(2-9-09) What we have seen in market reactions is that Obama has everyone pumped up into believing that he can fix everything and mitigate the effects of the current recession.
Obama is now being billed by the Democrats as some sort of a miracle worker, even though he's promising things he can't deliver, namely mortgage relief that is unworkable and tax relief that isn't going to happen. He keeps saying that we're going to be able to create 4 million new jobs.
That's nonsense because he's fighting a recession in which there are already 500,000 layoffs a month.
The recession is sapping the value of the fiscal stimulus, even though this is being promoted to the unwashed, so that the unwashed have piled into the markets.
The tone of the news broadcasts is that Obama is the savior -- that the markets can sustain levels of overvaluation for years to come, that there will be no more foreclosures, that he will create 4 million new jobs, and that he can prevent the current recession from deepening.