Tuesday, March 24, 2009

Hope on Wall Street

Yesterday, the Dow Jones Industrial average shot up nearly 500 points after the announcement of the details of the Treasury's new plan to buy up troubled bank assets. The purpose of this plan is to rescue the banks and restore the confidence of Wall Street, so the market's reaction to the plan must be seen as the best possible measure of its potential success. So let's not wring our hands over whether the plan is approved by Paul Krugman or Arianna Huffington. Those are not the people the plan is aimed at. In any event, those people have no hope of getting their preferred ideas accepted by either Wall Street or Congress.

If this plan is not sufficient to do the job, we will try something else. The president has a gigantic reservoir of public trust, and his supporters should encourage that trust to continue.

Ultimately, the people's belief that things are getting better is the only thing that will revive our economy. So why would anyone on the left want to try to shake that confidence and thereby act in league with the prophets of doom on the right, whose announced intention is to cause the new administration to fail?

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