If you've ever read what is now fashionably referred to as a "tick-tock" of the Great Depression's onset -- the classic is still John Kenneth Galbraith's The Great Crash -- you may recall the uncertain, befuddled, even erratic reporting of that era's journalism, from day to day, week to week, month to month. The market's down. Whoa, it's way down! Hold it, it's up. Uh-oh, it's back down, in fact, now it's nosediving. Never mind. It's up again. Crisis over. Oh no ...
From today's NY Times:
Wall Street equities fell about 1 percent at the start of trading on Monday on the lack of progress American political leaders were making on a deal to raise Washington’s debt limit and avoid a default.
As of this writing, the plunge has been cut in half. For now.