Dow Jones now below 7000.

[Swing low, sweet chariot. Comin' for to carry me home.]

5.5  months and counting since the failure of LB and we STILL do not have a banking solution which will close down failed banks in an orderly fashion.  Instead, the rules continue to change everyday.

[Swing low, sweet chariot. Comin' for to carry me home.]

the market now realize that Obma is NOT a pragmatist, rather he is an extreme liberal.  He could have very easily put together a stimulus plan that would have gotten 75 votes in the Senate - a majority of both parties.  A stimulus plan that would actually stimulate the economy.  Instead he chose to vastly increase the size of government...STRIKE ONE

then he released his budget:  tax increases, reduced mortgage deductions, and a carbon tax.  All three things are big no-nos during downturns.  The market HATED it....STRIKE TWO

Obama is in danger of becoming irrelevant.

He should go back to Congress, meet with a group of 12 moderate Dems and 12 moderate GOPs and AMEND the stimulus, and AMEND the budget, and AMEND the cramdown mortgage plan, and find the quickest way to shut down banks like Citigroup.

[Swing low, sweet chariot. Comin' for to carry me home.]

Beet, I think you and I could have drafted a stimulus and a budget that would have passed the majority of both parties in the congress.  We are 6 months past Lehman, 4 months past the election.

The markets rallied after the election because it was believed Obama understood he needed to be pragmatic.  The rally turned into a rout when the market started to realize that Team Obama's "answers" were only going to make the problem worse.

Obama is planning long term as if the patient was stable and healthy.  In reality, the patient is continuing to bleed profusely.

Geithner, the one Obama pick I complained about the most, is simply moving too slowly.  Our economy needs resolution of this banking crisis.  We need a set of rules to determine the winners and loses, instead of keeping the terminally ill on continuous life support.

Heck, as much as I hate Jim Cramer (CNBC's Mad Money), and even though he is a lifelong Democratic, I rather go with his plan than continue to wait for Geithner to arrive at a conclusion.