It’s Certainly Not Ball Street

15. October 2008 by admin.

So where are Wall Street’s legendary balls?

The Government has opened the credit window wide open, is injecting craploads of cash directly into the banks, has guaranteed interbank loans, and has done everything execept enter the commercial paper market itself (instead we’re just handing the banks money directly, but that’s a different story).  Given all that, why can’t the stock market build momentum for a rally?  I mean, 900+ points is pretty decent, but only for a day?  C’mon folks, would a second day of enthusiasm hurt you?  What happened to the image of the steely eyed trader taking a risk for the big rewards?  Is the market capitalist dead, buried under the piles of cash the government is dumping over Manhatten?

Maybe we have become a nation of whiners.  Investing is designed to be risky, with the greatest risks offering the greatest rewards.  But now we seem unwilling to accept the concept of loss, and are willing to only take a chance when we know the government will rush in to bail us out if we guess wrong.

America was born of speculation and the promise of reward for risk.  It’s sad to see how far we’ve fallen.

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