Talk about yo-yos! I can't remember a time when the stock market has been as volatile as these past few months. The last time may have been during the depression.
Yes, the idea of the stock market acting rationally had been debunked even before 2008. But the current experience is beyond one's weirdest idea of rationality. It is symbolic of the nuttiness into which we have descended. We seem to be in a period where everyone is thinking short term and only short term. Today we see the recession ending, tomorrow we're convinced it will go on forever.
A lot of our problems are due to a loss of some basic values that have served us well - responsibility, loyalty, compassion, perseverance, hard work, recognizing a problem - and to the growing belief that democracy means we are all equal and are entitled to be top dog, for each of us is so far above average as to be off the charts.
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