stating the obvious
The National Bureau of Economic Research has made it official: we entered a recession in the US in December of 2007. In other news, the NBER released data revealing that Americans prefer chocolate ice cream to broccoli, and confirmed that more Americans listen to hip-hop music than to Laplander reindeer pipe bands.
It can't be a big surprise that we're in a recession; the fact that it started in December rather than say March is pretty much just an accident of history. So why was the stock market so spooked by this determination? This can't have been news to them?
Further proof as Keynes said of the importance of "animal spirits." And that economics ain't a science.
It can't be a big surprise that we're in a recession; the fact that it started in December rather than say March is pretty much just an accident of history. So why was the stock market so spooked by this determination? This can't have been news to them?
Further proof as Keynes said of the importance of "animal spirits." And that economics ain't a science.
Labels: economics
posted by Don Q Blogger at 5:35 AM
1 Comments:
Just more proof that the markets are so very irrational.
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