Peter Navarro, a CNBC analyst, is predicting the DJIA will crater to 6,000 as a result of a lack of market confidence in the “Stimulus” bill and banking bailout:
“I view the market as a leading indicator of where the economy’s going. And what that sideways pattern has been telling us is that there is great uncertainty about whether or not the recovery is going to happen. The problem we have, Mark, is that the global economy right now is getting worse at a faster rate than our policy is getting better. We expected competence from the Obama administration, but so far both the fiscal stimulus and the bank bailout do not reflect that confidence.”
In other words, Hell meet handbasket! The Obama years are set to become “Carter On Speed”, according to the Anchoress.