WASHINGTON IS ANNOYED at Wall Street's failure to panic. As I pointed out early in the Obama administration, I believe businesses, large and small, recognized the Obama administration for the incompetent boobs they proved to be and made their plans accordingly: continue business as usual where they could, and sit on their hands where they couldn't. Four years may be an eternity in politics, but in the business world, it's just 4 years.

[Added] My guess is that the stock market will decline another percent or two and then remain relatively stable until the 2012 elections.

Linked from Instapundit.