A lot worse, frankly -- but just wait, and it will get worse. Idiots and economic ignorati are giddily cheering Monday's market bounce, but it's just an upward zig that will make no lasting difference in the a long downward zag. In mid-February, economics professor Peter Navarro predicted the Dow would bottom out at 6,000, so we're currently about 30% over that.

What we are confronting is the hard reality of a disaster that was summed up in September by Michelle Malkin: "The fundamentals suck."

People who don't understand basic economics (and, sadly, this includes a lot of investors) fail to see that Obamanomics . . . well, It Won't Work. Trying to explain why it won't work is difficult for a mere amateur student of economics, but how about this: Obamanomics is steering the U.S. economy into the twin pincers of bad fiscal policy and bad monetary policy.