I’ve been watching the stock market closely lately for two reasons: 1. (the obvious) I’ve got a pension plan. 2. (ironically) I think it’s the only thing that will save the Obama presidency. These impulses are at war with each other because I don’t think the administration deserves to be saved, but (again obviously) I’d sure like my pension plan to go up.
So I agree with the opinion piece in the Jerusalem Post that lays the blame for many of Obama’s travails at the foot of the lumbering US economy. Of course much of that is probably his fault. The economies which seem to be recovering fastest (France) are those that used the least government intervention in the crisis. Our stock market started to go up when it became clear Obama wasn’t able to get his legislation through anymore. If the Dow starts to push over ten or eleven thousand, the market will probably start pushing substantial cash into the economy. Good times will come back. Obama’s ultimate success (again ironically) may be due to his own failure. What’s the corollary to “No good deed goes unpunished?” No bad (or foolish) deed isn’t rewarded? So it goes.