Unfortunately the long post will have to wait for Wednesday (it's laden with arcane historical references and thus totally worth it) but for now, please note this comment from Larry "I might run for the Senate" Kudlow on CNBC regarding the aftermath of the Japanese earthquake / tsunami / volcano / meltdown / apocalypse:
In these tough economic times, isn’t it nice to know that calamitous natural disasters needn't have an adverse affect on your investment portfolio? After the 8.9-magnitude earthquake in Japan failed to induce a market nosedive, CNBC’s Larry Kudlow expressed his relief in terms that seemed to appall even his fellow cheerleaders for capitalism: “The human toll here,” he declared, “looks to be much worse than the economic toll and we can be grateful for that.”
Kudlow issued a perfunctory apology, stating that he "flubbed" the line he intended to say. That is possible. It is also possible that this reflects how people of his political-economic mindset see the world. The only relevant cost in any transaction is the financial one. Whether 10,000 people die (or get laid off, or lose access to health insurance, or work 60 hour weeks and still fail to make ends meet) is not the Market's concern. Nor should it be your concern, savvy investor.