Patriotism on Wall Street - Sept 17-21, 2001

Most of the readers of this forum know that my outlook is usually optimistic when it comes to the markets. I think it's fair to say that I'm hardly a "doom and gloomer." With that said I would like to make a comment about the markets decline from Sept. 17-21, 2001 and the promises of "patriotism" in not selling prior to that week. It was reported prior to that week that many of the Wall Street pros were promising to hold of selling for patriotic reasons. First of all I think buying and selling stock has little to do with being patriotic. Second of all I knew despite what was reported that the market would show a decline. The markets had to decline due to the fact that the economic risk has increased. So who is more patriotic, those that are responsible for deceiving people by stating that selling is unpatriotic or those that discuss the realities of the situation and basically state the truth? I think this is more or less the spin the financial press tried to put on prior to this week that selling was unpatriotic. I'm probably way off base here but a pox on their house for spinning this nonesense.

I think this is more or less the spin the financial press tried to put on prior to this week that selling was unpatriotic.


There was certainly unbelievably dumb commentary tying patriotism to buying/selling decisions. Of course the market will reach a new, lower level after such an event. It materially changed the outlook for insurance, airline, travel, finance and several other industries.


Dumber was any broker/advisor or others thinking such patriotic buying would doing anything but slow the decline. So the Dow declines 14% in a week rather than a day. That sure puts those terrorists in their place.


Dumbest were the people who actually acted on such idiocy and bought, not because they were getting good value but out of patriotic delusions. Alas, I know several people who did exactly that.


Jaeger