A few random thoughts:
--Financial markets ain't the economy.
--Financial markets are the pilot fish of an economy.
--Financial markets sometimes lead the economy, sometimes follow the ecoomy, sometimes clarify the economy, sometimes obscure the economy.
--Financial markets claim rationality, but in reality make use of a healthy dolop of emotion.
--Today's run up in financial markets are driven by emotion. Nothing in the economy has improved between yesterday and today.
--There are structural changes taking place in the economy which are not being measured by conventional economic measures.
--The economy is suffering the consequences of decisions made 10 to 15 years ago. A war today will not repair the damage caused by those decision.
--Congress will try to improve the ecomony by tweeking dials and flipping switches long since disconnected.
--We are beginning to see the outlines of what de-industrialization looks like in a developed economy.
--Islamofascist terrorists' target is the US economy. We are doing our best to make the terrorist's job easier.
--Tax policy is the air hose of the economy. Right now we have a 600 lb gorilla standing on the air hose and we're discussing adding another gorilla. Smart, really smart.