Mike Kinsley's article on Slate yesterday--the one that said the stock market is irrational--is still catching flak.
I have another question: is this the dumbest thing I've ever seen about capital markets? I'm not sure. Ben Stein's similar nonsense comes close. Karl Marx said that capitalism wasn't working for labor. Kinsley can't even see how the stock market works for capitalists.
Here's Kinsley's logic in a nutshell: If public ownership works for a company at T1, then it must also work at T2. In other words, market conditions and firms don't change. Because if they do change, then the inconsistency with which he condemns markets does not exist.