John Podhoretz is not sanguine:
We are in uncharted political territory, in almost every possible way. More Americans say the country is on the wrong track than ever before. Congressional approval ratings will end the year around 10 percent, lower than at any time since Watergate.
Meanwhile, we just learned on Sunday from Peter Schweizer’s explosive new book, “Throw Them All Out,” that members of Congress profited from insider trading – and legally, because they’re exempt from certain laws. This revelation might, as its results come clear over the course of the next year, make earlier Capitol scandals like the one in 1991 over the use of the House Bank look like summonses for jaywalking.
Europe is in free fall, with its common currency in critical condition and two governments ousted in the last two weeks alone. Let’s not even talk about the aftermath of the Arab spring.
That’s just what’s happening right now. What about in the coming months? The San Francisco Fed yesterday estimated that there is a greater than 50 percent chance of a recession in early 2012 . . .
Nothing will ever go right again! Note to the young people in the audience: this is what market bottoms tend to look like. . . .