European Stars And Stripes (Newspaper) - February 3, 1988, Darmstadt, Hesse                                Page 18 column the stars and stripes wednesday. February 3,1988 today s crossword voodoo s out gibberish is in by Russell Baker new York after the Stock Market s october Blowout. Wall Street said it was Washington s fault what caused in said Wall Street was president Rea Gan s famous voodoo economics spend and spend and a Noi. Tax not. Just could t do thai and gel away with it said Wall Street putting heavy pressure on Washington for new taxes whining when Washington took in Sweet old time about new taxing. Got to get that deficit Down said Wall Street and last. It was hysterical in was riotous in was  All those Sweet smelling profit churning Voo Doo Dollar 1980 years of raking in the Booty with nary a Grumpy old Puritan Gripe about deficit finance Hose Wall Street Guys went suddenly bonkers because Washington shocking shocking was running a deficit Washington believed in Wall Street. Wall Street was one of the things Reagan ism was All about. Anybody who said Waist reel does t know what it s talking about would have been put out of the Cabinet the Congress and worse off television. And Why not did t icy always know on Wall Street whenever the Market a Cal up they could Tell you Why whenever it went Down they were just As quirk. So in Washington hardly anybody said How come if they re so smart those Wall Street Guys weren t All Over us for big big taxes Long before the Market blow out How come they waited until the Day after to share their Wisdom and so it was done. The Wall Street Bill of goods bought in d.c., new taxing decreed though no enough to satisfy Puritan financiers who declared Noth ing less than moaning masses of tax stricken amen cans could make the great engine of finance Roar happily again. Washington you Patsy you con Man s Mark you poor sap. You took the Las All for Wall Street without even saying now wait a minute first of All 1 want to know about hit program  you Don t know what program trading is folks Welcome to the society of the hopelessly baffled. But never mind. The new York times Nas people who do know what program trading is even if they can t explain it. Possibly because it is inexplicable to anyone Noi a graduate of the International school of financial Fina gling. The times account of the study by a presidential commission assigned to look into causes of the Market Blowout says program trading was Villa to the collapse. Here is a pc ii Good times Effort to explain pro Gram trading portfolio insurance ii a computer trading strategy used by institutional inc slots to protect paper gains or offset losses on Stock holdings. When the Slock Market Falls a certain amount usually j percent managers using the strategy sell a  determined amount of Stock Index futures to protect against a de Cline in the value of their clients Stock portfolios. That in turn sets the wheels in motion for Slock Index arbitrage in which computers Lake advantage of tiny discrepancies Between the Slock Index futures which represent a Basket of stocks and the Slock themselves. The arbitrageurs buy the cheaper contracts and sell Ifie Stock thai make up the Index which of course drives Down Stock  the electronics machinery made it possible for port Folio insurance managers in october to sell off billion sin Stocka while Small Lime investors were struggling to reach their broken on jammed Telephone line. Too complicated to be understood so quickly never mind. Understanding the Mechanic in t necessary to grasping the Point which ii thai the big Blowout had comparatively Little to do with the Federal deficit inadequate taxes or voodoo economics. So the tax minuet Washington danced to Wall Street s Lune was Orrele  Short the Wall Street Blowout was not washing Ion s fault. It was Wall Street s fault the latest Fri horror Story a about the pranks White agents in Omaha played on Donald Rochon inc Only Black agent in the office. Like the Lime somebody look Roe Hon s photo of his family and taped an ape head Over his son s face. And the Way somebody would scrawl Don t come on Roe Hon s invitations to office parties. And the time he was taking scuba divine instruction and somebody Pul a picture on the office bulletin Board of iwo scuba divers emerging from a garbage dump with a picture of Rochon s face pasted Over the face of one Ccle divers. The agent in charge at Omaha called the pranks healthy and evidence of Esprit de corps. Applying for Transfer to los Angeles to be near his desperately ill father Rochon found himself transferred instead to the Chicago office whose agents were determined not to be outdone by Omaha s healthy Esprit de corps. Roe Hon arrived to find his desk had been turned away from the others and b piece of melted chocolate placed in his Telephone. Thi Story goes on and on without getting any Nice until we learn Hal it was investigated and aul Henu rated by the Justice department and equal employ ment Opportunity commission. And of course Fri director William s. Sessions Tays racism will Noi be tolerated in the Agency. What else could he say thai the Fri suffers from deeply rooted corruption of the spirit thai the Rol was bred into it during the Long reign of j. Edgar Hoover that it s time 10 shut the thing Down and rethink from the beginning what a National police Agency ought to be not a single one of the gang of 13 pursuing presiden tial nominations has been willing to make such a Sensi ble proposal. Though each May be desperately m need of a Way to catch Public attention none is desperate enough to do so by pointing out that it s past Lime for folding up the dreary old Fri and replacing it with something up to Date. Many Urban policemen believe hat aside from us skill Al hogging publicity the Fri has lost us touch. They seem to have a Case. L6atrln 2-3 the far Side  which b vow Tom he Fth web lbt my met to a web re. Soaso Okay toll Doeing look polled