WWSP's "The Alternate Boot!"

Tuesday, August 09, 2011

Coffee Round-Table

At the neighborhood coffee round-table, everyone noted the "panic" of the markets. One of the coffee-talkers announced that the panic was "irrational." When I suggested that the market is "irrational" when it goes up too, silence descended.

When I further suggested that the market has been "disconnected" from reality for a long time, someone else decided to change the subject, as if to suggest such a thing was beyond the pale.*

The conversation then turned to Mary Tyler Moore. Was she a "feminist role model," or just a "meek, submissive schlub?" It seems the knock against her was that on her show, she always called Mr. Grant, Mr. Grant.

That phrase "disconnected from reality" stuck with me for the rest of the day...

*BTW - This all folds in nicely with my theory that human beings are essentially "irrational" and that we pretend, or put on the mask of rationality when it's convenient. So it's not surprising that markets are irrational too, since the market is made up of many irrational actors. The problem with politics and economics is that we assume that people will act rationally when it comes to voting, or spending money; but I think it's clear that this is a false assumption!

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