WASHINGTON, May 1, 2012 – The biggest business news on this May Day 2012 might just be that there isn’t any, save for that antic, clueless combine of scruffy no-accounts, otherwise known as “Occupy Wall Street” (OWS) or “Occupy Whatever,” which plans demonstrations today in New York and, allegedly, elsewhere around the world. CNBC reports that, due to the fact that May 1 has also become “International Workers’ Day” in many countries, many markets are actually closed today. (For a list, check this article at CNBC.) Which will probably make it easier for the international OWS types to trash stuff that other people will have to pay to repair.
U.S. markets will be open today, if for no other reason than the fact that our “Labor Day” occurs not today but in September. According to many financial pundits, it will be a quiet day today precisely because all those closed foreign markets won’t be reporting horrible things today because, well, they’re closed. Yesterday’s meandering Wall Street melt down was rather boring, and today, who knows what will happen, as, with all the foreign closings, trading volume here will probably be even lighter than the market’s current, ongoing lightness of being.
The only significant report that seems to have some traders riled is the earnings miss by pharmaceutical giant Pfizer. Their earnings were down slightly due to—surprise, surprise—dwindling revenues from their blockbuster cholesterol drug, Lipitor, which went generic late in 2011. Probably worse, going forward for Pfizer is that they’ve cut earnings estimates for the year—which you actually have to take with a grain of salt, as they sold their baby formula to Swiss food conglomerate Nestlé and may get rid of their veterinary pharma business as well.
Other earnings reports will continue this week, blipping stocks up and down. But the great event of the week will be Friday’s jobless report, which could send the market into either a big rally or a death spiral depending on the number. People are trading on emotion more than ever these days, and so it goes, in spite of the obvious yet unseen steady drip, drip, drip of insider sales occurring without much notice in the press.
Which leaves the field open for the allegedly big non-business business story of the motley OWS crew which bravely promises to shut down the market in New York today, and maybe elsewhere, too. Plenty of New York’s finest will be there to greet them, courtesy of Nanny Mayor Bloomberg who dislikes the demonstrators almost as much as he hates noisy food trucks.
The demonstrators may be more or less violent and may be more or less funded by the usual suspects, the thugs of SEIU and the usual top-secret Soros-funded Marxist nonprofit gulag.
But maybe less. OWS was aided and abetted and perhaps even founded by the hard-left combine, lavishly funded as it is by union dues and an endless cash flow from illegally repurposed nonprofits. Its original purpose was to trash all those rich Wall Streeters, aka the 1%, the better to tar those evil Republicans who allegedly get massive financial support from this crowd. In so trashing, the left hoped to raise the class struggle ante and promote a second term for America’s currently serving first Socialist President.
But the scruffy, often filthy, and occasionally criminal protestors, it turned out, actually repelled the average voter. So their fiscal support, along with the political support provided in background by the Obama apparatchiks, has slowly fizzled as their original patrons have faded back to the shadows where they’re usually most comfortable.
Will OWS shut down Wall Street today? Probably not. Will they get big-time coverage from the lamestream media? Probably not, save for an action-filled cover photo in the New York Daily News, perhaps.
Problem is, OWS is actually a big, ongoing story, but not for the reason you might expect. Half decent reporters interviewing this largely youthful crowd one-on-one reveal young people who have a smattering of education but are largely ignorant of the world, seeing it as a weird and largely unfavorable (to them) agglomeration of “Survivor” and “Celebrity Apprentice.” They claim poverty and unfairness, but proudly boast of their new iPods. They want high-paying jobs but don’t really know how to work.
They are, in short, the product of our failed American public school and university system which now largely exists to indoctrinate young people in the ways of Karl Marx, de-emphasizing useful science and facts one learns in school and replacing them with endless examples of class struggle in which Capitalist Amerikkka is the Great Satan.
So, on what’s likely to be a slow trading day, perhaps its best to turn our thoughts, albeit briefly, toward what we might do to re-create our educational system to better serve tomorrow’s kids by helping them to be thoughtful, intelligent, and constructive rather than thoughtless, emotional, and reactive pawns to be mowed down in the endgame of America’s worst presidency ever.
Read more of Terry’s news and reviews at Curtain Up! in the Entertain Us neighborhood of the Washington. For Terry’s investing and political insights, visit his Communities column, The Prudent Man, in Business.
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