- Aug 10, 2001
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The following are snippets from yesterday's Louis Rukeyser's Wall Street show:
Wall Street may be doing the one thing it really knows how to do best -- namely, panicking -- but our financial ambulances are standing by for your safety and convenience.
...We'll discuss the bizarre symptoms of a market so neurotic that when it hears that the economy is not just out of recession, but actually accelerated in the last quarter at the fastest pace in more than two years, decides that that must be a very good reason to sell stocks -- and does so in a frenzy not seen since September.
This market doesn't need a financial analyst -- it needs a psychoanalyst.
I mean, I know it's the season for April showers, but this is ridiculous.
The flood of investor tears this week alone is threatening to wash out every stock exchange from here to Katmandu.
...Just about anything you could name was enough to set investors to weeping and whimpering. Were some tech firms not yet ready to guarantee instant gratification? Sell, sell, sell -- even the ones that were not falling short. Was the Middle East not yet as safe as Central Park at high noon? Sell, sell, sell-- and send the oil price back over twenty-seven dollars a barrel.
Was Wall Street finally ?fessing up to occasionally less-than-entirely-wholesome behavior in its research departments? Sell, sell, sell -- maybe no American corporation is ever going to do well again.
And was that economic-growth report much better than expected? Sell stocks, buy gold, sell the dollar down to levels not seen in months. Heck, this news may have been great, but maybe America won't keep on growing.
Rational? No. But, Wall Street? You bet.
http://money.msn.com/content/CNBCTV/Articles/TVReports/P21929.asp
Wall Street may be doing the one thing it really knows how to do best -- namely, panicking -- but our financial ambulances are standing by for your safety and convenience.
...We'll discuss the bizarre symptoms of a market so neurotic that when it hears that the economy is not just out of recession, but actually accelerated in the last quarter at the fastest pace in more than two years, decides that that must be a very good reason to sell stocks -- and does so in a frenzy not seen since September.
This market doesn't need a financial analyst -- it needs a psychoanalyst.
I mean, I know it's the season for April showers, but this is ridiculous.
The flood of investor tears this week alone is threatening to wash out every stock exchange from here to Katmandu.
...Just about anything you could name was enough to set investors to weeping and whimpering. Were some tech firms not yet ready to guarantee instant gratification? Sell, sell, sell -- even the ones that were not falling short. Was the Middle East not yet as safe as Central Park at high noon? Sell, sell, sell-- and send the oil price back over twenty-seven dollars a barrel.
Was Wall Street finally ?fessing up to occasionally less-than-entirely-wholesome behavior in its research departments? Sell, sell, sell -- maybe no American corporation is ever going to do well again.
And was that economic-growth report much better than expected? Sell stocks, buy gold, sell the dollar down to levels not seen in months. Heck, this news may have been great, but maybe America won't keep on growing.
Rational? No. But, Wall Street? You bet.
http://money.msn.com/content/CNBCTV/Articles/TVReports/P21929.asp
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