Krugman concedes Tom Smith

Or maybe it's one of those quantum mechanical things that we're not smart enough to understand.

But, uh, unfortunately, and just to show how objective I am, I tend to agree with what Krugman is saying now about the market, that it seems to be pricing in a fast recovery that's not coming.  Somehow, however, it has to be taken into account that I am nearly always wrong about whether the market is over- or under-priced at any given time.

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