Adam: Hi, Frank. Over the past few days, as the stock market has gone berserk, analysts — while acknowledging the obvious triggers — described the plunge as a “panic.” (As for the end-of-day surge, what’s the opposite of panic? Irrational exuberance?) You’re not an economist, so I’m not going to ask you to explain this in economic terms. But let’s talk about panic. I’m wondering how you react to these kind of massive fluctuations personally. Do you freak out when the market tumbles — or are you able to view the upheaval through a more dispassionate lens? Frank: I sort of freak out, as irrationally as anyone else, I guess. This is a classic panic. Everyone knows that S&P has gotten everything wrong in the recent past, but the kindling for panic was there, waiting for just the right spark to ignite it, and the S&P downgrade, meaningless in some ways in itself, was just that spark. It’s like Archduke Ferdinand’s assassination in 1914 — though let’s hope it doesn’t lead to that magnitude of apocalypse. Yet, watching the riots in London, I wonder if we might not actually be on the verge of an international conflagration of some sort, the… Read full this story
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Wall Street Crashes, London Burns: Frank Rich and Adam Moss Discuss Downgrades, Riots, and the Portents of McQueen have 247 words, post on nymag.com at August 9, 2011. This is cached page on Vietnam Dance. If you want remove this page, please contact us.