Of Trends, Markets, & Peccadillos
How do Trends start? Where do they come from? Who rallys everyone to jump on board a Trend? Why do we follow? I’m not sure if I know all the answers, but 1998 will go down in history as the year of the big "Go Down Trend".
It started early in the year. Like lemmings we leaped on board the "1998 Go Down Trend" when Jim Cameron started it all with his Titanic cinematic extravaganza. Four hundred million dollars, two years in production and 3 1/2 hours to see one of the largest ships ever Go Down in the icy cold waters off Newfoundland. We saw rich to-do male passengers Go Down to the bottom to the moral barrel as they cowardly bribed their way to seats in life boats half filled with women and children. Even Leo DeCaprio Goes Down. And yes, folks, that started it. Much was to follow in 1998.
It was Go Down for Interest rates as they bottomed out at near record levels. Economists said it was the world economy adjusting to the Asian problem. But economists couldn’t see that it was that "Go down" Titanic thing that Jim Cameron started. The Canadian dollar headed south and never seemed to stop going down, even when the Bank of Canada came to its rescue. Everyone saw the Brazilian soccer team Go Down to defeat as France crushed them in a surprising final game. Even Russia’s fragile economy and its faltering ruble would Go Down in 1998 for the final count. O.K. already, so maybe we can’t blame that one on Jim Cameron, but the coincidence is nevertheless most amazing.
The U.S. of course was not to be outdone. They topped the list with the news that Monica Lewinsky, in an effort to jump aboard the Go Down trend had . . . well, you get the picture. And, I think you shouldn’t blame either Clinton or Lewinsky. I think it was everyone just getting caught up in that Titanic thing. Everybody just seemed to be super fatalistic and wanted to see everything Go Down. Lately it’s been the stock market that has begun to fall in an endless Go Down tumble.
Where will it all end? The way things are going, we might even see a President Go Down before the year is out. Let’s just hope that someone comes up with a more optimistic movie to start the next big trend in 1999.
Now in this, our sixth issue of Signature, Peter Forler explores how Mr. Martin would not Go Down the road for those new Seniors Benefits. Vern Beattie, Penad's Vice President - Technical Services, investigates the dreaded Pension adjustment reversal. Which might get us all to thinking why this legislation had to be retroactive to January 1997. Maybe they wanted it to Go Down as one of the most costly legislative changes for plan sponsor in recent years. Later, Wayne McEachren puts us all at ease, I think, by telling us not to worry because everything will most likely Go Down with the turn of the new millennium, with one important exception.
So settle back, dear reader. We hope you enjoy this issue of Signature and we’ll be sure to keep you up-to-date if we hear of any other significant events going down.
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