Stocks Be a Lady Tonight


When the stocks get so high

They go up to the sky,

That’s euphoria!

Apologies to Dean Martin, who was a terrific singer but was content to play second fiddle to the Chairman of the Board, Frank Sinatra. Then again, who didn’t?

Sinatra, Martin and Sammy Davis Jr. were the three great talents at the heart of the Rat Pack. They ruled the Strip when Vegas was Vegas and men were men. No one was ever more politically incorrect—and no one ever had more fun.

The Rat Pack’s heyday coincided with the peak of the 1960s go-go stock market. Which is why I’m thinking of them now, when stocks are singing “Fly Me to the Moon” again.

Back then, Americans literally went to the moon. Today it’s only the Dow Jones Industrial Average, which hit an all-time high above 21,000 Wednesday following an address to a joint session of Congress by President Donald Trump that the punditocracy declared was “presidential.”

That, and the promise of big tax cuts, regulatory reform, and even infrastructure spending unleashed Wall Street’s animal spirits yet again. But is it for real?

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