Hang on Folks

The economy is in turmoil, and the President is in the middle of an economic Katrina of incompetence:

President Obama's decision to raise taxes by allowing the Bush tax cuts to sunset is having the predicted effect on the nation's financial markets: they are cratering.

The poisonous combination of massive spending, an ineffectual Treasury Secretary (anyone seen Geithner lately?), incremental bank nationalization and a proposal to raise taxes on capital gains, dividends and the highest wage earners is sending the market to levels not seen since 1997. The insanity of this policy is that the president's own budget projections are based on a recovery beginning next year, an inexplicable assumption given that the White House expects this to happen as it raises taxes on the very businesses that must create the job growth and income to bring about the end of a recession.