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Saturday, September 15, 2001

The Stock Market - After it Reopens

All the financial analysts (heck, anybody who owns a stock) have bee talking about what will happen to the stock market and the economy in general as a result of the events at the World Trade Center on Tuesday.

Earlier this week I received an email chain letter that suggested everyone buy stock in American companies the minute the market reopens, and hold onto that stock for at least six months. If enough people do it, those companies would be "shored up" and better able to weather troubled times ahead.

Terry Savage, a personal finance columnist at the Chicao Sun-Times, is now recommending the same thing. In fact, she goes so far as to compare it to giving blood and hanging the American flag!

This looks to me like a new form of voting... it's like "open market democracy" (or perhaps "commercial democracy"). People are going to vote with their dollars by either pulling out of the market (a vote against the economy) or buying into the market (a vote for the economy).

I'll be watching with great interest on Monday to see how it goes. I'm not in the market at all, and don't plan to be any time soon, so you could say I'm not voting at all.

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