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Financial Journalism

By Matthew Yglesias

"Financial Journalism"

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Oil prices up: “Oil prices posted their biggest one-day gain on Monday, jumping more than $25 a barrel as investors dashed into commodities on concerns about the government’s plan to bail out the financial system.”

But of course if crude oil prices had gone down, we’d be “explaining” this as “concerns about the government’s plan to bail out the financial system” driving pessimism about growth. The truth is, none of the people writing this stuff have any real idea of why things are happening.

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