What a Stunning Comeback!

For the first time since Friday, U.S. stocks are trading this morning — an astounding recovery considering the floor of the New York Stock Exchange was flooded with water three feet deep a mere 36 hours ago.

Hey, it was on TV, right? It must be true…

As they did during the Supreme Court health care ruling, the establishment media truly distinguished themselves during Hurricane Sandy.

“According to the National Weather Service, through broadcast media, there’s three feet of water on the trading floor on Wall Street,” said CNN meteorologist Chad Myers Monday night. “Three feet of water on the New York Stock Exchange.”

Soon Erin Burnett — she who insists TARP was a moneymaker for U.S. taxpayers when TARP’s own inspector general says otherwise — chimed in: “It’s a wooden floor, and it’s a historic building, the damage it could do would be amazing.”

“This will have an influence worldwide on people’s wealth,” correspondent Ali Velshi added.

Well, it might if it were true. Evidently, none of these clowns ever did a gig at the old City News Bureau of Chicago, where the motto was, “If you mother says she loves you, check it out.”

Or in this instance, maybe look at a live cam of the exchange floor, bone-dry…

[Image by Instagram user fashionweeknyc]

Myers absolved himself of responsibility by attributing the rumor to “the National Weather Service chat bulletin board.”

Hey, it was on the Internet. It must be true, right?

Meanwhile, everyone at Agora Financial headquarters in Baltimore emerged mostly unscathed. By yesterday morning, the worst was over and folks could have driven in to the office had the mayor not issued a ban on driving that was in effect till noon. For our own good, of course.

Dave Gonigam

The Daily Reckoning