Heterodox
Brad DeLong notes that fundamentals are the same now as three months ago. Arguably, the fundamentals have improved. So, what's up with the market correction and seemingly near-panic behavior? Changing expectations, involving apparently irrational discounting, owing to factors other than the fundamentals of the American economy. Is there anything that accounts for this based on changed conditions internationally or domestically? Of course, various cases can be made for big changes...
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