We Need A NYSE Holiday

The Dow Jones Industrial cratered again today, dropping over 600 points, to below 9,000, and roughly 45% off its peak exactly one year ago.  In early trading tonight, Tokyo is off 10%.  To be sure, the fundamentals of the economy are weak right now, but a fair amount of this panicky selling is fear, not rationality, and its not doing anyone any good.  Buckeyenewshawk would like to recommend that the feds issue an order overnight tonight that closes the New York Stock Exchange, and that it shall remain closed until Monday October 20th.  It is not unprecedented; the market was closed for a few days after September 11th.  President Franklin Roosevelt closed banks for a few days in 1933.  The latter is not needed and would be a very drastic step, given how much commerce at the personal level these days happens by electronic funds transfer.  But freezing the markets in place for awhile could very well serve to arrest the irrational panic taking place and change the story.

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One Response to “We Need A NYSE Holiday”

  1. Brian Saxton Says:

    This probably wouldn’t work. See this article from the WSJ’s Real Time Economics blog for some reasons why.

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