Writers strike just a drop in L.A.’s bucket
- Share via
Wall Street bulls skating on thin ice
Monday’s announcement that oil-rich Abu Dhabi has invested $7.5 billion in fragile Citigroup launched a sudden 215-point spike in the Dow (“Citi says Abu Dhabi will invest $7.5 billion for up to 4.9% stake,” Nov. 27).
It still rose on Tuesday. Just what jilted bulls needed to reverse the jittery Wall Street’s current bear market reality check.
The group-think on Wall Street says more about the institution as the world’s largest day-trading operation than as an investment institution of American economic progress.
If the news about a foreign government bailing out huge-but-battered Citigroup is enough to send the brokerage houses into a buying frenzy, the message seems pretty clear.
Wall Street, simply put, sits on a layer of thin ice with millionaire bears and bulls skating blithely toward a cold and watery grave, leaving holders of worthless investments mourning for their losses.
David Ohman
Irvine
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
