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A Major Terrorist Attack and Stocks Go…..Up? Thank Mr. Livingstone

Dow Closes Up 32 Despite London Blasts

How do you explain this? Here’s how:

  • The world is a different place than it was 5 years ago. Since 9/11, we’ve had attacks in Madrid, Morocco, Turkey and Saudi Arabia all linked to al-Qaida. Investors understand that this is now the world we live in.
  • There is a sense of patriotism and not wanting to give into the terrorists desire to create economic carnage in addition to the human toll of the attacks.
  • Most important, however, was the incredibly measured, confident, defiant, and strong-willed resolve exuded by Londoners following the attack.

Exhibit A: Ken Livingstone’s “You Will Fail” speech:

“This was a cowardly attack, which has resulted in injury and loss of life. Our thoughts are with everyone who has been injured, or lost loved ones. I want to thank the emergency services for the way they have responded.

Following the al-Qaeda attacks on September 11 in America we conducted a series of exercises in London in order to be prepared for just such an attack. One of the exercises undertaken by the government, my office and the emergency and security services was based on the possibility of multiple explosions on the transport system during the Friday rush hour. The plan that came out of that exercise is being executed today, with remarkable efficiency and courage, and I praise those staff who are involved.

I’d like to thank Londoners for the calm way in which they have responded to this cowardly attack and echo the advice of the Metropolitan Police Commissioner Sir Ian Blair – do everything possible to assist the police and take the advice of the police about getting home today.

I have no doubt whatsoever that this is a terrorist attack. We did hope in the first few minutes after hearing about the events on the Underground that it might simply be a maintenance tragedy. That was not the case. I have been able to stay in touch through the very excellent communications that were established for the eventuality that I might be out of the city at the time of a terrorist attack and they have worked with remarkable effectiveness. I will be in continual contact until I am back in London.

I want to say one thing specifically to the world today. This was not a terrorist attack against the mighty and the powerful. It was not aimed at Presidents or Prime Ministers. It was aimed at ordinary, working-class Londoners, black and white, Muslim and Christian, Hindu and Jew, young and old. It was an indiscriminate attempt to slaughter, irrespective of any considerations for age, for class, for religion, or whatever.

That isn’t an ideology, it isn’t even a perverted faith – it is just an indiscriminate attempt at mass murder and we know what the objective is. They seek to divide Londoners. They seek to turn Londoners against each other. I said yesterday to the International Olympic Committee, that the city of London is the greatest in the world, because everybody lives side by side in harmony. Londoners will not be divided by this cowardly attack. They will stand together in solidarity alongside those who have been injured and those who have been bereaved and that is why I’m proud to be the mayor of that city.

Finally, I wish to speak directly to those who came to London today to take life.

I know that you personally do not fear giving up your own life in order to take others – that is why you are so dangerous. But I know you fear that you may fail in your long-term objective to destroy our free society and I can show you why you will fail.

In the days that follow look at our airports, look at our sea ports and look at our railway stations and, even after your cowardly attack, you will see that people from the rest of Britain, people from around the world will arrive in London to become Londoners and to fulfill their dreams and achieve their potential.

They choose to come to London, as so many have come before because they come to be free, they come to live the life they choose, they come to be able to be themselves. They flee you because you tell them how they should live. They don’t want that and nothing you do, however many of us you kill, will stop that flight to our city where freedom is strong and where people can live in harmony with one another. Whatever you do, however many you kill, you will fail.”

I believe that American investors, upon hearing this speech and others given my British politicians, agreed with Mr. Livingstone that the best way to insure that the terrorists fail is to go on our business as usual whether that be by riding the subway or by buying stocks.

Update: Michelle Malkin points out that one speech does not a good politician make especially in the case of Mr. Livingstone.

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