“4/18/2008, 12:09pm EST”
On the Stock Market
The stock market is based on pure fantasy — projections, predictions, expectations, “confidence,” and endless manipulations facilitated by its speculative nature. It is also based on extremely fragmented, small pictures — even by humanist-capitalist standards.
The following dueling headlines should come as no surprise then:
Citigroup to cut 9,000 jobs after posting loss
Wall Street rallies on Citi, Google earnings
The stock market “rallies,” because (a) the first quarter loss of $5.11 Billion wasn’t as bad as their $18 Billion+ loss in the last quarter of 2007, and (b) they made $0.4 Billion more in revenue than was expected.
Among the many other things you can say about these idiots, they certainly belong to the “glass is half full” crowd.
Very Late Update: It seems the headline (and MUCH of the content) of the second link has been altered by Yahoo! and/or Reuters. I’ll try to stay away from Yahoo! articles in the future.
Never leave home without it.
