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Courtesy of Ed Weick, here's the DJIA charted against the Treasury Secretary's speech unveiling his plan for the banking system, with the arrow pointing to the start of his speech:
Posted by Steve Horwitz on February 10, 2009 at 02:40 PM | Permalink
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The market speaks.
Common Cents |
February 10, 2009 at 03:32 PM
Of course if what he had said had been more socialist than it was, the market would likely gone up (like in August 1971 when Nixon sent us down this branch of the road to serfdom).
Jule R. Herbert Jr. |
February 10, 2009 at 05:43 PM
Are you hinting that Obama executives arguing for more government involvement of the economy makes investors nervous? I wonder why that would be- FDR pulled us out of the Great Depression with the same policies, right?
A Conservative Teacher |
February 10, 2009 at 06:27 PM
It's curious to me how the stock market is doing these months. We, as libertarians and Austrians, can't claim investors say NO to intervenionist policies. They seemed to have believed in the previous Plans and socialist policies.
I don't think that investors are much smarter and wiser (concerning economic theory and the current events) than mainstream economists.
February 10, 2009 at 07:10 PM
As I watched the trading day unfold, it was my impression that stocks sold off because Geithner did not open with a hoped for magic solution.
Geithner wasn't socialist enough for the general market participants.
To me, Geithner etal are in the developing throws of Mises' inevitable
catastrophe that results from a Credit Cycle as opposed to an Economic Cycle.
Ed Weick |
February 10, 2009 at 09:15 PM
Perhaps Roger Koppl's herding theory will come into its own during this period of regime uncertainty. It will be interesting to see what lessons are learned by the Big Government Players as the plot unfolds. Maybe they are too big to learn anything.
Rafe Champion |
February 11, 2009 at 06:42 AM
Thanks for posting!
December 15, 2010 at 05:02 AM
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