It's got almost nothing to do with Bush per se, but with the fact that someone who held the title of "The Most Powerful Man On Earth" had passed.
Markets hate uncertainty, right? "Everybody knows this."
Well, markets also
love the opposite of uncertainty:
certainty. You can translate that as "tradition" -- like the a'capella singing of certain songs on the NYSE floor during a holiday, or the celebrations when a member retires -- all those old
traditions described by Art Cashin on CNBC. Why? Because they mark time with
stability -- stable markets are sure markets are *investable* markets are *lovely* markets.
So, into that love of stability, fold the institutions that provide for the stable markets: government, leaders, the armed forces, etc. Raw, U.S.-oriented, unabashed,
patriotism:
the financial markets pay heed to and celebrate "the U.S." as the place that allows them to do business in the safest, most sound, law-abiding place and manner possible.
So, if the markets support the U.S. government, and celebrate it when possible -- and uphold *traditions* in that manner -- then the passing of one of those Big Parts: a Chief Executive -- that's an automatic Big f'n Deal. It's a total *given*.
(And the fact that it was GHWB -- a President who's legacy will *continue* to grow as the lens of History clears and focuses -- that makes it maybe just a bit *more* of a BfD.
)
Love your idea of going hiking, BTW. I might end up doing leaves, but..... I'd sure rather be hoofing it somewhere....
