The market's Black Friday freakout about the new variant shows how a reactionary Wall Street rules American life and politics
Markets are much more fluid than economic policy
Research shows that travel bans are more harmful than helpful to countries in the long run. One 2020 study for the Journal of Emergency Managementthat negligible evidence to support their use in minimizing the spread of emerging infectious diseases, while the WHO urged governments not to adopt such restrictions yet, advice that was ignored by the US, the UK, and several others.
Friday's selloff makes sense from a free-markets perspective. Investors constantly try to front-run trends so they can profit the most from new developments at companies or across the whole economy. For example, those who bet on global lockdowns as the pandemic was just emerging in China likely enjoyed the largest gains from stay-at-home stocks and safe-haven assets.
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