Friday 10 October 2008

All of a sudden, everybody comes up with such great ideas

"In the current global panic, unprecedented in fifty years, it is common to say that the madness of crowds has taken over. It is certainly true that we should be fearful of fear itself, since panic has practical economic consequences. Prices, for example, speed down faster than they would otherwise, which then causes more panicked selling by leveraged investors. Fearful consumers sit on their wallets, hurting businesses that might otherwise be healthy, and so on. At the same time, it is wrong to blame crowds for this current panic. In many ways investors are reacting rationally to the fact that critical information about the financial markets--the sort of information that New Deal-originated regulatory architecture was supposed to make routinely transparent--is simply not available."

The New Yorker, October 9, 2008

Die Presse - Wiener Börse: ATX fällt um fast zwölf Prozent
Die Zeit - Es kommen schwierige Zeiten
The Economist - All Fall Down

"Hey, what if we just put an end to betting on falling stocks?"
"You mean, like, if we had done that some time ago maybe the crisis wouldn't be so bad right now?"
"Well, do you think it's going to help?"
"At least we can try!"

Was ich mich frage ist: haben diese Menschen wirklich gedacht, dass sich das endlos fortsetzen lässt, und fallen jetzt aus allen Wolken, oder war denen von vonhinein klar, dass sie da schnellstmöglichst schnellstmöglich schleunigst ihr Geld machen müssen, dann raus, weil alles zusammenbricht?

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