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They do tend to work, until they don't.
And when they are bad, they are horrid...
The S&P 500 has dropped to about where it was in November 2006. Cry me a frickin' river!
Trying to predict the health of the American or world economy on a day-to-day drop in the stock market is like trying to determine whether climate change is happening on the basis of a three-day heatwave.
If a defining characteristic of the global economy is technologically mediated financial integration, then what we are currently witnessing could be a state-of-the-art global market meltdown.
Well then Andrew Leonard? You're the expert. Is it or isn't it?
Next question: if it does prefigure a global market meltdown what does that mean about interest rates? Will they soar?
