Home | About | Donate

“Humiliation”: Exxon Dumped Out Dow Jones Industrial Index After Nearly 100 Years

Originally published at http://www.commondreams.org/views/2020/09/02/humiliation-exxon-dumped-out-dow-jones-industrial-index-after-nearly-100-years

1 Like

Stocks, by and large, are known as forward indicators, that is their pricing is based upon expected earnings per share overweighted in relation to recent earnings per share. While the latter is important, it is the former that draws buyers (or inspires sellers). This development for Exxon Mobil is indeed a sign that the energy game is trending in the right direction, however the arctic fires, the glacial melting, the increased energy in tropical storms, etc. all portend that the trending is not sufficiently paced to safeguard what most of expect to happen: massive ecological shifts due to massive climatological shifts, induced human (and other species) migration resulting in all sorts of stresses, lifestyle changes that many in the midrange will find humiliating and are ill-preprepared to accommodate, etc. The Oriental proverb “may you live in interesting times” is unfolding before our eyes and will continue for generations. Much of what humans have built will become as much relics as the Pyramids of Giza (but won’t last as long). What a Long Strange Trip It’s Been–The Grateful Dead

In dropping Exxon , the powers that be attempt to maintain the illusion that the US economy is strong and resilient. When they drop under performing stocks and replace them with over performing stocks , they create a climb in the overall DJIA.

It a web of deception.

2 Likes

correct
+
The author used the term ‘bet’, which is the operative.
The cherry picking of firms that have rewarded the bettors
go into the Dow Club. Over $$ 29,000 today.
And that is dollars, not points.

Somebody wrote of an upcoming market crash which
may not happen due to 401k money coming in daily.

London has 2,000,000 financial jobs. Hmmm, maybe they are setting
Exxon up for a good ole English take over by BP or Royal
Dutch Shell. A reverse bubble.

Exxon being 86’d from the Dow Jones Industrial index after nearly 100 years of being listed has less to do with bid-net speculation and the irrepressible forces raising alternative energy sources to operational levels and more to do with boho mojo. Anybody with an ear for underground poetry emanating from the oracular Lower East Side from the end of the deceptively crudescent Eisenhower Era through the full recrudescence of the civil rights, free speech, anti-war and Question Authority movement(s) that resisted the anti-critical thinking mainstream Post WW II era of a Silent Majority and the pivot on a dime from uniting as a nation to ally with revolutionary Russia’s Soviet Union to overpower the rise of Fascism and the Fascist Axis powers under absolute rulers Hitler, Emperor Hirohito, Generalissimo Francisco Franco, Il Duce Mussolini and Antonio de Oliveira Salazar.

Exxon prospered by suppressing its institutional Rsearch and Development (R&D) that quantified the effects of its extractive mission marketing planetary pollution and externalizing the true costs of its socio-economically addictive product in reporting its business model vis a vis profit-taking and civil liabilities if professional immunity continued to be extended to its legally liable corporate officers, engineers, intellectual authors along with the profiteers and privateers entering into Public\Private Partnerships and Exxon along with the entire cartel of trans national Energy Extractors accepting market-distorting subsidies that violated the very tenets of Neo-Liberal E-CONomics that Washington was weaponizing through its federally contracted academics at the University of Chicago. U. of Tube dba YOU TUBE has many posted archival clips of how our parents’ tax-paying funds were being spent during that Massive Permanent War Economy after WW II devised with such peer-reviewed and outsized academics who became mass media figures such as Milton Friedman, Rose Director Friedman and Ted Schultz at the University of Chicago.

Meanwhile searching online under the key words THE MIGHTY WURLITZER as the multi-media global organ and engine of the Cold War’s lucrative White, Black and Gray Propaganda proliferation efforts to demonize BIG GOVERNMENT and CENTRAL ECONOMIC PLANNING as COMMUNIST-SOCIALIST SUBVERSION of Washington’s myth of the supremacy of Market Driven Democracy and the blind faith in “the hidden hand” of ‘rational markets’).

Check out the first underground band of the 1960’s in NYC named The Fugs. Led by two poets whose styles couldn’t be more different in Ed Sanders and Naphtali “Tuli” Kupferberg, the former still alive and publishing while also producing influential recordings by other artists while the latter passed away about a decade ago as perhaps the oldest rock star of the Rock Star era, gigging and making dynamic and challenging new material up through the BE FREE and FINAL FUGS albums as Tuli passed away mic in hand, at a new creative peak at age 86 with his deeply moving orchestrated piece on Danny Goldberg’s ARTEMIS RECORDS, the closing track as Tuli transitioned realms, his 86 year old weathered but well-used frame being 86’d for the last time on this mortal coil, while going out on an Edgar Allen Poe as a Village Pharmacist high with "Greenwich Village of My Dreams…"
ttps://www.youtube.com/watch?v=P_dWPZngoXQ

What does this have to do with the Dow Jones Stock Exchange de-listing or the 86’ing of EXXON? I was reminded of the connection when after Tuli’s passing and the epic obit in the NY TIMES by the wonderful chronicler of the cultural underworld of NYC, Ben Sisario:
ttps://www.nytimes.com/2010/07/13/arts/music/13kupferberg.html

In Sisario’s much celebrated piece of a deeply celebrated life lived to the fullest (despite Tuli’s suicide attempt in his dive off the Brooklyn or Williamsburg Bridge that got its own couplet in Allen Ginsberg’s own epic poem of those formative times, HOWL). Sisario mentioned the band that Tuli formed for a brief period after a temperamental break-up of The Fugs, who had formed in 1965 at a low-rent kosher butcher shop store front turned hippie and occult bookstore on the Lower East Side named PEACE EYE books. Tuli at the time appearing regularly and as an oracle of changing times with more cred even than Bobby Dylan whose “Times They Were A’Changing” shared the same underground broadcast station in NY’s Pacifica Foundation listener-supported non-commercial FM station WBAI and both tended to drop in on the overnight multiple listener call-in lines to converse freely and openly over the air about whatever was in the water more folks were drinking, more of what was in the air folks were breathing and especially more of those too-often maddening ideas bursting forth from so many exploding minds and souls. That all-night call-in radio discussion program was WBAI’s now legendary in U.S. broadcast history RADIO UNNAMEABLE produced, most warmly and placidly hosted for decades with countless appearances by Tuli Kupferberg, Ed Sanders, Dylan and the denizens of Greenwich Village seeking some unifying theory by which to understand the confluence of social movements seeking change after the SILENT MAJORITY and SILENT COMPLICITY of those advocating among other competing ideas to turn on, tune in and drop out.

RADIO UNNAMEABLE was hosted, produced and envisioned for the inner eye of a participatory listening experience by the ever curious and roving mind and creative intuition of Bob Fass.
ttps://www.youtube.com/watch?v=dZhulkESRAM

Meanwhile, with his published poetry in the hippest of NYC’s underground newspapers THE SOHO WEEKLY NEWS archived here, Tuli Kupferberg was the cramped and winding and rivers-bounded streets of Greenwich Village’s oracle. Very often at the tiny neighborhood book and record shops and cafes or bars if not set up selling his hand-made wares around St. Marks Place: ttps://archives.lopezbooks.com/tuli-kupferberg/

Tuli’s life and activism (inseparable from his creative arts) was also celebrated by another voice that was cultivated in more fertile and more recent times for the non-commercial community radio station that fashioned itself a “Voice for the Voiceless” smack dab in the middle of the FM radio dial, WBAI. Bill Weinberg for many years also hosted a late-night (but only one night per week) exploratory program for seekers of many varieties. The program was called THE MOORISH ORTHODOX RADIO CRUSADE and was more often a source of deeply incisive mass media criticism. Attacking the biases of the NY TIMES was raised to a high art on this and other programs from other perspectives by those sharing WBAI’s air space. Yet after Ben Sisario published his trail-blazing obit of the Village’s own trail blazer (one of a multitude of trail blazers and each unique and noteworthy) and towne crier, Bill Weinberg turned his two hours of weekly MORC free-form air-time over to his own recollections of Tuli’s more folk-loric if not mytho-poetic activism and almost always collaborative antics. After reading in full over the air social critic Ben Sisario commit his own stash of Tuli to the NEWSPAPER OF RECORD dba THE GRAY LADY

It was Weinberg who on this audio archived most special of even underground radio broadcasts of MORC expanded on NY TIMES reporter Ben Sisario’s recollection of Tuli Kupferberg naming his post Fugs break-up band The FUXXONS as an homage to the ascendant Corporate Caliphate that our own generation had become complicit in supporting with our own version of the SILENT MAJORITY (as most polls questioning Americans has for decades found prevailing negative views on the role of the dominant corporations that crowd out competitors and propagate while proliferating WEAPONS OF MASS DISTRACTION). I do hope an archivist can post Weinberg’s MORC celebration to the life and times of the East Village’s oracle prankster activist and the Bertolt Brecht of 20th into the Aughts of the 21st Century’s ParaSong, Tuli Kupferberg, Fug ascended…Fuxxon like the mole with a role to play underground…

Mitch Ritter\Paradigm Sifters, Code Shifters and Atonement Seekers
Lay-Low Studios, Ore-Wa
Media Discussion List and Looksee