Wall Street Jovial Interview – Pop curture columnist, James Campion investigates the Stock Market min-crash 2000.

Aquarian Weekly 4/19/00 REALITY CHECK


The twisted, the frightened, and the troglodytes may not come together in many circles, but they are all in agreement about one element of society not abandoned by political rhetoric and fancy titles: money. The almighty has legs. It turns the wheels and greases the irons; and when it runs and hides there is reason to gulp and jump and find the right number that will put you touch with those who might harbor the odd sober answer.

But the voice on the other end cannot bear the grudge of the suddenly poor; once riding the wave of wondrous capitalism, only to be yesterday’s funk begging for coins with a stained cup and a ragged coat. It’s only the bulldogs with true grit who can unleash the nitty when it counts. And it counted for two days in early April when the stock market jerked and bucked like a cheap ride at Coney Island. Only those with their mitts on the controls aren’t the toothless, drunken carnies, but the wide boys with power ties and two martini lunches.

I rode those goddamn hours with the stammering remnants of the once great Chief Wonka and his 500 shares of tumbling Allaire stock. By 1:15 PM, when the Nasdaq numbers reached record lows–down 574 points, a 13.5 percent plunge that would’ve been the index’s biggest percentage drop in history–and horrid memories of Black Monday of ‘87 tickled the careening fancy of the walking dead on Wall Street, there was little else for the old boy to utter but “Oh my God this is bad” or “The market is crashing.”

“You see, the Wall Street Establishment will use the news when appropriate to their inventory concerns. Believe me, there was no panic on the inside.”

For three ugly hours on a breezy Tuesday afternoon, the high rollers caught a glimpse of Steven Hawking’s black hole, while nearly 50 percent of tech stock disappeared inside it. But by day’s end hunky met dory and “disaster” was reduced to “minor hit.” But what happened for those few terrifying hours?

When the smoke cleared early on Wednesday, 4/5 a correspondence from the wounded Reality Check New & Information Desk went out to the hub of the Wall Street Jovial. Founded by David R. Gahary, a warped insider with a grudge and a web site (www.wallstreetjovial.com) aimed at poking holes in theories all-too willing to be swallowed, it is just the sort of flashlight needed to flesh out the stock market’s scurrying roaches.

jc: Is two hours of panic considered a legitimate crash, even though it recovered by closing?

DG: Very little about the structure of the stock market could be considered legitimate. These violent swings are precipitated by big hedge funds. Those are private investment funds only open to the ultra-rich. Hedge funds are a favored tool of the filthy-rich, as it is an unregulated investment vehicle with the latitude to utilize so-called exotic trading strategies, such as short-selling and leveraged directionalism. Manipulating the market equals more profits for a few.

jc: The ABC Nightly News reported last night that because the quarter was ending many brokers called in their credit markers. Coupled with the Microsoft monopoly ruling, and the big hit the market took Monday, there was a panic.

DG: The end of a quarter usually consists of “window dressing.” Microsoft had nothing to do with the sell-off, as it has been proven time and time again. In fact, the news has very little impact on the direction of stocks. The closest the collectively captured media has come to admitting this, currently, is by calling it a “managed” market. It’s fixed due to its structure. It’s a specialist monopoly, the market-maker oligopoly. The fact these entities are not regulated, but regulate themselves, have had enforcement actions brought against them by various bodies. And that’s gone a long way to shed light on how fixed it all is. You see, the Wall Street Establishment will use the news when appropriate to their inventory concerns. Believe me, there was no panic on the inside.

jc: Are these day-traders skewing the bell curve? Simply because what is considered normal swings in the numbers by pros, and these crazed fuckers are sitting online and watching it as if it was the end of the planet, without giving it a chance to fluctuate.

DG: Absolutely not. The addition of the day-traders & the online investing community in general, have dramatically enhanced the profits of the organized crime ring that is today’s stock market. I know hundreds of these hedge fund managers who have seen their take rise 5-fold over last year, with no change in strategy or tactics. This is due to the addition of unsuspecting, innocent individual investors, affectionately known as “dumb money,” by these crooks.

jc: Dumb money?

DG: “Dumb money” is a pejorative term used to describe the individual investor. If you’re not inside, you’re outside. “Dumb” is not aware; not privy to important info. Unequal dissemination of market news creates “dumb money.”

jc: This is tantamount to a fixed poker game with the drunken suckers loaded with fresh bills and playing the willing possum?

DG: Willing possum?

jc: Someone who jumps into a poker game with a lot of cash, not particularly knowing anything about how to win money. They’re just in for the thrill. Maybe they don’t know they’re going to get fleeced, but, hey, what the fuck?

DG: Exactly! But technology has already revealed many of the inequities in the stock market, and it will eventually lay waste to these criminals.

jc: And who exactly are the criminals?

DG: The entire structure. Anyone involved with Wall Street is a criminal because they are playing in a system designed to take advantage of the individual investor.

jc: Is the .com stock, predominant in Nasdaq, fool’s gold, or will it keep sailing?

DG: The Federal Reserve’s loose money policy, buoyed with economic expansion, should continue to run the markets with Nasdaq moving higher. Remember, this index is a market-capitilization index, which means that the larger stocks have more of an impact on its movement. For example, several hundred smaller Nasdaq stocks would have to move in order to equal only the move of a Microsoft or Cisco. Basically, it’s a rigged barometer. The Dow, on the other hand, is a price-weighted index, which means the higher priced stocks have a greater affect on the index. That’s another scam, but The Dow contains only 30 issues. Whereas the Nasdaq holds 5,100 stocks.

jc: Are the drastic shifts of Tuesday, 4/3 a frightening harbinger for the market boom?

DG: The past two days will have zero effect. This movement occurred now because it’s the beginning of the second quarter, and the positions of the big boys have not been fortified yet. This allows them much leeway to whipsaw prices around.

jc: So, is playing the market today any more of a risk than it was ten years ago, or even a few years ago when the Internet did not have such a monumental effect? Unless, of course, you don’t think it has had the effect we’re told it has.

DG: Absolutely it is more dangerous, for the reasons I’ve mentioned. Now that individual investors have more access, the game is made much harder, by making it much less predictable. This is why several hedge funds have gone tits up.

jc: Why would anyone consider putting hard-earned cash into this grinder?

DG: Greed & fear.

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