After an awful week in the stock market, Team Obama sent its acolytes out to the Sunday morning shows to let everyone know that the president-elect’s campaign promise to impose tax increases on higher-income earners as quickly as possible probably won’t kick in until at least 2011. By doing so, Obama and his inner circle finally, if only tacitly, acknowledged what they had refused to recognize during the presidential campaign, namely that economic expectations matter in the here and now. The recession, once it becomes official, will richly deserve designation as the POR (Pelosi-Obama-Reid) recession....
