When the future changes, markets move

The sermon at my church Sunday was partly about real estate prices. (Is this a uniquely New York thing? Or do men and women of the cloth across the land regularly invoke the housing market?) The rector, a former lawyer who actually owned New York real estate back in the 1970s, said that back in those days nobody could imagine what …

416 points ain’t what it used to be, but still …

So the Dow Jones Industrials fell 416 points today, which sounds like an awful lot, but really isn’t anymore. On Black Monday in 1987, a 508 point drop amounted to 23% of the Dow’s value. Today’s drop was just over 3%.

Still, there’s reason for there to be worry in the air. None other than Alan Greenspan has been warning for a few years …

Greenspan speaks, doesn’t say much, markets move

We’re more than five years into the current economic expansion, which means it’s entirely natural that we ought to be worrying about when it might end. This expansion has already lasted longer than most of its post-World War II counterparts, after all. Last year a few economists predicted that falling housing prices might send us into …

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