Byron Dorgan: “I wanted to talk for a moment about this because I think it is important for us to understand what is happening to our…”

“I wanted to talk for a moment about this because I think it is important for us to understand what is happening to our economy. I know there are some who think the field of economics is some field with precision and elegance and that we are dealing with the ship of state. If we can find our way to the engine room and find all the knobs and gauges and valves and levers and turn them the right way, such as providing an investment credit and bonus depreciation, that somehow we will get this ship of state moving again. Of course, that is not what is at stake at all. There isn't an engine room with knobs and valves and gauges. This is the field of economics, which I have said previously is a lot like psychology pumped up with helium. The fact is we are going to now do a stimulus package because there is a notion that there is a problem with the economy. Well, there is more than a problem, there is a very serious problem with this economy. Take a look at the stock market, which is a barometer of confidence--up and down similar to a yo-yo--mostly down. The housing market has cratered, with construction of new homes and apartments in 2007 down 25 percent from the prior year.”