In a week where losing ground seems to be a theme this week, Jim Cramer came out with a bright-eyed, bushy-tailed blurb in RealMoney.com this morning basically rubber-stamping the notion of a second stimulus package.
Perhaps without realizing it, Cramer touches on one of the grossest failings of the first bill, the fact that it has really stimulated nothing at all. Nevertheless, he's somehow sure that a second such bill, from the same people that gave us the first one, will somehow succeed in exactly the ways the first one didn't. This is of course the same logic that decided Senator Kennedy was the ideal person to head up both immigration and health care reform.
Oh Jimbo, we were making so much progress. And yet when you see push coming to shove, you scamper right back to more massive government spending as the only solution. I guess the comparison of projected deficits over Obama's term vs. the actual GWB's term wasn't comically outsized enough for you.
Jim, deep down you know you're not being honest with yourself when you say, as you close your column, "It's worth it". Deep down you know that we're already set up to pay a big price for what Obama has already done, and that "more please!" is only going to make that price steeper. Haven't you ever once railed against the notion of "mortagaging our children's future" (a tired phrase to be sure, but one whose meaning is familiar)?
I guess more hard lessons will be needed in the months to come.