The New York Stock Exchange closed today — more than 250 points lower than when it started. I lost even more money out of my retirement account.
And when the bell sounded to end trading, some Wall Street execs — and maybe a celebrity or two — stood there on the podium and applauded. My question is this: What on Earth were they cheering?
OK, it’s a pro forma event. They aren’t really happy with the way the day’s trading goes when it takes a dive like it did today. They do it for the cameras. Well, the cameras captured the moment, all right. And this viewer is getting angrier with each day’s loss of money — chiefly mine.
I see nothing worth applauding, folks.