The stock market's recent dip has many investors worried, and some analysts predicting a bear market ahead. In this hour of To the Best of Our Knowledge, can the market keep climbing? And is the boom in speculation good for the economy? Also, how the science of risk management changed the world.
Journalist William Greider tells Judith Strasser that the stock market is dangerously over-valued and that he sees many disturbing parallels between today's economic activity and the climate leading up to the great crash of 1929. Greider is the author of "One World, Ready or Not: The Manic Logic of Global Capitalism." Also, Noel Laureate Gary Becker is an economist at the University of Chicago. He tells Jim Fleming that despite the talk of middle class investment, the stock market has little impact on the life of the average American.SEGMENT 2:
Ron Chernow tells Anne Strainchamps that the rise of the small investor is one of the great stories of twentieth century America. Chernow's books include "The Warbugs," "The House of Morgan," and the upcoming "The Death of the Banker."SEGMENT 3:
Wall Street economist Peter Bernstein tells Steve Paulson that the modern world emerged when people mastered the arts of manipulating probabilities and managing risk. His book is called "Against the Gods: The Remarkable Story of Risk."
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