NOT MUCH OPTIMISM ON THE STREET – AT 10:33 A.M. ET:  Wall Street isn't exactly saluting the return from Labor Day.  Right now the Dow is down 272 points, or 2.42%.  The S&P 500 is in even worse shape, down 2.63%.

Wall Street, of course, is only an indicator.  It isn't the real Main Street economy, but it does create a psychological effect on the nation that can be stimulating or devastating.  In the current case, there's plenty of devastation to go around.  Aside from domestic problems, the markets are looking at the mess in Europe, where decades of welfare state spending have led to a debt crisis. 

There is also a mindset building that our serious economic woes will go on for years, and that results are not guaranteed.  The only way we'll get out of our doldrums is through an expanding economy, and you can't have an expanding economy when no one has any confidence, and few are willing to take any risks.

Community organizers tend not to be very good at dealing with stuff like this.

September 6, 2011