Groundhog Day Drives Stock Market 666 Points Below Ground: What That Says About The Frosty Season Ahead

February 3, 2018

I’m pretty sure the nation’s favorite groundhog, Punxsutawney Phil, knows more about the weather than he does about markets, and I’m not all that sure he knows anything about the weather! In fact, I don’t understand the underground methods of this rodent resident of Gobbler’s Knob at all. It would seem to me that sighting his shadow should indicate a nice sunny day, which in turn should indicate spring is just around the corner. How can he scowl and crawl back into his hole on a day filled with sunshine? If you ask me, he’s somewhat of a weather permabear.

Thus, I am also not sure what it means that this sage marmot reholed himself today just as the Dow fell an ominous 666 points. Can such a cloudy day mean the spring of a rejuvenated economy is almost here? What I am sure of is that Phil got almost as much international coverage for his forecasting abilities as market analysts got today and way more than I ever garner; so, my top-hat goes off to the little feller…. The moral of the story is that, if you’re going to be a permabear of the permafrost, at least be cute, and you’ll still be popular with the people. 

Now on to the impending global economic collapse. I can no more tell you what the market is going to do on Monday than I can decipher the fathomless methods of Phil. The market, like Phil, has it own ways, and obviously the first person to understand them all will become the world’s first trillionaire. However, there is one thing that a day like Friday, after a week like this week, can show you; and that is how quickly — even when the whole world looks like economic sunshine — everything can become overcast….

*********  

David Haggith started writing about the economy after he predicted The Great Recession half a year before it hit and was puzzled as to why no economists or stocks analysts saw it coming. In the months after the crisis broke out, he started to write humorous editorials in a series titled “Downtime,“ which chided the U.S. government and bankers who should have seen the economic collapse coming but whose cronyism, greed and ineptitude caused them to run the world into a ditch. Those articles were published in The Hudson Valley Business JournalThe Valley City Times-Record (North Dakota), and The Daily Herald in Tennessee. Haggith is dedicated to regularly criticizing the daily news — not just the content but the uncritical, unthinking nature of almost all of the reporting. He now writes his own blog, The Great Recession Blog, to break down the news as an equal-opportunity critic toward both Republicans and Democrats / Conservatives and Liberals … since neither kind of politician has done anything worthwhile to plot a better economic course. His articles are regularly carried by several economic websites.

The melting point for silver is 961.93 °C - 1235.08 °K

Silver Phoenix Twitter                 Silver Phoenix on Facebook