Monday, August 02, 2004

Yes, we have no explanations

Outside the New York Stock Exchange, media vans outnumbered police trucks. For people who work near the exchange, the alert was met with indifference. "I see guys with machine guns everyday," said Stephen Macken, 27 years old, a vice president at J.P. Morgan Chase & Co. Wall St. Journal (subscription)
How comforting. More comforting is the market's discounting of orange terror, what with September crude nearing $44 a barrel. As The Wisdom of Crowds notes, markets do that. Explanations of market movements after the fact are just journalism.


Anonymous Anonymous said...

fuck MAcken

1/26/2009 7:01 PM  

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