On Monday in six and half hours, $1.2 trillion vanished from the New York Stock Exchange in the worst single-day drop in 20 years – 777 points! The House of Representatives’ rejection of the $700 Wall Street bailout bill triggered the market plummet.
Since then, the Senate stepped up to the plate and passed a revised measure — this one is called a “rescue plan” — and today the House followed suit.
Perhaps someone on Capitol Hill or in the White House reads Advertising Age, which had an article which counseled the reason the bill failed was the way it was marketed.
Sure, and New Coke tanked because of bad advertising. (Sorry, it just tasted awful.)
At any rate, the New York Times reported that one of the casualties from Monday is that Broadway actress Missi Pyle, who was slated to ring the opening bell at the New York Stock Exchange on Tuesday, opted out of that duty. Ms. Pyle, the Times reported, “decided to let the day be about the market and not about having a celebrity ring the bell.”
Perhaps that was a wise move by Ms. Pyle, who’s currently promoting a new show, “Boeing, Boeing”. (I have no idea what it’s about, but apparently it’s a French farce. Shouldn’t it be called Airbus, Airbus, then?)
Instead of Ms. Pyle officials at the Big Board sent a staffer to the famed balcony to ring the bell. When asked why, Richard Adamonis, spokesman for the stock exchange said:
There is huge demand to ring the N.Y.S.E. opening and closing bells, and those people and organizations who participate are respectful of both the global recognition in doing so and prevailing market conditions.
If there’s such a huge demand, why did you have a staffer come out to the balcony the day after your biggest loss in 20 years?
Given the uncertainty everyone is feeling about their finances, a little candor would have gone a long way.
So, for the week of Sept. 29, Mr. Adamonis, wins the “Dumbest Spokesman of the Week” award.