The future’s close-out was quite an event and the All Share index scored another new all-time high on the day. The 25 000 level is a mere skip and a jump away now. There’s no doubting that we have enjoyed an exceptionally long and powerful bull market with few missteps along the way. One occurred in May and June of this year when we bears could be seen chanting that the index was about to plunge below 18 000. It never did and so this merry Yule tide is upon us; provided one tries not to pay any attention to the state of Proteas cricket.
I was bemused to read that the auditor general reported that (he) “had found so many significant material deficiencies in the government’s accounting systems that…” (he) was “unable to express an opinion” on the financial statements. Now this is the season of goodwill so let me tell you this report was about the USA. Terrifying isn’t it? But it does help when you can print the currency that can be used to balance the books.
Just in case you feel that I am going soft on our local legislators, however, may I ask if you know that the local Road Traffic Management Act allows political leaders (now, there’s an oxymoron and a topic for debate) to disobey traffic signals in the execution of their duties? To my knowledge, the only duty a political leader ever has to fulfil is to be somewhere, shake a few hands, deliver a speech and accept a few gifts and of course refreshments. Sometimes a little dancing is called for. Certainly most of the speeches are liable to induce terminal boredom but otherwise there is nothing vaguely life-threatening in those duties and so I do not accept that the rest of us need to face even more peril on the roads than that already provided by the felons and taxi drivers going about their own duties.
Just think, if the political leader, like the rest of us, was stopped at the red traffic light he too could add to his collection of exquisite beaded wire gifts or get the wife some more coat hangers for Christmas. But maybe he is a sensitive soul and he does not wish to have to share my despair at the plight of our fellow citizens begging at the roadside. It is obvious that governments of every kind are totally unable and unsuited, not to say inept at managing and distributing wealth, except to themselves. When it comes to being Robin Hood, they have mastered only the bit about robbing the rich. The skill of giving to the poor evades them. The burden of choosing who to reward is costly and tiresome and just as they select one deserving case, either the cupboard is mysteriously bare or an even poorer relative comes in sight gathering winter fuel and promising not to speak to the press.
The JSE’s Christmas spirit failed it this year and this, the last trading day before the holiday, did not end at noon as in the past, but will trudge on to the bitter end at five. By then though, even the skeleton staffs will be down to just the odd bone or two. Next week there will be just two and a half days of trading and I imagine that only the extreme bargain hunters will be prowling the screens. One of them will be me.
I wish all readers and very safe, happy and merry Christmas.
James Greener
22nd December 2006
