ELAM: A change in mood preceded the change in markets

first_img Facebook Pinterest Local NewsBusiness By admin – March 5, 2018 Twitter Twitter WhatsApp West Texas Food Bank Logo Social mood motivates social actions, not the other way around.Social mood is endogenously (internally) regulated, it is not prompted by outside forces.The recent action of world stock markets shows this to be the case. The change in mood occurred before the imposition of steel and aluminum tariffs, now heralded as causing the rapid decline in stock markets.The Dow Industrials peaked Friday, Jan. 26 closing at 26,616.71. The DJIA then collapsed in a three steps down, two steps back fashion closing Feb. 9 at 24,190 after hitting 23,360 intra-day. Trump did not announce the tariffs until Thursday, March 1. That was the third-straight day of decline. The move last week shed another 1,500 DJIA points.I was quoted in one newspaper as observing that when the president touts the stock market in the State of the Union message, it is a sell not a buy signal. Realizing that maximum mood occurs at the end of a mania, it was fairly easy to see the set up for a reversal. In addition the markets had achieved a straight up parabolic status, which is usually resolved with a collapse.It is said that markets exhibit three moods, hope, fear and greed. The markets reached 26,616 on greed. Now the markets are hoping calmer heads will prevail and a trade war will be averted. Oh yes, the president says trade wars are easy to win. I am not aware of a single U.S. College of Business that teaches such nonsense.The newspaper reports are plain to see. It is the job of the socioeconomist to report the changes in mood, which ultimately drive markets.Here are excerpts from the Monday, March 5 Wall Street Journal.“Manufacturing executives who make beer cans, cars, and refrigerators, warn of price surges, shortages, and retaliatory trade barriers on US exports if the US plan is implemented.”“China Could Soon Have a Truly Competitive Car Maker”“Steel tariffs could also hit energy producers and hurt the goal of US energy independence, industry groups say.”“China is building a new Silk Road as part of its Belt and Road Initiative through 68 countries.” The point here is that China is being inclusive building more routes for trade with itself. The United States is being exclusionary building walls to trade.Mary O’Grady warns “It will alienate Canada, which may look for new suppliers as Mexico has since Trump threatens to withdraw from NAFTA.”The editorial board makes this observation. “The Voestalpine AG steel Plant in Austria only needs 14 employees to produce 500,000 tons of steel wire a year. In the 1960 this would have required a thousand workers. “The point being that technology has reduced the need for human involvement.“Any sustained trade conflict threatens the synchronized global economic expansion.”“President Trump revives threats to place tariffs on imported European autos.”The examples are every where to observe. The optimistic mood has at least moved from greed to hope. The bottom line is that the optimistic mood, which drove markets to new all time highs, has now abated. Change is in the air. Facebook Pinterest ELAM: A change in mood preceded the change in markets WhatsApp Previous articleFive things you need to know today, March 5Next articleLETTER TO THE EDITOR: Vote local control. Vote public education. Vote Kel Seliger adminlast_img read more

Coney Island Wonder Wheel reopens

first_imgThe Wonder Wheel in Coney Island (Getty)An excursion synonymous with summer in New York City is back.Coney Island’s iconic amusement park will reopen today as its famous Wonder Wheel starts turning, the Brooklyn Paper reported.“It’s exciting, but at the same time, we know that we have a responsibility to open safely. And that responsibility comes before anything else,” DJ Vourderis, whose family has operated Deno’s Wonder Wheel Amusement Park since his grandfather Deno bought it in 1983, told the publication.The park will require thrill seekers to take some precautions, such as wearing masks and social distancing, while it operates at 33 percent capacity, and only on the weekends until Memorial Day, after which it will open daily through Labor Day.ADVERTISEMENTSoon it will feature a new roller coaster named Phoenix to symbolize the park’s rebirth after the pandemic.The $12 million investment, split between land acquisition and construction, might open before this year’s season ends.Gov. Andrew Cuomo announced more than a month ago that outdoor amusement parks could reopen beginning April 9 at reduced capacity. Guests can reserve a time online to enter the park.Luna Park, another Coney Island amusement park, put its $20 million expansion on ice when Covid descended on the city early last year. The expansion included plans for winter attractions.Last year Luna Park began negotiating with the city for a lease extension through 2040, which it believes would help it endure, if not become a year-round attraction.The Vourderis family said it will maintain its annual “Blessing of the Rides” tradition to open its park, with civic leaders and local residents gathering for a ribbon-cutting. The family plans to honor health care workers at the ceremony, which will double as the park’s 100-year anniversary celebration.“We would like health care workers to be the first ones on the Wonder Wheel,” DJ told the local publication.The park turned 100 years old last year, but no celebration was held because of the pandemic.[Brooklyn Paper] — Orion Jones brooklynconey islandCoronavirus Share via Shortlink Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Windows on the world

first_imgIn the past 20 years, the Weissman International Internship Program has enabled 576 Harvard College students to work and experience life in 87 countries. This year, 49 students participated in the program, the largest number ever.On Thursday, representatives of that group joined program alumni, Harvard faculty, staff, and three generations of the Weissman family to honor Paul Weissman ’52 and Harriet Weissman, the program’s namesakes, at a reception at University Hall.Michelle Wu ’07 was a Weissman intern in 2006. She took a break from her campaign for Boston city councilor-at-large to give thanks to the program. “I interned at a Shanghai law firm,” she said. “Without that experience, I wouldn’t have gone to law school, and I wouldn’t be running for office.”Harvard President Drew Faust addressed the reception, heralding the Weissmans’ generosity — not just for the program, but also for Paul Weissman’s fundraising for his College class, which he has spearheaded every year since graduation, and his work at the Harvard Foundation. She also acknowledged the couple’s longtime personal “friendship and support” during her years at Radcliffe, and thanked them for escorting her to her first Harvard-Yale game.Paul Weissman thanked Faust, saying the program “has given us tremendous pleasure and satisfaction.”He also thanked Jay Harris, dean of undergraduate education, for his help securing the hall’s faculty room for the reception. “Not everyone gets this room,” he explained, to laughter.Weissman acknowledged the work of Vice President for Alumni Affairs and Development Tamara Rogers, Sidney Knafel ’52, M.B.A. ’54, and University Distinguished Service Professor Joseph Nye for their help in launching the program in the early ’90s. “It’s been going gangbusters ever since,” he declared, to more laughter.Harriet Weissman spoke next, in a soft, rolling voice. She playfully chided her husband of 52 years for saying everything she had wanted to say. The program’s participants, she said, “make us feel optimistic about the future.”“It’s rare for something in academia to be fresh for 20 years,” Harris said, but the Weissman program has remained so despite starting “before today’s undergrads were even born.”“Before Harvard fully embraced international study,” Harris said, “the Weissmans were.”Weissman Program participant Li Murphy ’15 spent this past summer “working with bees, beekeepers, and on world development” in Bishkek, Kyrgyzstan, the first participant to intern there. Murphy said the experience reinforced to her how important bees are to understanding the health of ecosystems around the world. She also brought back plenty of honey.“Thanks to the Weissmans,” she said, “from the bottom of my heart and the bottom of my stomach.”Mateus Falci ’14 edited and mixed documentary footage for a film company in Porto Alegre, Brazil. The experience, he said, was “less L.A. and more nice people.” The program enabled him to live as Brazilians do, and to work on actual films — something he suspects an American internship wouldn’t have included.Naimonu James ’14 spent her summer in Malaysia, working at a fine arts gallery. “I came back with a sense of what I want to spend the rest of my life doing, which is to spend it in galleries.”The three students presented the Weissmans with a silver cup filled with the flags of the 87 countries the students had visited.The reception, sponsored by the Office of Career Services, was originally slated for last spring, but was rescheduled following the Boston Marathon bombings.last_img read more

Wenger lured Ozil to Arsenal

first_img Press Association The 24-year-old became the Gunners’ club-record signing on Monday evening having undergone a medical in Munich, where he is currently on international duty. Ozil’s first-team options at Madrid were likely to become more limited after Real completed a world-record 100million euros deal for Gareth Bale and the former Werder Bremen midfielder admitted the chance to play for Wenger was a big factor in leading him towards choosing the Barclays Premier League club. “Mesut is a top quality footballer who will be a fantastic addition to our talented squad. We are all looking forward to him joining up with us after his international matches with Germany and working with us as an Arsenal player.” Viviano’s season-long loan deal was also confirmed on transfer deadline day and Wenger believes the Italy international will challenge Wojciech Szczesny for the first-choice goalkeeper’s position at the Emirates. “Viviano is a player that we have rated for some time and we are very pleased to have signed him on loan,” he said. “He’s experienced and has proved himself at a high level, and provides us with excellent cover to our existing goalkeepers.” “I am thrilled to be joining a club of the stature of Arsenal and am looking forward to playing in the Premier League,” he told Arsenal’s official website. “It will be great for my own personal development as a player and I am particularly looking forward to working with Arsene Wenger. “From our negotiations it is clear the club has huge ambition and I look forward to being part of an exciting future.” Before Sunday’s 1-0 win over big-spending Tottenham, Gunners boss Arsene Wenger had seen moves for Gonzalo Higuain, Luis Suarez and Yohan Cabaye all fail to materialise, but was finally able to land a big-name signing following the free transfers of Yaya Sanogo and Mathieu Flamini and a loan move for Palermo goalkeeper Emiliano Viviano. The Arsenal manager was delighted to have landed a player of such a high calibre as Ozil. He said: “We are extremely pleased to have signed Mesut Ozil. “He is a great player, with proven quality at both club and international level. We have watched and admired him for some time as he has all the attributes I look for in an Arsenal player. “I have said throughout the summer that we have been working hard to bring in top quality players to this football club. This has involved many, many people across the club and I have always had the full support of the club in making decisions on the football side. New Arsenal signing Mesut Ozil has explained the opportunity to work under Arsene Wenger was one of the main reasons he decided to leave Real Madrid in a deal reported to be worth £43million.last_img read more