5 October 2011

Thinking Paper #137: Is it good that no one cares about the FTSE any more?

By Tim Massingberd-James

Abstract

The FTSE fell hugely yesterday, ending the day below 5000, and at its lowest since for 15 months, as worries over the euro debt crisis and global growth prompted investors to sell like buggery, but in the real world no one cared and everyone went about their daily business. Is this a good thing?


Is it good that no one care about the FTSE any more?

As the markets fell by 2.5% yesterday, plunging through the 5,000 barrier which is supposedly so important, everyone at the IIPBA offices was aimlessly flicking through stories about Amanda Knox, and watching Boris' speech back on Iplayer.

On the news channels, no one really seemed to report this sort of news which five years ago would have gripped the headlines for weeks. We are now completely anesthetized to stock market crashes, and no longer fear for our homes or lives. But is this a good thing?

On the one hand, not caring about it means we have more time to think about other things, like who would win in a fight out of abolitionist hero William Wilberforce, and inventor of the harmonica Christian Friedrich Ludwig Buschmann, or why elephants don't just stamp on those lads who ride on their backs.

However, on the other hand, this may be the beginning of the end for us not caring about things which will have very little impact on our lives. Without fear, maybe we will start stepping out in front of lorries, and eating abandoned roadkill.

Conclusion

Like Winnie the Pooh once said, the only thing we have to fear is hunny itself.

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