John Heilemann and Chris Cillizza are both very smart guys. They're also both very, very wrong.
The stock market, not to mention the economy as a whole, runs on psychology as much as on anything else. It runs on confidence about the future, which is in very short supply these days. And the one thing right now that would start to give everyone, whether a Wall Street investor or a just a taxpayer currently hoarding his or her money, some confidence about our future is a sign that President Obama really does intend to make good on his promises to end earmarks and unnecessary spending. That the Obama administration really is attempting to reduce the largest deficits in history by doing more than simply raising taxes and claiming "savings" by comparing their spending plan against hypothetical, projected spending 10 years out that not even a character from Tolkien would find realistic. That the person running the spending show in Washington right now is President Barack Obama and not "President" Nancy Pelosi.
I never thought I would see the day when Chris Matthews was the voice of reason on MSNBC. At least President Obama still has Keith Olbermann.