67: 1. When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason. John Tamny discusses the severe economic contraction initiated by mandated lockdowns, such as Gover

1. When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason. John Tamny discusses the severe economic contraction initiated by mandated lockdowns, such as Governor Cuomo's March 20, 2020, order in New York. Tamny argues that politicians caused the crisis by forcing successful businesses to cease operations. These sudden actions by major economies forced global investors to fundamentally rethink the future value of businesses. Although early market signals from China suggested the virus was not highly lethal, pivotal political decisions, like the cancellation of South by Southwest, triggered panic, leading markets to realize that political action, not reality, was the primary threat. Markets digested these fears and corrected before rebounding. 1918