Ask a Melbournian meteorologist about Wall Street
There’s a famous joke in Australia: if you don’t like Melbourne’s weather, wait half an hour.
I keep considering writing properly about formerly interesting topics: Private Equity and the state of debt; inflation, the state of debt and US economy, etc. but it just isn’t interesting for me. Amongst other things, the way everybody else is writing about the stock market is annoying me more and more. Like political stories that go on and on about some party “slamming” another party, everything in our domestic stock for foreign or futures exchanges seems to bolt one way or another with “unexpected” news.
Here’s a quick sample. From the Guardian:
The first two aren’t interesting; just new examples of the same thing: uncertainty in our stock exchanges and take-overs having trouble finding Other People’s Money to spend. If the third doesn’t embarass the Guardian with its gun-jumping, I don’t know what will.
the Wall Street Journal:
The Financial Times:
- Equity turbulence follows credit market sell-off
- Wall Street struggles for momentum
- Consumer spending slows
And I’m sure that, tomorrow, Wall Street, like Melbourne’s sunshine, will be back. These stories are either correct, and the markets truly are hopping all over the place because traders are honestly being surprised, in which case not a single competent person is in charge and we’re fucked anyway, or they’re just filler because we’d rather have non-contextualised stories about random trees than read about the forest burning to the ground around them (reminds one of a certain war, actually). I’ve complained about that, too, just recently.
Unfortunately I’m also just not that into the minutae of the matter as other (better) bloggers out there (go read the Big Picture and Calculate Risk). To me it’s just more of the same, and all trending downwards.
At least Australian politics is still interesting (given that, unlike America and the stupid conniptions of its media, we are having an election soon). The Dana deal has been blessed by the United Auto Workers and their bankruptcy referrees, but I’m holding out for more information about the separate negotiations between the Union and the Big Three, proper, concerning retirement, healthcare, etc.
Even oil is not that interesting, although it’s nice to go this long without hearing some nut go on about the magicness of biofuels. I also have my own work, but it’s too easy to avoid research during the Summer. Much too easy.
It’s a good thing the Summer is nearly over, I suppose. To England, to defend my thesis, then semester begins – second day of which’s classes I’m cancelling, so that I can go and convince some immigration people that my marriage is not a sham and would they please let me stay in the US (until I leave in a year). I have an interesting August ahead of me.
So, if any of my prospective students read this: you’ll get Wednesday off because it isn’t worth covering those lectures, but I’m giving you a quiz on Friday to make sure you study anyway. And that’s just the first week. It’s not too late to try to transfer…