Kangaroo Court
The recession began on a Monday with a junior analyst in an obscure New Boston brokerage. At 9:32:07 he found a quarter-point dip on a hyperderivitive of a tertiary economic indicator. A cursory check found similar dips in adjacent verticals. All his mathematical and statistical training told him the dip was a fluctuation, a bit of background noise that had no real effect on the economy. But sometimes, he’d always believed, a man has to go with his gut. By 9:42:23 he had posted a commentary on his firm’s blog titled, Are We in a Recession. (He forgot the question mark.) “The major indicators are going up. But is the market headed for the second moon or the void between the stars?” At 9:45:07, the feed curator of Stockman Financial News scanned the post and ordered it moved to the top, declaring it, well-written, authoritative without being megalomaniacal, and sexy the way the girl next door looks, the more you look at her. The assistant protested that the post was predicated on faulty...