S8 Ep771: John Tamny, editor of RealClearMarkets, argues that the global response to the COVID-19 pandemic represented a tragic lapse of reason where politicians panicked and replaced the collective wisdom of the marketplace with centralized planning. Tamny identif

John Tamny, editor of RealClearMarkets, argues that the global response to the COVID-19 pandemic represented a tragic lapse of reason where politicians panicked and replaced the collective wisdom of the marketplace with centralized planning. Tamny identifies March 20, 2020 — the day Governor Andrew Cuomo ordered a mandated "shelter in place" for New York — as a pivotal moment signaling a severe government-mandated contraction of the economy. He contends that the economy is not a "valve" that can be simply shut and reopened, as the sudden cessation of business activity forced investors to rethink the future value of all enterprises. (1)
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