Bob Reich has a good post on why we might not even be at the end of the beginning, let alone at the beginning of the end. He also focuses on why people like Kudlow and Art Laffer’s cockeyed optimism could be misguided if not dangerous:
“I spent the better part of an hour yesterday evening debating Larry Kudlow on his CNBC program, along with Arthur Laffer and two other financial analysts, all of whom were sure that the stock market had hit bottom and was now poised for a major recovery. I admire cockeyed optimism, and I understand why Wall Street and its spokespeople want to see a return of the bull market. Hell, everyone with a stock portfolio wants to see it grow again. But wishing for something is different from getting it. And cockeyed optimism can wreak enormous damage on an economy. Haven’t we already learned this?
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