The Dow, Nasdaq, and S&P are up more than 5%. So, I guess civilisation is not doomed after all. Well, who knows what's going to spook investors next. The mysterious irrational fears are temporarily soothed.

So my question is, at what point did the market become dominated by hysterical pansies, and when did we agree to make the “psychology” of the market more important than profits or losses?

Every time I see one of these big fluctuations, and the media reaction to it, I’m reminded of one of my favorite Simpsons quotes:

Kent Brockman: Hordes of panicky people seem to be evacuating the town for some unknown reason. Professor, without knowing precisely what the danger is, would you say it's time for our viewers to crack each other's heads open and feast on the goo inside?

Professor: Mmm, yes I would, Kent.