Never in the history of the world

March 23, 2011 at 2:15 pm (Uncategorized)

I found a great quote today from the chairman of the Egyptian stock exchange, Mohamed Abdel Salam said (as paraphrased in the article)  “Never in the history of Egypt or the world, however, has he seen a stock market closed for such a long period”  which closed on January 27th and just re-opened today, so just under two months.

I’m sure this is an argumentative fallacy, but I’m not sure the type.  Read it closely, he makes it seem unprecedented (Never in the history of the world) then immediately constrains it to just what he has seen (I don’t know if he means during his lifetime or where he was physically present).  Makes you think that a stock exchange has never closed for that long right?  Or, at least, not a major one.  He might be technically right that he has never seen one closed that long, but certainly it has happened.

At the start of World War I, the New York Stock Exchange closed for four and a half months, more than twice as long as the Egyptian one was closed.  One would hope that he, as chairman of the exchange (a temporary position for him, his long-term position is chairman of Ministry for Clearing and Settlement) would know this, even if he hadn’t seen it himself.


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