Animal spirits. It's office hours in Ann Arbor. How do you do, fellow kids? "Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than on a mathematical expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits—of a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities." — John Maynard Keynes An Economist Explains What's Really Behind America's Economic Gloom https://www.youtube.com/watch?v=3fK-YE_XhjA #ConsumerSentiment #gloom #Augusta