Several Republicans suggest the party should insist on taking an axe to the budget as the price for allowing the government to continue to function.

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In most developed markets, the primary function of an equity market is to provide price discovery, allowing successful companies to raise capital for profitable investment opportunities.

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But share price is supposed to be a function of future earnings, in theory, at least.

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What price-earnings ratio to put on the market is more of a function of the going inflation rate and the confidence level of the recession's depth and duration.

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To be sure, setting the price and use of curbside space is an essentially public function.

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