MARKETS
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By Bill Miller
Published: August 31 2010 17:25 | Last updated: August 31 2010 17:25
The common view seems to be that the weak stock market reflects a weakening economy.
But we think the converse is more likely: the weak stock market is causing the economy to weaken. It is not a surprise that the recent US consumer confidence numbers were so poor; with the stock market having fallen so sharply since late April, they could hardly be otherwise.
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