Politicians Are Not Economists
This from Harry Reid last night after the auto bailout bill died.
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.