Thursday, March 25, 2010

The Hound of Wall Street

Did you hear that? No, me neither. In fact, no one heard the great vote of Wall Street on President Obama's health plan ... because there was nothing to hear. I was struck by the editorial page of the Wall Street Journal not writing what they surely wanted to write. Namely, that ObamaCare is such a bad idea that the stock market tanked. Standard operating procedure is to infer great meaning from spurious fluctuations in the market, so if Wall Street had a bad day, surely it would be because "they" were indicating displeasure with Obama and the Democrats' health care plan. But that didn't happen. Actually, the stock market went up a little. So there was no story to tell. The dog didn't bark.