TOTM
Keith Hylton on Joshua Wright
Truth on the Market
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When I first heard that Josh had resigned from the FTC, I wondered if the news would cause a stock market sell-off. I checked later that day, and the Dow closed slightly up, plus .39 percent.
This suggests several possible explanations. One is that the stock market had already priced in Josh’s departure. Another is that the stock market realizes that Josh was just one of five votes, and that his replacement would cast votes similar to Josh’s. A third possible explanation is that the FTC doesn’t really have a great impact on the economy.