We end it with our collective tail between our legs. Nor is the malaise simply economic. We entered Campaign 2000 thinking it might be a great contest between two able men. We ended it on the sourest political note in a century. But the steep slide since Nov. 7 strongly suggests a loss of political confidence as well.
Nothing is inevitable, of course.
Bush has performed credibly in making his Cabinet appointments, reducing fears that he might not be up to the job. Even so, there are lots of potential land mines. After receiving a clap on the back from Bush, Federal Reserve Chairman Alan Greenspan deferred any real decision on interest rates another month, allowing the slowdown to gather momentum. Meanwhile, Bush's first major economic appointment was a Treasury secretary, Alcoa Chairman Paul O'Neill, whose main contribution to tax policy so far has been to support higher energy taxes. And Democrats, both to safeguard Bill Clinton's legacy and head off a possible tax cut, are burying their heads in the economic sands.