I've often wondered if the summer habits of our financial and political elites tend to exacerbate crises that occur over the summer.
Having so many powerful people "away" for so long has to have an effect on the markets. People in the Hamptons or even the Riviera are not completely unreachable. But they often lack the immediate contact with peers that they would have in office. This has to make rumor mongering worse, as you only hear bits and pieces of stories and lack a confirmation network to get to the bottom of things.