I've mocked business journalists before for always having an authoritative ex-post "explanation" for why the market moved one way or another.
Now I meet a business journalist who simply berates the market for not doing what he wants it to.
People, meet Joe Weisenthal.
He's mad that the the stupid stupid market is uptight about the impending Fed taper and not sufficiently angry and worried about the Republican Party!
Here's his headline:
Wall Street Is So Obsessed With The Taper, It's Missing The Bigger Threat Coming Out Of Washington
Gee Joe, maybe the market is worried about how unwinding QE appears to be crashing markets across Asia? You know, those events you so insightfully report on by tweeting "BOOM!"?
Even F. Scott Sumner has kind of sort of figured out that there may be a problem.
And maybe the market isn't too concerned about the debt ceiling because we've been there and done that with little damage.
I for one welcome the debt fight because we can go back to the oh so productive "mint the coin" rants. Krugman has gotten that bandwagon out of mothballs and back on the street already!
3 comments:
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The best part of that Business Insider piece is that at the bottom Dr. Sanjay Gupta discusses the pros and cons of smoking vs. vaporizing your weed!
*DR. SANJAY GUPTA: Smoking Is Not The Best Way To Get High*
I'm pretty sure there's a Fed metaphor in there somewhere.
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