“This is not a test of the Emergency Broadcast System.”

At 10:35 on the morning of December 4, more than seven thousand dedicated capitalists-DOT system clerks, youthful pages with their jaunty epaulets and floppy Connecticut Yankee haircuts, grimly determined stockbrokers, bond analysts, and supervisors with bright-green jackets were busily, if somewhat nonchalantly, promenading through the three jam-packed main rooms of the New York Stock Exchange.

The twelve elevated ticker-tape TV monitors in the busy room were spewing stock symbols and trades comprehensible only to the trained eyes of exchange professionals. The day's volume, if it was only an average Friday, would easily exceed a hundred fifty million shares.

No doubt the original forebears, the first bulls and bears, had been ferocious negotiators and boardroom masters. Their descendants, however, their mostly thin-blooded heirs, were not particularly adroit at money changing.

The heirs were a strikingly homogenous group, for the most part smug and vainglorious bean counters; they all looked blood-related and tended toward red-faced baby fat or an almost tubercular gauntness. Their pale blue eyes looked like marbles, round and bulging, with a distant vagueness in them.

Moreover, the heirs were standing by helplessly while American business was losing “World War III,” as the most recent fight over the world's economy had sometimes been called. They were quietly, though quite rapidly, surrendering world economic leadership to the Japanese, the Germans, and the Arab world.

At 10:57 on Friday morning, the bell-which had once actually been a brass fire bell struck by a rubber mallet and still signaled the official beginning of trading at 10:00 A.M. sharp and end of trading at 4:00 P.M.-went off inside the New York Stock Exchange. The bell sounded with all the shock value of a firework popping in a cathedral.