{"id":4549,"date":"2009-04-10T08:30:45","date_gmt":"2009-04-10T13:30:45","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=4549"},"modified":"2009-04-10T05:53:55","modified_gmt":"2009-04-10T10:53:55","slug":"past-performance-is-no-guarantee-of-future-results","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=4549","title":{"rendered":"Past Performance is No Guarantee of Future Results"},"content":{"rendered":"

…as they say in every investment ad and prospectus.<\/p>\n

But hopefully this time it offers tuition for those that would rebuild Wall Street. Again.<\/p>\n

Wall Street, or what remains of it, has dealt a catastrophic blow to its reputation in the past eight months of bonuses, bailouts and bankruptcies. What its current leaders, and the young who are lucky enough to be entering business, have to do now is begin rescuing and restoring that reputation.<\/p>\n

This will, in fact, be the great work of a generation of American business leaders.<\/p>\n

More is at stake than their standing. At stake is the standing of a free-market system that has flourished since America’s founding and made it the wealthiest nation in the history of man.<\/p><\/blockquote>\n

Peggy Noonan<\/a> likens these days to those not so long ago when Wall Street was literally rebuilding itself after an unprecedented disaster.<\/p>\n

Those days offer hope to those that would count Capitalism dead. They serve as a blueprint for redemption for those vilified justifiably, or more predominantly in this left-dominated environment, those vilified for the sake of political opportunism – lest this crisis be “wasted.”<\/p>\n

And so the next morning, Monday, Sept. 17, 2001, the New York Stock Exchange opened with a podium full of firemen, cops, emergency medical workers and elected officials. A Marine Corps major sang “God Bless America.” There was silence. Then a Port Authority police officer, one of the last guys to come out of the pile, began to ring the bell. The others on the podium joined in. And as the bell rang out in triumph, the traders on the floor began to cry and cheer and shout themselves hoarse. Catherine Kinney was below the podium. “Was there a cheer\u2014oh my God, you wouldn’t believe. I cried, I did. And prices start to go across the tape\u00a0.\u00a0.\u00a0.”<\/p>\n

America was open for business again.<\/p>\n

It was a great moment in Wall Street history.<\/p><\/blockquote>\n

I dare say, despite speaking from the bottom of a metaphysical crater this time, that Wall Street has had a great many more good days than bad, for all Americans.<\/p>\n","protected":false},"excerpt":{"rendered":"

…as they say in every investment ad and prospectus. But hopefully this time it offers tuition for those that would rebuild Wall Street. Again. Wall Street, or what remains of it, has dealt a catastrophic blow to its reputation in the past eight months of bonuses, bailouts and bankruptcies. What its current leaders, and the […]<\/p>\n","protected":false},"author":228,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,68,74],"tags":[],"class_list":["post-4549","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-capitalism-v-socialism","category-the-great-recession"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/228"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4549"}],"version-history":[{"count":0,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4549\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4549"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}