By:
Irwin M. Stelzer
08/15/11 10:34 PM
The economic news mucks around in an attempt to explain short-term share-price movements, ignoring the longer-term phenomena that will dictate the future course of the American and, because of linkage, European and world economies.
I don’t mean to imply it is trivial when a plunge in share prices wipes out some $3 trillion in assets in a few days. Businesses and households get hurt.
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