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Barry Ritholtz

Explaining the Market's Explainers

Most of the people talking about the state of the financial markets have motives that they don't bother revealing.
There really is one thing we can agree on.

There really is one thing we can agree on.

Photographer: Saul Loeb/AFP/Getty Images

One of the more fascinating aspects of watching finance is the never-ending stream of explanations for the market's action. Strategists, news media and economists all engage in a series of tortured rationales for what just happened. These tend to be after-the-fact reasons that are too smug, too pat and too late to be useful, let alone satisfying.

Forget predicting the future, these folks don’t seem to even understand what happened yesterday.