The media have been falsely savaging the economy for so long, that everyone now believes we’re doomed. Today’s mega market dump is the result of self-fulfilling prophecies of economical doomsayers – an outcropping of the hatred of the Republican administration.
Donald Luskin is chief investment officer of Trend Macrolytics, an economics consulting firm serving institutional investors. Don analyzes this effect in Smart Money:
Panic Is Driving Today’s Stock Market
ARE YOU SATISFIED, all you permabears who have been preaching financial Armageddon — for years? Your patience in the face of reality has finally paid off. You’ve talked the American public into outright panic, and so now we’ve got the first real stock market break since the present bull market began in early 2003.
With the S&P 500 making new 52-week lows, having fallen 15% from all-time highs in October, as the Bard of Avon might ask, “There, art thou happy?”
Before I rant any further, let me get one item out of the way. I admit that I’ve been very wrong. I’ve been saying to buy stocks all the way down since the October highs. I was wrong. I repeat: I was wrong. If nothing else I get the satisfaction of being unique. How many stock market pundits do you know who will admit when they’ve been wrong?
So what do you do now if you’ve been wrong right along with me?
The first thing to do is to stop and think. You do not — repeat DO NOT — want to do anything hasty just because you’ve lost money, and you’re scared or angry or both. You’re not going to help by making another mistake by acting precipitously, just for the sake of “doing something.”
Recent performance in the economic sector shows that the Administration’s policies on tax and the economy are, indeed, having a positive effect. You can bet, however, that the numbers quoted below will go unreported by the liberal media while Democrats in Congress will try to raise taxes and reverse the current trends. 
It’s not often that I get to write about a good experience when it comes to dealing with retailers, but I am especially pleased about a recent purchase from Lowe’s Hardware Stores. 
WASHINGTON — The federal budget deficit, helped by a gusher of tax revenues, fell to $247.7 billion in 2006, the smallest amount of red ink in four years.
The Pacific Trade Center Building in San Pedro, California, is no more. After removing all the glass and asbestos from the abandoned building, a demolition company based in El Monte, California, imploded the old hulk. Nicknamed “The Logicon Building” for a previous tenant – Logicon is now part of Northrop Grumman Information Systems and is currently located in the larger of the two buildings seen at the left in the inset. The old building is the smaller one to the right and is shown as it looked when abandoned for more than a decade before being stripped of the dangerous materials for the implosion.