Word: panic
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...getting to be a familiar ritual. Markets panic. A bunch of G-men in dark suits interrupt their routines for an emergency meeting or a conference call to piece together a rescue plan. They announce the plan. Panic subsides. Then, a week to a couple of months later, it starts all over again...
Well, Gramm has a point, even if McCain is acting as if he never met the guy. It's no coincidence that economic terms like anxiety, confidence and panic--and for that matter, depression--are all psychological terms as well. Markets get jittery because investors do; they calm down when those who invest in them are reassured that their prospects are brighter...
...hard to believe Phil Gramm said the U.S. is only in a "mental recession." These are times of tremendous economic anxiety: consumer confidence is sagging, banking and housing sectors are verging on panic, and the Bush Administration is scrambling to soothe markets. Now a key adviser to John McCain says the economy is some kind of psychological thing...
...some extent, every economic transaction is psychological. There's no inherent value to a house, a stock or even the U.S. dollar--just the value on which a buyer and seller can agree. IndyMac bank failed because of a perception that it was dangerously overextended. Once the panic began, the reality was irrelevant. McCain himself has argued that eliminating a moratorium on offshore drilling would have a positive "psychological impact" that could reduce gas prices...
...point too. Unemployment, inflation, a $9 trillion national debt and $4-per-gal. gas are very real phenomena. It's no mere figment of our imagination that prices are rising at their fastest rate in 27 years. It also just so happens that IndyMac really was dangerously overextended. The panic was ultimately justified...