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This week on Fox News, Neil Cavuto asked Sen. John McCain (R-AZ) about the worth of rescinding an 18-cent gas tax as prices at the pump escalate this summer. McCain responded that “a lot of our problems today” are “psychological” — even the “ability to keep our own home”:
I’m very concerned about it, Neil. And obviously the way it’s been going up is just terrible. But I think psychologically — and a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home. This might give them a little psychological boost.
Experts have long known that a classic phenomenon called herd behavior has a great deal to do with the wild swings of panic and exuberance that can seize Wall Street in the wake of surprising economic news.
But lately they have tried to confront a related question: What makes a herd, financial or otherwise, stop and turn around? Specifically, behavioral experts want to know if there are psychological cues that can help transform this bear market into a bullish one.
“The dynamics of these turning points are much harder to understand” than the original herd behavior itself, perhaps particularly in economics, “and the field is only just beginning to look at them,” said Terrance Odean, a professor of finance at the University of California at Berkeley’s Haas School of Business. [emphasis mine]
How to Turn a Herd on Wall St.
Originally posted by kpoff
Pretty much anyone who backs Bush, McCain or the Republicans are selfish rich greedy f***s more concerned about lowering their taxes than being patriotic Americans and doing what's best for the country.