
If my wife and I each get $1000 a month that’s going directly to credit card debt and then student loan debt.
What would you say.....ya do here?
Posting Permissions
|
Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please. |
Reply With Quote