Ralph Benko, a principal of Capital City Partners and author of The Websters' Dictionary, writing in the Washington Examiner:

There is something disheartening about seeing a team pop the champagne corks and go on a victory orgy … at Half Time after going up by three.

The GOP is spritzing the bubbly and counting its anticipated Congressional gains.  They are as oblivious to the anvil hurtling downward directly towards their heads as any Looney Tunes character.

Well, it’s still “the economy, stupid.”  Commerce just reported 5.7% GDP growth in the fourth quarter of ’09.  We’re not going to get a double dip recession.  Employment gains, a lagging indicator, will soon become very visible.

The Democrats have laid down a narrative, ill-founded but charmingly expressed, to claim credit for the job growth.  And the GOP, in the true enough (but incomplete, missing the effect of monetary stimulus) fact that the stimulus bill is actually a retardant, will be caught like a deer in the headlights.  We have no credible, much less plausible, counter-narrative, much less program.  Pity, because there is a deeply appealing one.

What we are seeing is the Bernanke Bubble.

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