Why Did the Market Crash? More Effort to Explain What Didn't Happen

It seems the world's financial markets have stabilized for now, but we're still seeing all the pieces that were written with the expectation of a further plunge that were already in the pipeline, such as this front page piece in the NYT. I don't mean to mock all these writings. The market certainly could take another plunge since prices are high, but they do provide a useful way to see the extent to which people are focused on real versus imagined fears.

As I have noted elsewhere, the obsessi...