An impressionist’s view of the global equity markets in 2008 — eight index lines tumbling down, a cascade of loss.
See the waves of synchronized selling, the major U.S., European and Asian indices moving together in a shaky dance. Falling, recovering and finally capitulating, ending the year crashed on the floor, disoriented and spastic. There is no de-linking of global financial markets. There is universal suffering.
Which, as Tom Lehrer noted, has a bright side.
When you attend a funeral,
It is sad to think that sooner or l-
later those you love will do the same for you.
And you may have thought it tragic,
Not to mention other adjec-
tives, to think of all the weeping they will do.
But don’t you worry:No more ashes, no more sackcloth,
And an armband made of black cloth
Will someday never more adorn a sleeve.
For if the bomb that drops on you
Gets your friends and neighbors too,
There’ll be nobody left behind to grieve.And we will all go together when we go,
What a comforting thought that is to know.
Universal bereavement, an inspiring achievement,
Yes, we all will go together when we go.