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The Reverse Wealth Effect

By Robert Samuelson - November 25, 2008

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WASHINGTON -- The stock market is nothing if not a psychological barometer. The present signal is unmistakable: fear. It's not just that the market dropped by more than half; that decline parallels some previous post-World War II bear markets (48 percent in 1973-74 and 49 percent in 2000-2002). More revealing are the day-to-day movements. From mid-September to Nov. 21, there were 50 trading...

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Robert Samuelson

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