From Gallup:

Americans’ economic confidence plunged to -53 in the week ending Aug. 7, a level not seen since the recession days of March 2009. This deterioration coincided with the final wrangling over the U.S. debt ceiling and Standard and Poor’s downgrade of the United States’ debt rating. Economic confidence is now far worse than the -43 of two weeks ago and the -34 of a month ago.

The 429 point gain by the Dow was the theater of the absurd…and it’ll be back down soon because, let’s face it, the Fed keeping interest rates as near zero for two more years is an admission that the recession will last at least two more years.  The people are right about this – the economy is bad, and getting worse.