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Balanced Fare: We Report, You Deride

Monday, July 29, 2002

Hiding in Plain Sight

The always-interesting (and Krugman approved!) Josh Marshall awards a prize today for the first to argue thusly:

"Someone had to argue that the recent stock market skid wasn't the cause of congress's new anti-corporate corruption bill, but rather its result."

J Marsh gives the prize to the hapless "Dow 36,000" author James Glassman for a Weekly Standard piece dated Aug. 5.

But c'mon, Josh! Check out the Wall Street Journal from July 22:

"Since President Bush unleashed the political furies on the private sector with his speech on July 9, stocks on the Dow have fallen by about 13.5%, including another 4.6% on Friday. This can only mean that investors are demanding more regulation, more punitive laws and more anti-business rhetoric, right?

Believe it or not, that's what some people with allegedly above-average IQs are writing. The truth is closer to the opposite, with investors now discounting not just for market risk but for a new and dangerous element of political and regulatory risk. With Congress in a stampede, and Mr. Bush abdicating veto oversight, the law of unintended consequences is in the saddle riding events."

I suspect I could find similar lamentations from Jonah Goldberg at NRO, but since he never links to me, why should I link back?

So hold the prize, Josh. The winner is hiding in plain sight.

UPDATE: I relent and link to Jonah, and I hope they can handle the traffic. He doesn't blame the current stock slide on the current corporate reform effort, but he does argue that "time may tell" that we are going to far. Clear winner so far: WSJ.
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