Some wit said not too long ago, “When you are taking his temperature every five minutes, you know the patient is sick.”
So this morning we began the day with many comments on the state of the stock market. The DJIA was down 600+ yesterday. What would it do today? Well, now we know that after major “volatility,” it went up 430. Who knew?
As we said after yesterday’s disastrous plunge, just hang on. We say the same today. Now is not the time to be checking your portfolio every day, if it makes you nervous.
IFO has seen many of these swings in the past 10 years, so she is just a bit blase. She didn’t do any trading, she just watched in awe as many people panicked. She wasn’t taking the economy’s temperature, she was enjoying the mild summer temperature, “cooler than usual” (snicker) here in the Pacific Northwest.
It’s amazing what a little perspective can do for your mood. We highly recommend counting our many blessings, and smiling. Don’t worry, be happy. It’s all good.
Or maybe not. Today, new fuel standards for big rigs were announced, while manufacturers smiled through (presumably) gritted teeth, claiming they just love those rules, according to NPR. It’ll be tough, one CEO said, but we can do it. The reality is, they were working to stave off varying state rules, mainly California. They wanted “to be part of the process.” Ugh. Guess they’re anxious to sell some rope.
Former Soviet Premier Nikita Khrushchev: “We will hang you … and you will sell us the rope.”
Or as we recall it, “When it comes time to hang the capitalist system, we will sell you the rope.”
The noose image, by the way, comes from this excellent website in a post from 2007(!).