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Every day is Black Friday: Wall Street finally reacts to Trump's roller coaster ride

3 20 19

On the train into work the other day a billboard for a department store proclaimed “EVERY DAY IS BLACK FRIDAY” caught my eye.

While that term has come to mean in our consumer age that no-holds barred, post-Thanksgiving shopping Friday, it actually was first coined to describe the crash of the U.S. gold market on Sept. 24, 1869. That’s when two of the original vulture capitalists, Jay Gould and Jim Fisk, tried to gobble up all of the country’s gold, in hopes of driving up the price for the shiny commodity through the roof in hopes they would reap obscene profits.

What it did was collapse the markets and sew financial ruin for a nation, already deep in debt and still recovering from the Civil War.

All these years later, rest assured we have the 21st century versions of Gould and Fisk busy scheming the next boom and bust cycle. They did so well off of the Great Recession.

Indications we are on the precipice of yet another one of these market downturns that our economic system apparently is fueled by. There’s always mass suffering and dislocation and a small group that prospers, makes a killing.

Last Friday, The New York Times warned of an “ominous event” in the government bond market when the yield investors could get for investing in long-term five-year Treasury notes fell below what they could get from just a three-month Treasury.

Normally, in a more stable period, like when there’s not a lunatic in the Oval Office and the Federal government is not in a prolonged shutdown, the folks that need to make money with money are given a financial incentive to park their money over the longer term in government bonds. When short........

© Salon