That was quite a long time for so little of a result. Did Wall Street even notice? Not at all. The stock market was too busy rallying on the sensational economic news that gross domestic product grew 3.8 percent (while core inflation rose only 1.3 percent) for the third quarter. That's a heck of a number when you consider the disruptions that two major hurricanes caused this country during the period.
Let there be no doubt about it: President Bush's economy is recovered and roaring. His supply-side tax cuts are clearly working, and he has an excellent base on which to begin to recover his administration.
To be sure, the second-term White House looks tired and could use an infusion of new blood in all the key areas, indictments or not. With the Harriet Miers pick having gone down to the cheers of constitutional originalists everywhere, the confirmation of a good, strong conservative Supreme Court justice is now a must. Bush's conservative base is still with him, but he must produce results.
And while Bush has the economy working for him, he must take this opportunity to reinvigorate his entire policy machine. On the domestic side, the president needs to promote large spending cuts, tax-cut extensions and pro-growth tax reform, all of which will put even that much more firepower into a resilient economy. He needs to start talking tort reform again, must outline a tough immigration-reform plan and should also stop congressional Republicans from their Jimmy Carter-style anti-capitalist bashing of energy companies.
On this last point, it's our maligned fuel producers who are essential to economic growth, and who would love to invest in new refineries and nuclear plants if only government regulators would step out of the way. Declaring war on business is a Democratic ploy, and the president should stand up and say so. A hundred million investors and 140 million workers will back him on this.
Finally, Bush must keep the Iraq conversation alive, taking his message of freedom to the people, pointing out the success of the constitutional vote and combating the stream of antiwar negativity that flows from the mainstream media.
Plamegate couldn't deliver a leaker. And on the same day Fitzgerald produced his findings, a fat GDP number greeted Wall Street. I'm getting the sense that the winds are turning back in the favor of this administration. Bush must seize the moment.