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MurphyWe were ruminating recently upon Murphy and his well-known law, one that like Obamacare, Congress will not repeal regardless of rhetoric. Unlike Obamacare thoug, Murphy’s is a simple law: “What can happen, will happen.” That seems built into our universe and surely ought to be found in the Old Testament somewhere. But we search in vain for the Book of Murphy. His law is nonetheless if not Holy Writ, physically and statistically inescapable. We have been thinking about what that means.

First, as we wrote recently, we noted that the American stock market reflects in its prices, nearly double the market value of the enterprises property, products and markets listed therein. Some half the stock market’s value then, is emotion, or air or hokum or however you wish to characterize it. Such vacuoles are renowned for their tendency to collapse unexpectedly. That is rather like the unexpectedness of a blind…

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