The Markets Try Obama, And Find Him Guilty

By Bonnie Erbe, Thomas Jefferson Street blog.

Author Gerard Jackson wrote this piece when the Dow Jones had just dropped below the stratospheric 8000 level--how low it looked at the time, how high it looks, now:

No amount of blustering by Obama and his media groupies can alter the fact that the markets have publicly tried him for economic incompetence and found him guilty. And he has been president for little more than a month. His comments on spending, taxes, salaries and investment have rightly persuaded markets that he is a complete economic ignoramus. It can be argued--and rightly so--that this is par for the course when it comes to American presidents. But Obama is different in that he has successfully conveyed the impression that he either thinks economics is complete bunk or that he doesn't give a damn about economic laws. Either way, his attitude--unless he changes it--poses a grave threat to the economic welfare of the United States.

Jackson's quite a bit tougher on Obama than I've been. But he's got a point worth considering.

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By Bonnie Erbe