As the stock market continued its long, long plunge today, marketwatch.com quoted a wiser head than the economic blockhead currently occupying the Oval Office.
"When reminded about how bad things are, the market remembers it should go down," said Art Hogan, chief market strategist at Jefferies & Co.Right. It's a heck of a lot easier to bust delicate things with a baseball bat than to fix them, whether you're talking about crystal goblets, fine Swiss watches, computers or the economy.
"And, it is going to take more than just monetary policy to clean up the mess we've made with this economy," Hogan said.
Republican-laissez-faire, stubbornly-doctrinaire, based-on-hot-air tinkering with everything from income taxes to foreign policy and war policy – or lack thereof – are a good part of the problem.
But you can be certain the Bush Administration – said to be frantically working on an economic “fix” to save Republican rear ends in the next election – will compound the problem they’ve created by offering tax cuts for the rich as part of the fix.
Their theory (I suppose): “If you try it and it explodes in your face, try exactly the same thing again. Maybe this time it won’t explode in your face."
As they used to say back in the early Cold War days, when kids like me were taught to practice “escaping” a nuclear attack by jumping under our school desks with our arms over our heads, “Duck and cover.”