Watching the Economic Vote

The French Herald Tribune managed to push in Bernanke's Jewish roots, but the most notable local event was the huge jump in the Dow at Bush's announcement of a replacement for Fed Chief Greenspan.

This is an odd occurance. Consider this: stock analysts and watchers make a career of second-guessing world events and corporate earnings, and, of late, unless a company makes a stunner of a move, the street has typically already moved the stock up or down into what they believe is its rightful place. It's when analysts go into disbelief that stock prices go wild.

Which they did yesterday. Which leads me to make the following conclusion: the market watchers did not believe that Bush would make a good choice for the next Chairman of the Federal Reserve. Ergo, the street does not have confidence in Bush's decision-making abilities.

Taken on its own, this logical train of thought could be seen as thin. But after the Miers nomination, the battles for judgeships and their subsequent recess appointments, and the incredible job our Commander in Chief is doing overseas, this is yet another thread binding the phrase 'abject failuretude' to the good old Yankee boy.

Now to await the week's indictments of suspects, or the latest cover-up. And I think the real republicans are starting to get nervous...