On a somewhat related topic, I wonder if the market’s reaction to austerity has changed anyone’s mind?
The Dow Jones Industrial Average closed at 12,132 on August 1st. If I’m recalling correctly, the austerity plan was approved that evening.
Currently, the DJIA is trading around 10,900. That’s about a 10% drop in less than a week.
Does anyone on this board who was previously a supporter of deflationary austerity now believe it was the wrong choice due to the stock market’s swift rebuke?
