NPR Does Market Analysis

In its top of the half hour news segment on morning edition (sorry, no link), Morning Edition told listeners that the stock market plunged on Monday because of the fallout from the failure of the supercommittee. Of course the stock market does not tell us why it moves the way it does. This was NPR's assessment of the reason for the market's movement.

NPR's assessment suffers from two problems. First, the failure of the supercommittee was widely expected by the end of last week. This means...