Yesterday the Asian stock markets responded to President Bush’s tepid salvation plan for the US economy with a feverish sell-off of exposed positions. The malaise later spread to the London exchange, which suffered the largest drop in value since 9/11. The Dow Jones escaped the plunge thanks to a bank holiday for Martin Luther King, but Asian investors pressed the panic button again on Tuesday morning.

“Sell, sell, sell.”

Fear was running through the ptits and I was curious as to the thoughts of Ty Spaulding, founder of the San Francisco-based TS World Funds.

“What do you think will happen to Wall Street today?”

“I have no idea.” His cautious non-commitment revealed a deep-rooted devotion to patience. “Yesterday’s drop came from computerized reactions to the initial drop and then the herd following the machines to the edge of the cliff. I’m sure the money managers in New York are begging the Fed to cut the interest rate by one point. I doubt the Fed has the courage to stand up to this pressure, but the government shouldn’t bail out these banks for unwise investments.”

Ty is a devoted right-wing libertarian.

I’m a fellow traveler on the other side of the spectrum.  

“So I shouldn’t sell my Google?”

“You mean those 2 shares?”

“Yeah.” I had only entered the capitalist casino on Ty’s advice.

“Do nothing.” He had successfully been managing his global fund for the last 20 years. His word is god with a small g and I will heed his advice by lying on the sofa.

Nothing says ‘doing nothing’ better than ruminating on a couch.

Especially since I have exactly 3 baht in the bank.

I wish the Fed would bail me out.

Ty says that is very unlikely.

I wish he wasn’t right.

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