The Fundamentals Still Suck

My latest American Spectator column:

It was Black Monday, Sept. 15, 2008. Major financial institutions were sliding into bankruptcy and the Dow Jones average was plummeting. Sen. John McCain, however, was speaking confidently. "The fundamentals of our economy are strong," the Republican presidential candidate told supporters at a Florida campaign rally.
A chorus of GOP mouthpieces echoed their candidate's assertion, but four days later, after Treasury Secretary Henry Paulson outlined the Bush administration's bailout plans, conservative blogger Michelle Malkin erupted in fury. "I have had it with Pollyanna conservatives who continue to parrot the 'fundamentals of the market are great!' line," Malkin declared. "The fundamentals of the market suck. The fundamentals of capitalism have been sabotaged."
Malkin was right. The market closed that day with the Dow at 11,388.44, nearly 3,000 points below its October 2007 peak, but if you had sold all your stocks that day…

Please read the whole thing.