When I was public relations at New York university's School of Commerce, Accounts and Finance (now the Stern Business School), a wise old professor told the story of an examined financial mogul who put his shoes seemed headed for his office to get on Wall Street.
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The chatty shoeshine man waxed poetic about the show, eager to talk about how everyone was making a killing in the market was sky-high rise. He even offered the financier shares a few tips. The tycoon could not get fast enough to his broker - for sale! When optimism about the market reaches the man on the street, the theory goes that if a clear signal to sell when you can get.
Some market watchers say that a new economic paradigm - the old rules no longer apply. They talk about the Internet, computers - anything with a hint of technique - turning the economy on its head. Maybe.
Certainly computers, internet, et al, are here to stay. They are improving the productivity jumps, and she develops an astronomical rate. There is little doubt that many of the top companies will grow rapidly in the coming years, at least those new, innovative services or hardware or software companies do. Many investors in these companies are themselves filthy rich.
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However, the red flag waving.
As the saying goes, what goes up must go down. That has not changed and never will. Neither will the various other economic fundamentals. Supply and demand, inflation, deflation, disinflation, recession, depression and the rest.
Wise beleggers hebben weinig te vrezen. America remains strong and remains the world leader, not just politically but economically. Long-term investments in leading companies of our country as much of a sure thing as you'll ever see.
But, I believe, Federal Reserve Board Chairman Alan Greenspan and U.S. Treasury are not doing enough to protect the growing number of sheep-like investors in the growing number of financial wolves. They must do more than jockey around interest rates, while the potential for abuse of innocent investors is growing by leaps.
Any casual market-watcher can see there is more than normal “market forces” that stocks - and the overall market. There is no way to prove it of course, but it is clearly the “big money interests” to play the market like an accordion.
I'm watching the ups and downs of the market for some time. I'm after a number of Dow 30 stocks, technology companies and various other market leaders for some time. I've learned more than anything, the current price of a stock is not based on profits, the competence of the management or the potential profits. Instead, the price a share based on whether the “money men” want it up or down.
Large investors can not make money on a stock not moving significantly. They make their money either way - up or down - on condition that they know and can influence the direction. One thing is certain. You and I will only know when it is too late!
I am a retired journalist and editor, having worked for The Hour newspaper of Norwalk, Connecticut, for 32 years. I am a 1964 graduate of the New York university, where I graduated in journalism and minored in marketing under a public relations program. I served three years in the U.S. Army Public Information in Germany and Colorado, 1954-57. I held the position of aide to the Veterans of Foreign Wars, Robert F. Garrison Post 3350 in East Rockaway, New York. I'm a lifelong fan of Bing Crosby, the greatest singer of the 20th century and an Oscar-winning actor.
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