Do nothing -- but watch the market fall

Call it the "do nothing" bear market. As the Wall Street Journal noted:

The market seesawed between gains and losses but began a steep slide around 2 p.m. Eastern as new remarks from senior government officials cast doubt on the likelihood of a new round of federal aid to Detroit's troubled car makers.

With the Bush Administration seeming to completely step away from any responsibility and the Senate GOP bound and determined to scorch the earth as they head out the door, I suspect the market news will only get worse as the weeks go on (as I noted in my earlier posting).

By the way, expect that those on the political right will try to blame Obama for all this -- just like everything that has gone wrong in the past eight years has been the fault of Clinton, Johnson, Kennedy or FDR.