I'm listening to television idiots call today's stock market selloff "the worst in history" when it demonstrably is not.
When news becomes nothing but a form of entertainment and revenue, perhaps we should expect no better.
So, here is the Dow down 777 points, or 6.98%.
The Great Depression included multiple one-day drops of 12% and 14% and the overall slide was 89%.
And here are the talking heads saying today's drop is the worst in history. History as in stuff that happened after the talking head started high school, maybe. History as in actual history, not so much.
This is not to say that everything is over or that all is well. Quite the contrary -- we may yet see much larger market drops. When the market falls 25% I'll start to worry about systemic problems.
What I see right now is a much delayed correction to the over-inflated financial markets. We have a lot to blame the US government for.
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