None of us were around on March 4, 1933, but for the first time in my life, I can feel what that must have been like. That’s the day FDR was inaugurated just as the Great Depression was hitting its low point. Unfortunately for us, it is September 2008 and not January 2009. Barack Obama still has an election to win and then must wait 2½ months to take office.
By then, I fear it might be too late. By then, all of the promise we’ve seen in this remarkable man may have to be used to salvage what remains rather than build from a reasonable foundation.
Today will be an historic day, and not just because of the drama and uncertainty about the debate. It would surprise me if the stock market does not fall 500 points. It would not surprise me if it drops 1,000, or even dramatically more, if the framework for a bailout deal is not reached.
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