Quote of the Day #2 - 10.29.08

| Wed Oct. 29, 2008 5:59 PM EDT

QUOTE OF THE DAY #2....From George Newman, arguing that it's the prospect of a Barack Obama victory next week that's caused the stock market to collapse and the economy to go into recession:

Have you thought of how a Treasury Secretary George Soros would engineer the double taxation of the multinationals' world-wide profits, and what this would mean for investors (to say nothing of full-scale industrial flight from the U.S.)? The market now has.

Have you thought of how an Attorney General Charles J. Ogletree would champion a trillion-dollar reparations-for-slavery project (whittled down, to be fair, to a mere $800-billion, over-10-years compromise), and what this would do to the economy? The market now has.

....Have you thought of how a Health and Human Services Secretary Hillary Clinton would fix drug prices (generously allowing 10% over the cost of raw materials), and what this would do to the financial health of the pharmaceutical industry (not to mention the nondiscovery of lifesaving drugs)? The market now has.

This is from — of course — the Wall Street Journal editorial page. But will even their loyal readers swallow something this inane?

Via Brad DeLong.

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