Surge. Drift. FLUSH!!! That flushing sound you hear is Congress flushing the economy.

Posted on Aug 11, 2010 by in Letters


http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=1&mn=0&dy=0&id=p52855211355&a=205639989

It is obvious that the market has not yet settled down.  We think that it is expressing strong, if not paranoic  doubts about the ability of the Congress to avoid a double dip recession.  And considering the competence (and courage (lack of)) of that venerable institution  we can well understand its neurosis.  Robert Shiller has joined Paul Krugman and ourselves in stating that there are strong possibilities of a double dip recession unless jobs are created.  Meanwhile, Congress worries about the deficit.  One wonders why they didn't worry about it when they were spending a trillion dollars in Iraq.    Oh.  Forgot.  That was off budget.

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