About two hours ago Paul Krugman remarked on his blog that "Larry Summers argues that a Fed rate hike would be a big mistake; I completely agree. Yet he also suggests that the Fed 'seems set' to do this foolish thing."
A glance at today's horrifying DJI index would seem to put their fears to rest. From the starting gate to minus-1000-points+ to half that and now rising again. Absolutely phenomenal. As I write, the index is at about -700. Oh, Christ. Now it's at -800. This is going to be one very long day for investors. On the upside (one strains to find one), so much for an interest-rate hike.
See? He told us so.
(Isn't China kinda guilty of practicing Trumpist capitalism?)
I'm enjoying (if that's the word) CNN's coverage. Moments ago, one call-in equity expert said the trick to this meltdown is: "Don't panic!" The network then cut to a correspondent on the stock-market floor: "What we're seeing right now is a lot of panic."