From his latest note, UBS floor guy Art Cashin talks about a random experience this week.
Ya Can’t Make This Stuff Up – On Tuesday morning, I was headed from the NYSE to my office at 40 Wall to clean up somepaperwork. As I stepped on to Wall Street, I joined the file headed east (with the barricades up during the demonstrations, sidewalks are so narrow that they accommodate one single lane file going one way and another going in the opposite direction).
Only after I had stepped into the eastbound file did I notice that the three folks in front of me were carrying placards (as were the four behind me).
Immediately, I was teased and taunted by the small crowd of Exchange types who were outside smoking or catching a couple of rays of late morning sunshine.
“Hey Art! Throwing in with the demonstrators?” or “where’s your beard and sleeping bag”? or some other taunt.
The sign carriers seemed to get a little nervous. Why had the crowd suddenly turned animated? What prompted the noise? As we neared the corner, there was just enough room for the first sign carrying demonstrator to turn around.
“Hey!” he shouted, “You’re Art Cashin. You’re the only guy on TV that I listen to.” He quickly shook my hand. I turned off onto the next street as the “demonstrators” turned the corner. As I walked the remaining two blocks, I passed several tourists who apparently recognised me. They pointed and said exactly what the demonstrator had said. “You’re Cashin. You’re the only guy on TV that I listen to.” As I rode in the elevator to the office, I puzzled about the anti-Wall Street demonstrators who apparently spent much of their day watching CNBC. I also wondered what in my presentation seemed to appeal to those who
hate Wall Street as well as regular investors. “Tis a strange world, indeed.