Panic On The Street

The stock market tumbled again today, to its lowest level in more than a decade. Whatever else you think about the government’s efforts to right the economy, it’s impossible to say that it has succeeded in instilling confidence that its policies are on the right track. The stock market’s continued slide should be no surprise, given that Scott Rasmussen reported today that both consumer confidence and investor confidence are at all-time lows.

Consistent with the generally negative reviews the Obama administration’s economic measures have gotten from voters, Rasmussen also finds a high level of dissatisfaction with Obama’s mortgage bailout program: 55% say it rewards bad behavior, 76% are not willing to pay higher taxes to support it, and 53% oppose a plan targeted only at supporting people who can’t afford to make their mortgage payments.

Obviously, the public hasn’t yet given up on the Obama administration; that would be premature. But the moves the Democrats have made so far, while most may hope for their success, have inspired almost no confidence.

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