Market collapse name game.
Why does the Dow keep falling?
Let’s all play a little blame game. What or who can we blame next for the continuing drop in the Dow. . .
Credit default swaps? Already done.
Phil Gramm? Already done.
Deregulation? Bullshit, but check.
Wall Street bankers? This one got us huge mileage. Better lay off a little since we might need a few of them to “come to their senses” and help out next week if things don’t shape up.
Bush–we did inherit his deficit (which in turn contained our first TARP plan). Let’s keep that one handy again. Maybe release some unflattering memos or something. . . .Keep our left flank distracted for a while.
The WSJ has a better answer to this stupid madness. Let’s blame the guy in charge who’s actually talking down the economy and proposing strong medicine measures historically proven to further harm it:
So what has happened in the last two months? The economy has received no great new outside shock. Exchange rates and other prices have been stable, and there are no security crises of note. The reality of a sharp recession has been known and built into stock prices since last year’s fourth quarter.
What is new is the unveiling of Mr. Obama’s agenda and his approach to governance. Every new President has a finite stock of capital — financial and political — to deploy, and amid recession Mr. Obama has more than most. But one negative revelation has been the way he has chosen to spend his scarce resources on income transfers rather than growth promotion. Most of his “stimulus” spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest.
It’s on your watch now, dawg. You’re a man. Take-the-hit.
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