Economic Time Bomb:The Beginning of the End for Investing?
[Via SmartMoney.com] With the Dow Jones Industrial Average making new lows, President Obama may have it exactly right. When he signed the so-called “stimulus” legislation on Tuesday, he said, “today does mark the beginning of the end.”
OK, he meant “the end of our economic problems.” But it was a peculiar choice of words for a man who is supposed to be so eloquent. It’s easily misunderstood — especially since every single effort he, his administration, and Congress have put forth to stabilize the economy has done nothing but drive the stock market lower and lower.
I wrote here several weeks ago that the “stimulus” bill would be an expensive dud — nothing but a big-government power-grab. And I wrote last week about what a disaster the unveiling of Treasury Secretary Timothy Geithner’s half-baked bank rescue plan was. It’s now gotten even worse, now that we can see a deadly surprises hidden in the “stimulus” bill, and now that we’ve heard the administration’s plans for mortgage foreclosure relief.
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