According to the BBC (BBC TV1) today is supposed to be terrible tuesday. Yesterday was meltdown monday.
Yet, whilst broadcasting live on the TV this morning, the financial reporter in the City of London kept concentrating on what had happened over night in New York. Sure the falls in New York were large, but today is another day. If anything has to be learnt about this global problem is the rapidity in which the markets are responding ike headless chicken to changes.
Behind the said reporter's back the Hang Seng, one of the early markets to open this tuesday morning was leading a rally and was in positive territory. Not once did the reporter refer to this little green light blinking behind him.
As the morning news progressed to just shortly before the openeing of the Footsie, streer opinions were being drawn from the financial employees as they arrived for work. All the prophesies were for huge losses in the market this morning. and yet as I write, Tesco has reported satisfactory profits, BA shares are in the Green and the FTSE is only down 2.0 points.
This mornings utterly useless reporting by the BBC on the global financial markets is typical of the sensationalism that is causing all these financial gurues to loose their heads and cause such dramatic swings in what is of course a poorly regulated environemet.
Of course the term financial gurue shouldn't really be applied to a group of such ignorance as the financiers of these global machines. They have demostrably shown that they are not capable of understanding even their own instruments of mis-fortune let alone any onelses who they happen to be gambling on at the same time.
I hope that as the day pans out, the sensational and irresponsible reporting of these largely pointless swings in the markets becomes rather more tempered and that a real discussion can ensue.
for Example... What is wrong in letting these incompetently managed banks and funds take their self administered medcine. After all they have meetied out to many other businesses in the past that have not made the gerade with respect to finacial fortitude and sucesseful results?