November 2, 2004

11,000 = 50:

U.S. stocks rally; Nasdaq hits four-month high (CBS.MW, 11/02/04)

U.S. stocks gained ground Tuesday as oil prices hovered around one-month lows, with some investors hoping a clear-cut victory for either candidate in the presidential election may set the stage for an end-of-year rally for the market.

We're likely to get to 11,000 just a few weeks too late to get the President all 50 states.

Posted by Orrin Judd at November 2, 2004 11:56 AM

If by "a few", you mean "52", then you might be right.

Posted by: Michael Herdegen at November 2, 2004 1:13 PM

if bush can somehow win tonight without having unveiled Osama, without the market making its end of the year uptick and without having realized oil going down to more natural levels then he can leverage that information to start building a new mandate, rather than just wasting it purely for reelection purposes.

Posted by: neil at November 2, 2004 4:40 PM

I am amused by your love-hate affair with markets.

When they do what you want them to, then everybody else is supposed to fall to their knees and worship, whether the results are good for them or not.

But when they don't do what you want them to, you find excuses.

You don't really believe in markets, do you?

Posted by: Harry Eagar at November 2, 2004 9:53 PM

No, they're human, so deeply flawed. They just work better than any other option.

Posted by: oj at November 2, 2004 9:59 PM

If they're deeply flawed, maybe we shouldn't just march in lockstep over the edge of every cliff they lead us to, then.

Posted by: Harry Eagar at November 3, 2004 8:56 PM


Exactly, that's how Darwinism works--many make bad decisions but some don't--that's how you achieve efficiencies, though inefficiently. The problem arises in the systems you espouse, where statre bureaucrats make the decisionms for everyone. In those cases the entire populace is forced over the cliff.

Posted by: oj at November 4, 2004 8:19 AM

I don't espouse any system. We're not smart enough to devise universal systems.

And if, as seems probable, both economies and societies are chaotic, in the mathematical sense, we cannot ever, in principle, get smart enough.

Governing or managing is akin to flying an airplane. You have to make constant adjustments. No one setting of the controls is 'best.'

Posted by: Harry Eagar at November 4, 2004 4:41 PM


You've claimed innumerable times that the New Deal command economy was about to work before it was stopped..

Posted by: oj at November 4, 2004 4:46 PM