I was a grumpy old man even as a child, so this post emanates from that legacy.
I’ve been puzzling over the peculiar reaction the market had on Monday to the savage attacks that took place in Paris. Never would I have dared imagine that assets across the board would excitedly zoom upward following this brutal mass killing in one of the most beloved cities in the world. It just made no sense.
This morning, as I was doing my usual 5:30 a.m. walk of my big dogs, it dawned on me: the market rallied because it knew it was going to get pampered. Over the past several decades – – and the last seven years in particular – – the market as a whole has been trained by the central banks and national governments of the world that Big Daddy Is Going To Make Things Better, and that if bad things happen (like Long Term Capital Management, or the Internet bubble bursting, or AIG going up in flames, or the twin towers falling, or civilians in Paris being mowed down by automatic rifles) then the paternal overseers that are ostensibly our leaders will give us a kiss, put a band-aid on our boo-boo, and make it all go away.
Let me digress by introducing you to this gentleman:
Jack Lucas: A Real American Hero
A chubby old dude shaking hands with a Marine, right? Well, this is Mr. Jack Lucas. Let me tell you a bit about him.
In the summer of 1942, World War II was heating up, and young Jack wanted to join the fight. The problem was that he was a 14 year old kid. He was a tough-looking hombre, though, so without even asking his mother, he went off to the Marine recruit depot, lied about his age, and was shipped off to Parris Island.
Although he did superbly well in training, he grew weary of not getting involved in any actual fighting, so he went AWOL in early 1945 (a reward was posted for his capture). He sneaked aboard a boat and told an officer who he was. Instead of arresting him, the commander allowed him to stay, and Jack turned 17 years old (the age he claimed to be when he originally signed up) while at sea.
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