"a fish, a barrel, and a smoking gun" |
What the Market Will Bare Fortified with Dramamine and a resurgent Dow, the business pages bent over backwards to describe the stock market's recent stomach-churning sessions in the friendliest of terms: a real "roller coaster performance." And why not? Tech issues had been hauling the indexes to record highs - when the engine of the new economy stalled in Silicon Valley, a dance along the precipice turned into a full-force dive, and suddenly even the blue chips were pulling Gs in the freefall. Besides, market junkies live to hold their sell orders until just seconds before the bottom drops out. If something other than a theme-park ride is going to be called The Spleen Shredder, it'll be run by Robertson Stephens, not Six Flags, and be parked in Manhattan, not Coney
Island But the Wall Street Whizzer isn't the only place you can get a shot of adrenaline with a bile chaser. TV ads for The Drop Zone - a new vertigo-inducing machine at Paramount's Great America in Santa Clara, California - promise much more than wind in your face, selling a vertical drop of 200-plus feet with a simple but provocative tag line: "Say hello to your lunch." Such happy reunions are, of course, the greatest danger such thrill rides can offer. Billed as a chance to cheat death, roller coasters are a no-risk proposition, built using reinforced steel and time-tested engineering. You're more likely to don technicolor hurl than to shuffle off this mortal coil. On the urban hazard scale they rank somewhere between a hot dog and a trip to Jiffy Lube. An insignificant missing part delayed the opening of The Drop Zone for weeks - the kind of thing that never holds up mergers or IPOs. Though the dismal science raises a facade of Lebesgue-measurable subsets and dynamic hedging, the professionals can't hide that what they really do is read entrails. Asked how he responded while Standard & Poor were spilling their guts all over his tassled loafers, the president of the New York Stock Exchange confessed, "I was praying." The market, of course, was praying to the porcelain god, filling balance sheets with fiduciary upchuck as panic transformed profitable volatility into a loss vomitorium. As with more mundane eating disorders, bull-market bulimia builds toward a purge - what one East Coast pro calls the "puke stage." The speculative binge devours the futures, in the form of low-grade stock options and 401(k)s, of middle-aged middle managers and Dockers-clad wage
slaves wealth from great emptiness. Ultimately, the pit in your stomach can be the light at the end of the tunnel - if you put market "corrections" to work for you.
Our anxious economy, fed by fear and loathing and unrealistic expectations, resembles nothing so much as a weekend warrior whose self-esteem has been kidnapped by Nike's new Zoom Air cross-trainer. "Who the hell does Nike think they are?" demands the print ad, part tough-love letter, part ransom note. "Who the hell do you think you are?" An athletic-shoe version of the Stockholm syndrome, the advertisement first promotes its superstar spokesmen, the fatcat captors of our collective psyche. It ends by celebrating a new kind of hero, a lean-and-mean marathon runner, doubled over with the heaves.
Passion, it seems, is just another word for the gag reflex. People afraid of losing their lunch or their shirt need to swallow hard and get used to it. We live in a "wild ride" economy, a chaotic landscape where no pain means no gain. Make yourself sick. Just do it. courtesy of Bartleby
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