I don't remember us electing a bunch of suited everything-phobes to run the country*. Why is it we are being held to ransom by the markets? The thinking behind this seems to be something like:
- A couple of people think 'ooh-er, not sure I like that government, I might just pull out some of my investment there.'
- Other people go 'Shit! look at that! some people are pulling out their investment! I might just go and try and make money out of this by taking up short positions against UK holdings'
- Further people go 'Oh, look at all those short positions in the UK! Market must be about to tank... Should probably reduce my exposure there'
- UK stock market tanks.
There is a running school of argument, that we are only in this position due to the level of debt we hold. That makes no sense to me. Even if we followed that argument to its (market driven) conclusion surely the cost of the debt should rise? Why would the state of the government effect the well being of the top private companies in the UK? 3 days after an election?
I could go on, so I will.
Only one trading day has passed between the election and now. Is that really too long to be making a decision? If I was a party leader, I probably would have slept the whole weekend anyway, what with all that campaigning. The impatience bugs me something chronic.
And what is with the news trying to make this a self-fulfilling prophecy? The BBC spent all morning, telling us how the markets were jittery. If I worked in the stock market, that would make ME jittery. Apparently the FTSE opened 100 points up this morning. Then started to descend, apparently in response to all the news stations saying that it should.
Or in short, this shit pisses me off.
*then again the Daily Express quoting Conservatives did get the highest share of the vote.