It Doesn't Matter That Nobody Understands Stock Market Swings (Even Though Stock Markets Matter)
Two of the major US stock indices hit record highs yesterday (and are up again today, although markets are still open), even as the Iran war looks more and more like a quagmire and consumer sentiment is at an all-time low . How could that be happening? I will eventually get around to refusing to answer that question, but I will begin this column with a digression. There are some truly terrible jobs out there. Some are shockingly dangerous, such as logging and roofing. Some are deeply unpleasant as an assault on the senses, such as sanitation workers and " professional armpit sniffers " for deodorant companies. Some are possibly even more unpleasant as an assault on one's sanity, such as staffers for politicians and late-night TV hosts who watch right-wing cranks on podcasts and cable news for a living. That said, one of the most pointless, soul-deadening jobs that I can imagine is being the person who has to try to explain why stock markets went up or down ...