Tuesday, March 10, 1998

The Day the Bottom Fell Out
By Mark Hewitt ([email protected])

"The bottom fell out of the market today!" That is what the man with the very nice voice told me. He was speaking out of one of the largest all-news radio stations in Chicago. Who was I to doubt him? He told me to stay tuned for details.

So I listened through the required 8 radio-free commercials. This must be bad! The previous trading session saw the Dow rise over 170 points. I was beginning to figure that the doom-sayers and pessimists were right after all. The rise in the stock market couldn't go on for ever.

I decided to wait for more information before stocking up on food and water and waiting for civilization as we know it to crumble around me. What period am I talking about? Was this during the so called "crash of 1987"? No. Was this during the recent fall of the Dow? No. It wasn't 1929 either. I am much younger looking than that! This announcement came in January of 1998.

The announcer finally came back and let his bated-breathed listeners know that the Dow was down 70 points for the day. The bottom fell out? I wish all 2 day sessions saw 100-point net gains.

Then I realized that we all got what we wanted. I got the emotional rush promised by entertainment (even if it comes wrapped in something called news), the radio station got my undivided attention, and the advertisers got my ear for more commercials than anyone should ever have to listen to.

I guess that is the price I pay to depend on "infotainment." A house burning down is much more exciting than a new one being built. A tragic death is so much more news worthy than 100 uneventful deaths. And a Dow drop of 70 points is much more meaningful to some than a 170-point rise in a single session.

I think I'll stick to Jerry Springer on television for my entertainment, and make up my own mind about the state of the economy.

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