Doom and Gloom Has Got the Best of Us

Dear Friends:

The fear factor is taking over the markets, the economy and the public psyche. And no matter what programs or photo ops the new administration stages, it won't help restore public confidence if the rhetoric and the policies are surrounded by gloom.

This is not to say that "positive thinking" can turn the stock market around, or restore jobs, or create incentives for business to expand production, or even for consumers to start spending again. That would require real incentives -- things like lower tax rates on risky investments or capital gains. Or tax breaks for entrepreneurs to create businesses and expand hiring. ...