Sure there is a war going on, with a heavy cost in blood and treasure, the dollar fell to all-time lows, energy prices are extremely high worldwide, and the subprime mortgage market shows critical signs as housing markets droop. The Dow Jones Industrial Average, anticipating a cut in interest rates, reacted today with another large gain of 1.38% to close at an all-time record price of 14,087.55, as reported by the Associated Press.
Our economy is fundamentally strong. Once speculation-driven commodity prices return to normal levels, an extended period of steady, non-inflationary growth is ahead.
Memo to Democrats: recall Bert Lance’s advice that “If it ain’t broke, don’t fix it.”