David Schectman’s Commentary

by David Schectman
Miles Franklin

This morning I was reading the paper, and asked myself why? Apart from my beloved sports page, it’s full of the same old meaningless crap. I turned toward Susan and asked her, “Is there anything in today’s paper that’s fundamentally different from yesterday or tomorrow? “Nothing that I can see,” she replied. Yup, that’s what I think too. We live in a world of soundbites and headlines that have little if any significance beyond the moment.

Take the stock market as an example: On Dec. 3 the Dow shot up 400 to 500 points. Then one day later, Dec. 4, the Dow is down 800 points. How can that be? What happened that would cause a swing of 1,300 points? Hell if I know. It’s all a short-term trader market now. A tweet from Trump or an innuendo from a Fed governor and it’s up or down – for a day or two. Meaningful long-term trends, like the direction of interest rates or the increase in the budget deficit because of Trump’s tax cuts do not seem to matter.

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