Twitter hit the market with a noisy IPO that started at $26 and after a short "delay" traded in the mid $40 range. I wonder who bought all the stock in the initial (delay) blip at $26? One thing is for sure. It wasn't anyone you or I know. The "back-room" boys made a killing and then they put lipstick on the pig and let the suckers in hoping the oinker can make it on its own.
An executive with Twitter was questioned about how they expected to monetize the company and become profitable. He said they intended to figure that out as they went along. That's the same mentality that prompted the famous congressional leader's remark about national healthcare when she said, "We'll just have to pass the law to find out what's in it."
That seems to be the way things are done today. Janet Yellin, the new Fed head honcho, is apparently going to continue printing money and buying junk bonds. Wall Street tycoons are inebriated by the good fortune coming their way. I was pretty young in '29 and don't remember events leading up to the great market crash, but I'll bet there was comparable confusion as it headed down the nearest sewer.
