Politicians Are Not Economists

This from Harry Reid last night after the auto bailout bill died.

“I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”

Now, it is still early (12:10 EST) with 4 more hours to go for the market, but it is currently down about 75 points. Not quite the Armageddon Mr Reid was referring to.

Economics and Politics do not mix well. Very few of our leaders have economic training, which is very scary considering the role they play in economic policy. Maybe we should have a minimum standard of education that must reached prior to taking office.

Update: The market ended up over 64 points today. Moral of the story, don’t ever hire Harry Reid as a financial advisor.

Advertisements

~ by thedark2 on December 12, 2008.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: