Wednesday, March 11, 2009
I'm going to report on something I have no idea about
Clearly, it was a good idea for Salon to send a person who had never watched CNBC to spend a whole day viewing the network. For instance, I learned that the markets now close a half-hour later than usual.
Wall Street's closing bell rings at 4:30
Good to know! I'll remember to put a sell on my Alcatel-Lucent shares today at 4:29.
LATER: All is not lost. The author digs out this hilarious gem of a quote from Arthur Laffer, he of "Laffer Curve" and supply side economics fame. Like the wise and sage economist he is, he points all the blame for the markets' collapse over the past two years at the one person who controlled the nation's finances:
The political process started in late 2007. Since that time, the markets have been down 55 percent. Markets are forward-looking, not backward-looking. They saw what was coming in the election. They were anticipating what this guy would do, and they caused a slowdown.
That is some high-grade wingnuttery right there. And using my trusty peak-wingnut calculator, around about April 2014, President Obama will be acknowledging that, as a fetus, he did not do enough to stop the Bay of Pigs calamity.