Adam: Hi, Frank. Over the past few days, as the stock market has gone berserk, analysts — while acknowledging the obvious triggers — described the plunge as a “panic.” (As for the end-of-day surge, what’s the opposite of panic? Irrational exuberance?) You’re not an economist, so I’m not going to ask you to explain this in economic terms. But let’s talk about panic. I’m wondering how you react to these kind of massive fluctuations personally. Do you freak out when the market tumbles — or are you able to view the upheaval through a more dispassionate lens?
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THE FEED
The IRA is law
President Biden on Tuesday signed into law the Inflation Reduction Act, an ambitious measure that aims to tamp down on inflation, lower prescription drug prices, tackle climate change, reduce the deficit and impose a minimum tax on profits of the largest corporations. …
Biden said signing the bill into law was something he had looked forward to doing for 18 months. At one point, he glanced at Manchin and quipped, “Joe, I never had a doubt,” to some laughter. After Biden inked his signature — and Schumer proclaimed, “It’s now law!” — the president handed the pen he used to Manchin and shook his hand.

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