I read yesterday, as the idiot wind blew the market down another couple hundred points, that the final bubble had popped.
The hope bubble. We had it for a time. Now it's gone.
Of all the bubbles that have bubbled up since bubbling began, I think I liked the hope bubble best. It made me want to blubber when it busted. But I guess that would be bootless. You can't bawl over burst bubbles.
The Street had produced the hope bubble while waiting for particulars of the Obama bundle, and when news of the the bare bones of the bailout finally broke, it was immediately bummed out. It went at the hope bubble with a pin. Pop! And then it was gone, just like that, and with it billions of bucks in bread.
Wall Street was disappointed for two reasons. First, Wall Street HATES ambiguity. So when some details came out, there were not enough of them, and everybody went nuts because now they didn't know anything about all the things they wanted to know more about. Second, Wall Street HATES specificity. It LOATHES it. So when some details came out, everybody went nuts because now they knew something and they didn't like that, either.
And thus the hope bubble departed, leaving us all bubbleless, at least for now. When will another come again? No one knows. Anybody got any ideas? We could propose it to whoever is in charge of these things. See if we could make something happen.
Or I guess we could just let it bubble up.