The "Obama Bear Market"

The WSJ has an excellent write up on what is causing the "Obama Bear Market". With the jobless rate at a 25 year high, things are looking grim in the short term. Tent cities are starting to pop up, though they are not yet called Obamavilles. Declaring war on the successful is a sure way to slow down the growth that is needed. Hopefully President Obama realizes this before we are fully mired in the Second Great Depression. However, it looks doubtful that he learned the lessons of that time. Even the far-left New York Times notes that raising taxes during the Depression made it worse. Indeed, there was a surge in investment in 1938 when the Democrats lost 72 seats, dramatically reducing the attack on the successful. Hopefully we will repeat that in 2010, and not later.