For those of you ballyhooing over the DOW hitting 10,000, let me remind you that we are a long ways from being out of this economic crisis. Yet another bank has failed. And for those of you who want to blame only Bush for this, I also have news for you.
1) The machinery for this crisis was laid during the Clinton administration, when Gramm (a Republican) came up with a bill to dismantle the Glass-Steagal protections that were put in place after the Great Depression began. Democrats voted for it, and Clinton signed it.
2) As long as Obama continues the failed policies of the Bush administration, AND the failed policies of the Clinton administration, there will be no real recovery.
3) The economy is still shedding jobs, and consumer confidence is low. As long as jobs keep getting lost, and as long as consumer confidence stays down, the DOW will be unable to sustain any kind of a bull market, as the demand for goods and services will continue to decline.
4) Finally, I ask everybody yet again..... What change? Expect more banks to fail before things begin to get better, unless, of course, you love dog and pony shows, complete with smoke and mirrors.
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