Friday, October 3, 2008

Perfect Close

So it seems that enough people were scared by the Dow Jones being down 777 points on Monday that they convinced their congressmen to vote for the bailout based on their fear.

After it passes what happens? The Dow goes down again, to an even lower level. Monday's close that got everyone scared was 10,365. Today's close was 10,325.

The 90's brought us "irrational exhuberance". Now I'd say we have irrational fearfulness. At least the irrational part stays the same.

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