Good editorial from Allan Meltzer in today's WSJ.
It is probably the most important thing you never hear about when people talk about the economic recovery, or lack thereof. Uncertainty. Health care reform, the pending expiration of the Bush tax cuts, financial reform, cap and trade, the oil spill...all of these things create an uncertain environment. Businesses and the stock market hate uncertainty. No one wants to play a game where the rules are in flux. I do not understand how Pres. Obama's econ team is not telling him this. Or maybe they are and he is just not listening. Of course I doubt that too many of the people that Pres. Obama surrounds himself with have ever started or ran a business, so maybe they don't even understand how much uncertainty hinders hiring and overall economic growth.
Put some rules in place and stick too them Mr. President, or this recovery is going to take a long time....