Tuesday, March 3, 2009

Why does the stock market continue to plunge?

I mean, everyone wants "action" taken, right? The Obama administration is producing plenty of it, and it all polls well, right? And yet, this blogger, well-connected on Wall Street, who reports that there were plenty of Wall Streeters who voted for Obama, reports that even Obama's supporters there don't like his budget:

"Obama was anything but mediocre, they told me time and again, as the financial crisis devastated the markets and ushered in one nasty recession. And these days they are a sorry lot because they now admit they really didn’t listen to Obama. Yes, their man was elected, and they still defend their choice for president based on his obvious intelligence, grace under pressure, and for the simple fact that they couldn’t bring themselves to vote for the erratic John McCain, and the novice Sarah Palin. But for all of that they can’t believe what they are witnessing: an economic agenda that is contradictory at best, and possibly reckless in its extreme. Policies that will certainly make a very bad situation even worse, and when things do get better, they will certainly not be better enough to compensate for the pain we are experiencing."

Read the whole thing.