The *worst thing* about democracy is this thing people do where they vote based on peer pressure anticipating how everyone else will vote The irrational feedback loop this causes is responsible for at least 50% of the disastrous decisions made by voting
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Replying to @arthur_affect
Interestingly, we appear to be okay using an identical process as a tentpole to prop up major portions of our economy, i.e. the stock market
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Replying to @otorhinosaur @arthur_affect
I think people gain little a rationality when money is involved. Maybe
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Not really. I'm saving up money from my part time job and investing in stable, low risk index funds, and growth has been stagnant for weeks or even slightly negative because of "the Coronavirus". No one can say how they think the NASDAQ is directly affected, they just panic
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Replying to @BootlegGirl @Tuplet and
There are real economic consequences to panic though; people slow their buying, go out less, etc. That's how things go in a recession, once people get scared they might lose their job they stop spending and that leads to more job losses, etc.
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Replying to @atonal440 @BootlegGirl and
Right we're talking about two different levels of "panic", short term volatility from stock traders and actual serious panic from everyday people living their lives The former is a more obviously silly thing that we could arguably address with regulation
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Replying to @arthur_affect @atonal440 and
But the line between them is obviously blurry
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But I mean if the rationale is the investors are pulling out because the population in general is going to panic that's not even really a market failure is it It's just the market responding to actual human nature There's nothing investors can do to convince people not to worry
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