Bryan D Caplan wrote:
Another annoying thing about the "I told you there was a bubble" peopleShame on Bryan for asserting such a falsehood. Here is a graph of the Nasdaq market. It is very clear that the crash happened well before 9/11. Indeed if one compares the fall that occured around 9/11 with what happened previously the argument for bubbles appears even stronger because whatever "shock" occured prior to 9/11 must have been much bigger than 9/11 to generate the large crash.
is that a good chunk of the stock market crash can be attributed to the
9/11 attacks (more specifically, indirect effects via policy changes). If ever there were a random shock, it was 9/11.
Alex
--
Alexander Tabarrok Department of Economics, MSN 1D3 George Mason University Fairfax, VA, 22030 Tel. 703-993-2314
Web Page: http://mason.gmu.edu/~atabarro/
and
Director of Research The Independent Institute 100 Swan Way Oakland, CA, 94621 Tel. 510-632-1366
<<inline: nasdaq.gif>>
