This is from David Theroux on the blog of the Independent Institute:

As reported by Bloomberg, the Dow Jones Industrial Average has not only dropped by 53.4% since its high in October 2007 but by an astounding 31% since the inauguration of Barack Obama as U.S. President, with a $1.6 trillion loss in equity and contraction of the American economy by 6.2% since he took office.

AP has further just reported that unemployment has jumped by 8.1% in February after having increased 7.1% in January and 5.9% in December.

Meanwhile, Obama has greatly expanded upon the gigantic Bush $700 billion bailout that Obama supported last fall with calls for trillions more in federal spending, taxes and debt. Moreover his proposal for the housing meltdown is more of the exact same measures that created the mortgage bubble in the first place, and he has long supported!

And his advice for those in the economic crises his policies are fomenting is that buying shares now “is a potentially good deal.” Perhaps he will also recommend “eating cake” for those millions of Americans now out of work plus those whose savings have been wiped out by the stock market plunge?

Could Obama’s behavior simply be the kind of foolishness that Albert Einstein described?

Insanity: doing the same thing over and over again and expecting different results.

Read the rest here: