Moody for the Wrong Reasons
April 2, 2003
"Dow Industrials Shouldn't Be The Nation's Mood Indicator" is one of the better critiques on the stock market that I have read in awhile. It is perfectly timed given that the rally after the war in Iraq began has been completely wiped out as speculators begin to sober up again.
And as the bloodthirsty await news of Saddam's demise to kick off more celebratory stock market speculation, the economic news continues to worsen and more and more companies are falling out of grace due to executive thievery or restatements of results from the bubble days (recent examples - Ahold, Gateway, HealthSouth, Charter Communications, I2 Software, to name just a few). I am amazed at how the parade of financial criminality and chicanery continues unabated right now. Also seemingly sliding under the radar of moral indignation is the recent news that cronies of the Bushies will soon be profiting handsomely from the war as Cheney's old company Haliburton stands to gain up to $1 BILLION in contract revenue from putting out oil well fires after the Army conducted a secret deal without soliciting any other bids (who could EVER imagine Bushie cronies would profit from this war?!?). This will be on top of an existing $1.15 BILLION10-year deal that was resurrected from the grave the Clinton administration had dug for the company's legacy deal form the first Bushie.
Anyway, you can tell I am DYING to write another missive, but I will let it go for now and hope you read this *important* article....
April 1, 2003
"Dow Industrials Shouldn't Be The Nation's Mood Indicator"
By JESSE EISINGER
Staff Reporter of THE WALL STREET JOURNAL