I think this is more or less the spin the financial press tried to put on prior to this week that selling was unpatriotic.


There was certainly unbelievably dumb commentary tying patriotism to buying/selling decisions. Of course the market will reach a new, lower level after such an event. It materially changed the outlook for insurance, airline, travel, finance and several other industries.


Dumber was any broker/advisor or others thinking such patriotic buying would doing anything but slow the decline. So the Dow declines 14% in a week rather than a day. That sure puts those terrorists in their place.


Dumbest were the people who actually acted on such idiocy and bought, not because they were getting good value but out of patriotic delusions. Alas, I know several people who did exactly that.


Jaeger