Despite everything Obama and Democrats have done -- or, perhaps,
because of everything they've done -- the
bad economy appears to be getting worse. Today,
the Dow Jones Industrial Average and the S&P 500 both hit
two-month lows, and financial analysts are starting to
speak bluntly about the grim prospects ahead:
"Investors are grasping the fact that the recovery, when it
does come, may not be as robust as what many hope for."
--
Robert Siewert, portfolio manager at Glenmede
"It's an overall reality check. People are starting to worry
there may have been a disconnect between the market and
reality. I kept thinking we were way due for a correction a
month ago or more, and it wasn't coming."
-- Doreen
Mogavero, president of Mogavero, Lee & Company
"We are maybe past the very worst of it, but that doesn't mean
we are ready to zoom up. I think the recovery is likely to be
shallow and uneven."
-- Janna
Sampson, co-chief investment officer of OakBrook
Investments
Meanwhile, however, the firm of Obama, Pelosi &
Reid is discussing the need for
yet more "stimulus":
"I think it's insane, the first stimulus package has not even
been spent yet," said Andre Weisbrod, president & chief
executive of Staar Financial Advisors in Pittsburgh. "They are
creating what I would call the government bubble . . . When that
bursts we are in huge trouble."
Ideas have consequences, and the prevailing idea in Washington
now -- that government is better than the
free market in terms of generatiing economic growth --
is having consequences that are utterly predictable, and
were predicted, seven months ago.
