Legal battles are underway to change that, however.
Today, except for indirect and elaborate financial hedges on the policy implications of election outcomes, outright betting on elections is no longer a core part of American finance. It refers to the betting on elections that took place on Wall Street, which was commonplace back then - and covered extensively in The Times and other major newspapers, as an important source of information about national, state and local political contests. That hallowed saying could be repurposed today, except for a formidable problem. 28, 1924, one of my anonymous predecessors at The New York Times (bylines were uncommon then) used it. Here’s one I’ve never been able to drop into an article - not yet, anyway: “It is an old axiom in the financial district that Wall Street betting odds are ‘never wrong.’”īut nearly a century ago, on Sept. “ The stock market climbs a wall of worry” is useful whenever investors are fretting.
“Don’t fight the Fed” has been handy this year. Financial journalists love Wall Street aphorisms.