G'day Carl, > >... Now there is a global economic recession in the offing. It has > >become evident that herd behaviour caused by the risk reduction procedures > >of big institutions can be disruptive and lead to irrational valuations. > > Dog bites man -- read all about it!
It does seem the markets are particularly skittish at the moment. The sad business over the Black Sea and the (now officially denied) rumour of a second anthrax case both occasioned instant dumps. Right now, a bloke with a good tan could leave his briefcase at the office door for a minute, and cause Great Depression II. And Yahoo thinks Argentina will be in the news again over the next couple of days. It's just getting harder and sadder over there and it seems the further cuts those imaginative US economists are demanding just can't be pulled off without some major street action. Starvation is just 'bearish consumer sentiment' until the hungry march, then it gets upgraded to 'uncertainty' ... Oh, one regularity on Wall St is that, mass terrorism or not, the golden rule remains that an Al cut is worth a four-day rally. I really don't know why the man bothers ... Cheers, Rob.
