Wednesday, October 08, 2008

Mass Hysteria Grips Stock Markets

OK, it's getting ridiculous. TSX down again?!

The stock markets around the world have all gone into mass hysteria, and the TSX, based in a country that's seen no bank nationalizations or closures or bankruptcies, is trying to out-hysteria the hysterical. Traders are rushing to the cliffs; bystanders are joining them in I-want-to-be-a-lemming-too eagerness; those from afar are running over to hurl themselves off with the others. It's time for a massive slap upside the head. Governments around the world need to join Russia and shut down the stock markets until next Tuesday. Open it up on Friday, and memories of black Fridays will infect the markets again and the gleeful sell off will resume. Open on Monday, and mad superstition will take hold of the traders and off we go again for the cliffs. Tuesday is a nice day; Tuesday doesn't have the connotations of a Monday; Tuesday will calm the traders down. And we can resume business, sanely.

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