July 29, 2002
The First Rule of Holes? Stop Digging
James Glassman, coauthor of the prophetic Dow 36,000, took to The Weekly Standard over the weekend to blame Congress for sabotaging the stock markets.
Yes, you read that right.
I’ll let Josh Marshall take the lead here, because I’m buckled over in pain from all the laughter. Are we sure he doesn’t write for The Onion?
Update: Kevin at Lean Left put Mr. Glassman through the shredder. To wit:Further, there is no such thing as “the markets”. They are not monolithic entities, but just a simple collection of human beings. Thus, they will react as human beings react - and right now, the human beings that make up the markets do not trust the accountants and the CEOs, so they are abandoning them. Over-regulation has nothing to do with it - fear of fraud does.