from the calm-down... dept
Dan Gillmor explains why the way the markets acted on Wednesday was scarier than the reasons the fed dropped rates. His point being that some people simply refuse to believe that a lot of the “growth” from the past few years was due to irrational exuberance. It’s a good point, but one that not many people will listen to. Besides, the response was really a vote of confidence towards the Fed for trying to keep the economy going without problems. The fact that the upswing didn’t continue Thursday suggests that investors aren’t being as unreasonably optimistic as Gillmor suggests.