Cashin On Icahn Vs Ackman: "Like A Car Chase - And About As Meaningful"
Cramer called it the greatest piece of financial TV history. He was the only one. Here is Art Cashin's take on last week's 1 hour slow motion trainwreck between Ackman and Icahn.
Stocks opened solidly better and began to build on those gains. Disappointing home sales at 10:00 seemed to dent the rally and stocks struggled through the morning, finally regaining the morning highs around noon.
Then came a rather bizarre TV soap opera. As someone on the floor called it, it was like Jerry Springer with limos.
Actually, on Jerry Springer, I am told, the protagonists are live and often rush to confront each other physically. Here they were formless voices that phoned their enmity in.
While it diverted trading desks and floors somewhat – like a car chase – it was about as meaningful. Traders wondered if the performance dented the confidence of mom and pop investors watching at home. It certainly didn't make the financial arena sound solid and businesslike.
Financial arena: "solid" and "businesslike?"
Actually no Art, it showed the financial arena precisely for what it is: nothing more than an endless pissing match between the uber rich, who just happen to be the only ones left in this market, a market where investing is not based on fundamentals, but purely on ego trips to prove that i am right, and you are wrong, and naturally subsidized by every central planner's now endless dilution of fiat equivalents, everywhere.