I am reading Risk by Dan Gardner. One point he makes is that once a subject is in the news, new stories that relate to it are more likely to be reported, and new developments are likely to be viewed through the lens of that subject. This undoubtedly happens in the markets: for example, the current story is “US recovery stronger than expected.” This is one of the important ways that news moves markets.

The shooting of Congresswoman Giffords was not caused by the propensity of the Tea Party to use martial rhetoric. Those on the left who have said that it was are being daft. But they have nonetheless served a useful purpose by raising the idea that extreme positions and extreme language have bad consequences. That idea will become lodged in the media narrative, and, one hopes, more sensible public discourse will be the result.

Incidentally, Barak Obama’s speech was a masterpiece. I was choked up watching it — bizarre.

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