The Next Market Crash Will Not be Televised
The Next Market Crash Will Not be Televised from John Galt, FLA
Way, way, way, way back before televisions were generally available in color, cable was a luxury reserved for hotels and the wealthy, and financial television was reserved to Louis Rukeyser and a weekly program on PBS and the “Nightly Business Report”, the idea of information beyond the 6:30 p.m. national newscast was considered absurd. In fact when the 1987 Market Crash hit live on cable television, it was the quixotic moment which brought financial news out of the shadows and into the forefront.
From that moment forward, long after the great Financial News Network (FNN) was absorbed in a merger with CNBC, financial news broadcasting became a mix of some financial analysis, some real news, and one hell of a lot self-promotion by various financial houses to promote the idea that everyone, even cab drivers, hairdressers, and homeless people just had to be in the stock market.
Then came LTCM in 1998.
Then came the 2000 tech crash.
Then came the 9/11/2001.
Then came the 2008 crash.
And what happened? The parties guilty of bilking individual shareholders got a slap on the wrist. The financial news channels which accepted hundreds of millions of dollars from the financial promoters were never investigated nor prosecuted for potential fraud. And the truly guilty, the banksters and brokers, basically got away with armed robbery with a laugh, a smile, and a tacky commercial promotion in the 6 a.m. hour to urge you to buy a company’s stock or invest in something worse.
This brings my readers to the bit question and a terrifying answer which follows:
WHY will the next market crash not be televised?
Re-watch the FNN video from 1987 above one more time. Pay attention to the interview with legendary investor Paul Tudor Jones and FNN’s Bill Griffith (yes, the one and same CNBC Bill Griffith).
Remember this quote:
“Wall Street uniformly, was, uh, unprepared for this magnitude of a drop”
As America has become complacent and dependent on the technology of mathematicians and hucksters versus experienced financial traders who have warned us about the dot-com bust, the real estate bubble, and other insanity in the past, the risks are up proportionately but the crash is envisioned to occur on television like those in the past. Thirty, twenty, and even ten years ago, that was a realistic prospect where all of us watched the circus unfold live with various annoying television personalities explaining that this was just a “gully” or a “burp” or accident which will self-correct because the Central Bankers said so.
Unfortunately for the average investor and Joe Six-Pack on Main Street, Wall Street has devised a plan to trade in the dark. A methodology using their high speed algorithms which will make the whining of “program selling” in 1987 look foolish so they can engage in trading between the wealthiest of traders which works logically, until all of the clients suddenly scream out into the darkness “No Mas.”