Thursday, March 05, 2009

Misusing the Dow

FAIR looks at the odd misperception of the stock market as a sober, rational referendum on White House policies, or as if it were the same as a political prediction market (which seems like a reasonable analogy only if you think all actors in the equity market are long-term investors). And they don't even bring up my huge pet peeve that the Dow is often used synonymously with "stock market" when it represents no such thing - a conflation that is not only misleading but also an advertising subsidy for Rupert Murdoch.