What they seem to be looking for--Bernanke, Bush, Democrats, Republicans--isn't something that will generate real new growth. Those things take time, but they work.

They seem to be looking for something that will make people feel better. Particularly make them feel better about their political leadership. Particularly in an election year.

Passing some cash around might improve the mood, but economically, it's a wash. Where do people think that money will come from? Right. The ones doing the investing, producing, job creation, and innovation. Or maybe we'll just borrow it.

Bush did the same thing back in the early days of his administration, and at that time, all kinds of people here were pointing out what a dumb idea it was. Has that changed?

I haven't seen the plans yet. We'll see. If there's some real pro-investment action tied to it, like last time, it might be okay. Frankly, it's possible that the least damage might be done by not doing anything at all instead of jumping in with the hammer again.