Friday, October 17, 2008

Don't Shoot the Messenger

It is a fundamental truth that financial markets and price signals tell the story. Silencing the messenger does not change the underlying facts:
"I can't imagine Pearlstein suggesting closing newspapers for a week, or banning them from printing bad finance news for a few weeks. So Pearlstein doesn't get it: financial markets are news institutions, just like newspapers! The fact that newspapers report a lot less news on this crisis on weekends shows that most crisis news now comes via financial markets. Don't blame the messenger for telling you bad news; blame those who caused the bad news, and who keep you from learning sooner."

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