A Day for Jack Daniels: The Stock Market Dropped nearly 800 points
I loved how stores and street merchants would put out umbrellas on a stormy day. Rainy days meant no outside recess at school, lousy traffic, and adults in bad moods. But I took comfort in knowing that the misery of the many was the happiness of the few. Those merchants, large and small, selling umbrellas like peanuts at the ballpark seemed like a pretty happy bunch.
I thought about those quick buck artists when I clicked on today’s Marketwatch financial page, a site that I view several times every day that the markets are up and running, and noticed for the very first time a huge ad for Jack Daniels’ Tennessee Whiskey.
Now that’s some fast marketing.
With stocks down, nearly 800 points, 50 minutes before the closing bell, and stocks off by equally huge numbers in exchanges throughout Europe, this has been a bad day for investors and a great day for the merchants of firewater. At least in the last thirty minutesthe market rebounded to cut some of those losses to less terrifying numbers.
Unfortunately for me, I gave up hard liquor years ago. Now I’m left with a glass of cabernet to ease the pain of the day.
And if investors think they have a headache, pity those poor spin doctors working for John McCain who announced on Sunday that it was “time to turn the page” on the economic crisis and get back to the business of “questioning Obama’s character. Ouch! I guess you could say they picked a bad day to start the rest of their presidential campaign. For that bedraggled bunch, they might want to get Jack Daniels promotional size bottle.
Add to the crowd reaching for the bottle tonight, Treasury Secretary Hank Paulson, and Fed Chairman Ben Bernanke. Bailout behind them, iceberg in front?
As for we mere mortals, I don’t think the sky is falling but the economy’s storm clouds seem unwilling to part for now. As a kid I knew the sun was shining
somewhere. In the meantime I suspect that they’ll be three deep at the bars in lower Manhattan tonight. And for those who lost really big, buy a bottle and a bag of ice on the way home.
It’s time to start economizing.