In the context of stock markets, "the tail wags the dog" means that the failure of the stock market can drag down the entire economy.

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"The tail wags the dog" is an idiom used to describe a situation where a smaller or less important part of something controls or influences the whole. In the context of stock markets, it suggests that the stock market, though a part of the economy, can have a significant impact on the broader economic conditions.

In the Context of Stock Markets, "The Tail Wags the Dog