"There could be more bloodbath to come," said Lee Cheng Hooi, technical analysis manager at EON Capital in Kuala Lumpur.
Stocks are down. I remember reading Abbie Hoffman's autobiography and his cheering every time the stock market plunged. When I told this to a friend in college he chastised me, pointing out that when the stock market goes down it's "the little people" who suffer. Therefore we should pray for the profit of the capitalists because if they lose profit they will slit out throats in turn. Somehow that doesn't seem right to me. It's like having a drunken abusive father: you pray that his day went well so that when he gets drunk he won't get too violent. We all know that profit loss is turned directly on to the lowest on the totem pole. The minimum wage employee is let go, not the CEO with the fortune in bonuses (let alone salary and all the other perks). We know this is true but we dare not say anything because we don't want to lose the scraps flung from the table to us. We don't want to lose the privilege of licking at what trickles down.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment