Monday, March 02, 2009

Dow sub-7,000

Wow...the Dow Jones Industrial Average is below 7,000 for the first time since 1997.

I guess Wall Street isn't impressed by Barack Obama's stimulus plan.

Obama can help his cause by talking up, not talking down the economy.

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1 comment:

Tom Nally said...

At its very essence this is what the stimulus plan amounts to: taking $800 billion from the private sector, filtering it through the notoriously inefficient federal government, and then dispensing back to the private sector. And this is supposed to make everybody more prosperous?

On the contrary, the stimulus plan is a perfect recipe for destroying wealth, and the jobs that wealth creates.

I have no objection to Obama talking up the economy. But whether it will be able to undo the damage of the actual stimulus plan is doubtful.

I don't think it's Obama's lack of optimism that has us where we are. Rather, I think it is the specter of socialism on the horizon. That specter cannot be exorcised by new Obama optimism.

---Tom Nally, New Orleans

1:39 PM

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