Goldfish are said to have 3 second memories.
(Sweet Goldfish movie)
I very much doubt the media's is that long. Otherwise you would think we would stop using the Dow as an oppinion poll. THE DOW IS NOT AN OPINION POLL!
It's a magic 8 Ball.
You're better off choosing your lotto numbers by the index values than you are the outcomes of, or appetite for, complex financial policies.
Today is a case in point: (After the jump)
Washington Post, February 15, 2009: Disappointment Over Bailout Drives Losses
U.S. stocks fell last week after Treasury Secretary Timothy F. Geithner failed to convince investors that his bank rescue will work.
Washington Post March 23, 2009: The obliquely named -- U.S. to Help Investors Buy Bank Assets
Financial markets roared ahead yesterday as investors reacted with near-euphoria to the Obama administration's new trillion-dollar plan to stabilize banks by relieving them of their troubled assets and risky loans.
That the Dow is at best a pulse "Yep, there's still a Dow Jones Industrial Average...."
Hey Media, remember when you were constantly judging individual actions of the government in the middle of a crisis, while markets had some of the highest volatility ratings ever recorded?
I didn't think so... It has been more than 3 seconds after all.