Don’t jump to conclusions about Dow’s plunge

What’s the likely political effect of today’s plunge in the stock market? There’s an excellent chance it will have absolutely no effect whatsoever, and that it will be basically forgotten within weeks, and long before the 2012 elections.

The nature of such high-visibility events is that partisans are quick to claim them as proof they were right all along. Here, for example, is Jennifer Rubin:

    Obama’s entirely false assessment of the economy had real policy implications. Recall that Treasury Secretary Tim Geithner a year ago told us that the economy could “withstand” tax hikes. And so he doggedly urged tax increases, rather than cuts.