What would a successful economic turnaround look like?

Flash forward. Still President Obama lands our helicopter directly in from of the New York Stock Exchange and walks triumphantly onto the floor surrounded by jubilant traders and takes his place on the balcony with a sign behind him reading, “Mission Accomplished.” “The recession is over,” he announces to the cheering throng. Our GDP has grown for two straight quarters (all that is required to claim victory). The markets are bullish. The Dow creeping steadily toward 10,000 again (for those who can afford to be in the market). Loans are being made (to those with good credit). Housing sales are up (for those who have down payments, a good job and unscarred credit). Unemployment down (but many millions are still unemployed). Happy days, again (for the audience of the stock exchange).

Shallow Victory.

When Bush announced victory, all that had happened was we had toppled a government and destroyed or disbanded everything that allowed the Iraqi people to take care of themselves. We replaced self-sufficiency with pallets of cash. Tossed a few seeds of freedom and democracy on the scorched ground and expected the spring would take care of the rest. Shock and awe when the seeds all but died.

This time, the drumbeat of fear are the weapons of mass financial destruction. The smart bombs we are using are being used strategically for maximum effect. Save Wall Street - BOOM. Save the banks - SHABOOM. Prop up the unemployed for a while - TA DA DING DONG. More, but temporary funding for Medicare - LING A LING A LING. OH LIFE COULD BE A DREAM.

Where is our David Petraeus? Read the rest of this story