The market tanked this week as we experienced the worst single day drop and the worst weekly wash out since 2008. The Dow drained $512 points yesterday alone. 25 months and the only reason the unemployment figures dropped today is that more people stopped looking for work.
The pundits will tell you it’s not
the “Debt Crisis.” The pundits lie.
I’ll be the first (actually the 9,386th) to tell you that stock brokers, bond buyers, and currency traders still aren’t thinking much about the national debt. They’re thinking about unemployment and whether earnings are going down. Again.
“It’s the economy, stupid.”
If Mr. Obama and the Congress hadn’t frittered away most of 2011 so far engineering a Debt Crisis (and naming a post office in Peoria), they would have had time to fix the economy and get million Americans back to work.
And now they are on vacation. Again.
Maybe they had to engineer the debt crisis to hide the fact that they haven’t (dare I say can’t) fixed the economy.