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Regain that type of point in the next five to ten trading sessions. we have gotten absolutely walloped the last cup 8 weeks but i m going to pull back on that and say, we are very myopic now in the stock market. you noted these wild swings. mostly ezra because of xurtsz computers, high frequency trading being done with the individual investors getting pushed around and big machines making these al gor rhythmic trades. that s why the swings have gotten wilder. it was a scary last really two weeks for investors. but we fell 16% last summer before rebounding. i think that we talk about, i know you ve written about in your excellent articles, sort of the new normal for the economy. i think we re entering a new normal for the stock market which is where, you know, wild swings are not going to be wild swings anymore. they re just the day-to-day gyrations now. brian sullivan, thank you very much. enjoy that cocktail. from what you re telling me it might be the first of many. 21 1/2 minute ....
Having a negative impact on the economy in this country, and the growth slows way down. now we need to restore that growth, but the recession or business cycle are all about how fast are we going to grow. and i would just caution you not to translate the recovery equals the government. and that there s a lot more to the economy than what s happening inside the beltway 99% of what goes on has nothing to do with what the congress or the white house or anyone else is doing. austin goolsbee, thank you very much and enjoy going back to chicago. great to talk to you again, ezra. coming up a live look at the markets as a rough week on wall street comes to a close. ....
Industrial. not a lot figuring they just lot 10% in the next ten days. dylan ratigan, bring him in now. this doesn t who great. this is not a bounceback. the interesting thing, you know this better than mosts ezra, in the short term the stock market is a voting machine. gives you a sense of sentiment, a point of view, people feel optimistic do they feel scared, hopeful? over the longer term the market is a scale. it actually weighs the embedded value of production through a financial measurement over a period of time. and at a moment where we re watching three years of monetary policy, of creating money effectively, trying to loosen the available capital in the hopes that doing that in some way would magically spark investment and job creation. the market is now realized after three years of this stimulation that it s not working. i would argue that until you deal with things like the tax policy, trade policy, banking policy that are the ....
Is all factual except the last part, balance the budget by 2013, liberalize all the closed services and do away with their social welfare and pension system. i m not sure if that comes with a pony and a ferrari for every italian, but either way the european markets liked it, that s what they promised. basically now germany and france will loan italy a bunch of money to buy up some of the bad debt if they can do those things, wall street likes it for now. we re not way up. you know we re up a couple points to the dow, basically down to flat on the nasdaq but at least we re not down a few hundred points. europe was the problem yesterday. ezra, apparently today europe is the solution. now i tend to think that sometimes when there s a big couple days of swing, 500 one day, 500 down one day, up one day, they lose sight of the larger trend. there is any expectation the market will regain in the next week or two what it s lost in the last ten days? i don t think there s any expectation we ....
Joining me now is m.i.t. economist michael green stone director of the hamilton projects and author of the report. thank you for being here. here. thanks, ezra. the first question, the obvious one. what happened? do we get dumber? where did our innovation go? innovation, you were saying, it s a tricky thing. there s not a magic formula, but rather it s it comes out of an ecosystem or a series of small choices that add up to something big. and i think what happened is that beginning sometime in the 1970s, we stopped being as aggressive in making those investments and kind of putting together the lattice work that leads to innovation and ultimately determines or living standards. so you talked about that lattice work. the stereotype of innovation, a lone genius, addict. the brain in larry page in a garage inventing google. that implies no role for society much less the government. we wait and hope these guys think their great thoughts. ....