Wall Street traders have no credibility on economic issues–they predicted a Clinton Depression in 1993, missed the Bush Recession in 2007, and think the economy will collapse if the rich pay a penny more in taxes–but fluctuations in the Dow are politically important.
If the stock market is going to crater a thousand points because traders are afraid Obama’s health care proposals might cost them money, so be it. We can’t make policy based on short-sighted greed. But if the market is tanking because the Obama Administration is perceived to be dragging its feet on fixing the banks or as being hostile to private enterprise, then a change is in order.
On that score, Obama’s appearance at the Business Roundtable this evening was excellent. Probably the best I’ve ever seen him. He didn’t back down on his budget priorities, firmly tying his initiatives to the overall health of the economy. And he exuded confidence.
Democrats are always going to be suspect when it comes to economic growth. That’s how the corporate media rolls. Anything Obama can do to jump-start the stock market will keep some of the jackals off his back and strengthen his hand for the rest of his agenda.
We might just get through this mess.
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