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"The crew could, in theory, soar elegantly down and up... like underwater balloonists," Ballard writes, "free and untethered".
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It was they that drove the rapid growth in futures and options markets and swaps, for instance.Calendar effects and other flawsWhile the influence of efficient-market theories soared on Wall Street, however, academics started to have doubts.
Fueled further by developments in evolutionary theory, their optimism soared, perhaps a bit too high.
Theories, drama, and soaring oratory are great.
I don't think any of us would have gone with the theory if budget deficits had in fact caused interest rates to soar in 2009-2010, or if expansion of the monetary base had caused an inflationary explosion.
"They soar".
In theory, a default should cause the price of Treasuries to plunge and interest rates on new issuance (if and when it resumes) to soar.
Energy prices could soar.
Would interest rates soar?
Together, they soar.
Prices would soar.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com