Philosophy over coffee

Archive for September, 2008|Monthly archive page

Finance: I just can’t get enough.

In Interesting, On Headlines, Size: Grande on September 19, 2008 at 5:16 pm

The financial tsunami, as many so aptly describe how things are going at the moment, has found me more glued to TV than ever. I have been glued for weeks but since Sunday night, when Lehman Brothers reported to file for bankruptcy and Merrill Lynch announced selling itself to BofA, being a couch bed potato has never felt so gratifying. Having to follow the DJIA, NAS, S&P and hundreds others of stocks go up and down; grasp, learn and re-learn financial concepts; and focus on discussions and catch up with what is being said could only confirm that there is a big finance geek in me hiding (not quite secretly so) and waiting to come out. I have honestly found it challenging to completely follow the CNBC star troopers debunk the issues surrounding the financial meltdown that’s not only hitting Wall Street but also Main Street. I found inherent beauty in seeing the fluctuation/volatility in the markets, with the Dow plunging more than 500 points Monday, up 300 Tuesday, down Wednesday, up Thursday, and so far, Friday, up another 410 points. Include there the intra-day up and downs and you have a really exciting story. If the Dow finishes higher than 404 points today, then we’ll end up on the same level or higher than when Monday opened- as if nothing happened. How’s that for an exciting turn out of events? I would like to think that the Fed and Treasury have managed to deal with things quite well to reduce the fear and panic that is continuously killing Wall Street. Tuning in to CNBC for as long as I’m awake every day, I couldn’t help but also be impressed with the competence and expertise of people- Santelli, Liesman, Faber, Ratigan, Macke, Pisani, Bartiromo, Carusso-Herrera, Gasparino… Surprising are information that concern 30/40-to-1 bank leveraging, stock price drops of more than 50% to 90% in a short time span, record-breaking jump in volatility (.VIX), rumored demise of even the top two (and only survivors) of this crisis, government bailout and infusions of trillions of dollars, money market funds breaking the buck- I just can’t get enough. The TV serves as my wake-up call (I set it to turn itself on at around 930am), practically starting my day with financial news and while it doesn’t become a sleeping pill for me, heck no, it doesn’t take a rest until about 12 midnight, when the re-run of Fast Money, now my favorite show, ends. Re-runs… yes, sometimes I watch them again just to make sure I understand critical issues and points (yes, the challenge I mentioned earlier being that I don’t get things the first time around). I even download the video podcast. Not only is it a highly informative show, but there are personalities there who just crack me up. Ah finance… I just can’t get enough.

PS I should have paid more attention in my boring classes before.

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