They didnt close the markets for Gerald Ford. They really closed it for James Brown who did more for the markets and economy then Ford ever did. Where would the markets be without James Brown and his huge contribution to society? Ford, on the other hand, was an administrative stand-in of a President handing out these WIN buttons, falling down stairs and stumbling through speeches. The best thing to be said about Ford is that he had a cool hand and was the right person at the right time. Talk about looking for the right words to say. I think they should have put James Brown in as President rather then Ford when Nixon resigned. It would have made a lot more sense and at least he wouldnt have stumbled down steps. In fact, inflation might have been better and the markets would have rallied a lot sooner.
I don't care for market closures much myself either. But it's my understanding the exchanges have been closing for the passing of ex-presidents, since 1885. It just worked out to be a four day stretch due to the weekend and New Years day. Golf anyone?