Fear Trumps Greed as Market Woes Paralyze Economies
...Investors are in the grip of a panic that psychologists and historians say isn't necessarily rational and may intensify. They aren't buying stocks, and more importantly, suddenly afraid they won't be repaid, they aren't making loans by buying bonds. Banks have also tightened credit.
``People are driven by images of the best and worst that can happen,'' says George Loewenstein, a professor of psychology and economics at Carnegie Mellon University in Pittsburgh. ``The image of the worst is much more vivid in their minds right now.''...
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