1. Burr, etc, sold their stock, knowing that investors would panic.
2. Investors panicked.
3. Because investors panicked, pressure on fed/states grew even though public less than concerned.
4. Quarantine, creating real econ depression.
5. WSJ--hey, maybe panic was dumb.
2. Investors panicked.
3. Because investors panicked, pressure on fed/states grew even though public less than concerned.
4. Quarantine, creating real econ depression.
5. WSJ--hey, maybe panic was dumb.
But panic is what the *investors* did, not the public. No matter how dire the politicians got, no matter how serious the warnings, there are *lots* of people who think this is nonsense.
So it's hideous that Burr lied, but any non-Senator could have sold in January as well.
So it's hideous that Burr lied, but any non-Senator could have sold in January as well.
The media really doesn't understand its role in this, which is pretty horrible. They CREATED the pressures. Along with lawyers. Because what any modern society needs is an activist media and eager lawyers.
The media never sold anything more than a chunk of the public on the need to freak out. But they convinced the politicians who still (stupidly) think the media has some sway on the people.
So Burr and co got some news about the corona virus that everyone else got, too.
So Burr and co got some news about the corona virus that everyone else got, too.
The market tanked a week ago. the media has been going nuts about corona for at least two weeks, if not longer.
Does anyone *really* think that if Burr had come and said "Hey, this is serious" that people would have been convinced?
Does anyone *really* think that if Burr had come and said "Hey, this is serious" that people would have been convinced?
No. Here's what *might* have happened:
1. Burr says "OH MY GOD! CORONAVIRUS!"
2. Market tanks. Unlikely. Bear with me.
3. Media BELIEVES BURR. Unlikely. Bear with me.
4. They say golly, all that shit we speak of "it's just the flu" is wrong. They panic a whole month earlier.
1. Burr says "OH MY GOD! CORONAVIRUS!"
2. Market tanks. Unlikely. Bear with me.
3. Media BELIEVES BURR. Unlikely. Bear with me.
4. They say golly, all that shit we speak of "it's just the flu" is wrong. They panic a whole month earlier.
5. Politicians, still idiotic enough to think public cares about media, shut down the economy.
6. Economy tanks.
In short. Burr's actions affected the public and the market not at all. To the extent the media mocked coronavirus for 3 weeks before taking it seriously...
6. Economy tanks.
In short. Burr's actions affected the public and the market not at all. To the extent the media mocked coronavirus for 3 weeks before taking it seriously...
...we got three weeks of an untanked economy.
I think what Burr et all did was pretty scummy, but the fact is that they placed their bets knowing their people: investors, politicians, and the media.
Had little to do with the public.
I think what Burr et all did was pretty scummy, but the fact is that they placed their bets knowing their people: investors, politicians, and the media.
Had little to do with the public.
