The relative buoyancy of the markets in the wake of the French and Greek elections is the latest in a long series of crashes that barked but never bit.
We had the Greek default earlier this year. It was supposed to be "worse than Lehman" but it turned out to barely register.
We had the downgrade on the U.S. credit rating last summer. And the U.S. government rallied.
Maybe it's an indication that the markets are smarter than the pundits give them credit for.
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