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My personal musings about anything that gets on my radar screen--heavily dominated by politics.

2009-02-11

Voting With Their Resources 

In the last 24 hours, Barack Obama gave a press conference to press for passage of his stimulus package, Timothy Geithner announced his plans for distributing the rest of the bailout package, and the Senate managed to pass the "Stimulus" bill by 61-38.

Three major economic interventions by the political class in Washington, and how did the markets react?

By selling off nearly 5% of its value.

From this day forward, the economy belongs to President Obama, Senator Reid, and Speaker Pelosi. It is true that they inherited a mess, but they have now implemented a "cure"--they are now the responsible party.

And the financial sector has telegraphed an abundance of confidence . . . not.

The best thing Republicans can do from here on out is to publicly hope that this is the cure, but to do so while constantly saying "the Ried/Pelosi/Obama stimulus/economy."

And then they should remind the country constantly of history and its strange resemblance to the present. Esp. the mistakes.
Posted by: Michael / 2/11/2009 12:28:00 AM

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