From Felix Salmon
"It’s been a very impressive day to learn how the stock-market sausage is made: I think we just saw the largest intraday fall, in point terms, that has ever happened. But the bigger lesson is that in the short term, any market can fail temporarily. The question is whether the jitters from this afternoon are going to mean increased volatility and risk aversion going forwards. My feeling is that, yes, they both will and should."
Do you ever look at the post war 20th century with envy? Barring the threat of nuclear annihilation it was a fertile environment for positive thinking. Things were on the up in general and progress seemed to be something that was inevitable. Maybe they were just starting so low it made any gains seem extraordinary. News like today's stock market freak out is so utterly unsurprising that we should all be shocked at how not shocking it all is. A guy tried to kill a bunch of people in times square the other day, no biggie. The stock market went absolutely nuts for seemingly no reason, just another day right?
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