The stock markets are reflecting the conventional wisdom in the media, they do not provide an independent assessment of the economy. The moral of this story of late is that financial markets should not be viewed as the embodiments of wisdom about the economy. The big actors in the financial markets are subjects to bouts of fear,panic and euphoria just like the rest of us. In fact, they might even be more subject to irrational mood swings because they sit around talking to each other all day just like you guys.