UPDATE 2: Another Day, Another Market Tumble

All three major US stock indicators (Dow, NASDAQ, S&P) are down again, the Dow sliding to levels below those seen after the tech/internet-bubble blew.

It seems every time President Obama, Sen. Dodd, Sen. Reid, Rep. Pelosi or any of the President's economic team speaks about the economy, the markets slide even further. Maybe they should just be quiet.

Meanwhile, the President insists he can cut the deficit in half by the end of his first term (talk about optimism), and is set for a third shot at the Secretary of Commerce with Gov. Locke of Washington State. He also managed to add on to his growing list of promises yet to be fulfilled, by promising that states would receive the first portion of the stimulus bill by the end of this week.

So, we're going to spend a ton of money on untested programs, most of which have nothing to do with stimulating anything except re-election campaigns, starting this week. Why would would any of us be surprised that the markets are reacting badly?

UPDATE 1: Reuters calls it like it is: the grand-standing today on the debt was an "all day talk fest."

UPDATE 2: Fox News is reporting that a good many of those at today's Fiscal Responsibility Summit were representing various special interests, none of which are more interested in fiscal responsibility than in promoting their own interests. The transparency pledge takes yet another hit.

Senator Gregg gets a spine

NPR is reporting that Judd Gregg is withdrawing his name as the nominee as Secretary of Commerce, 'citing "irresolvable conflicts" with President Barack Obama's handling of the economic stimulus and 2010 census."' Sen. Gregg, we're proud of you.

In particular, the Senator has been known to be uncomfortable with the gigantic spending bill otherwise known as a stimulus, and abstained from the vote yesterday. Given the continued widespread opposition to the frivolous spending provisions in the bill, it's not surprising that any Republican would be concerned about taking on this particular position, but it's gratifying that the senator was willing to take a public stand.

Almost as important in the long run, is the power grab by the White House, which is attempting to move control of the census from Commerce to the White House. Some have speculated that part of this move was due to the nomination of Sen. Gregg to Commerce, but the White House has yet to make any announcement reversing its position.

Given the Gov. Richardson withdrew under a cloud last month, one wonders if President Obama will be able to fill this position anytime soon. Since he's now 'met' his promise of a bipartisan cabinet, he may feel no obligation to select another Republican.