Brad DeLong writes about the economic consequences of fear. It is strange that a Professor of Economics thinks exactly in the terms that I think, and arrives to the same conclusions that fear is paralyzing the markets and creating (1) absurd situations where you pay for keeping your money and (2) dismissing perfectly conventional and profitable business enterprises.
Our conclusions diverge: As behooves to a heavy weight professor and mandarin, he reflects on the defectiveness of the macro organization of the world's finance sector, while this lazy machine weights the opportunities to take personal advantage of the panic. The pic illustrates the issue: a giant frightened by a nano-shark. Now, what I need is courage of my (and his) convictions. What is courage and where to get it? Paul Tillich: "Courage is the self-affirmation of being in spite of the fact of non-being." You said it, Paul.
It is always a pleasure to find errors in our better's calculations. Prof. DeLong says the imaginary investor in the SP index will end with 11700 dollars. Ha! The correct number is 10711.25 dollars.