OBAMANOMICS - WALL STREET LOSES LIKE POLITICAL POLLS
In one of the most inconceivable statements made by any President, Barack Obama said that the market loses that have sunk below 7000 and have been consistently going down since his taking office, are nothing to pay attention to. The , "fluctuations," that take place daily are, in Obama's view no more important than daily political tracking polls.
It doesn't matter that retirement for millions of Americans have drastically fallen since Obama became President. It doesn't matter that millions of Americans are watching their personal investments going down the tubes. It doesn't matter that thousands of businesses have lost 30% of their value. No, to Barack Obama it is not even worth thinking about.
I wonder if while he was campaigning he had lost traction in all of the polls for more than thirty days if he would be as equally unconcerned about his chances of being elected. Yet loses, many well over 300 points in one day, have been the norm on Wall Street since Obama took office and have been tied directly to every major economic announcement that this President or a member of his cabinet has made. There is NO confidence in Obama economic policy, investors are selling as fast as they can and Obama is not concerned.
Now he adds to the no confidence vote of investors by talking of tax increases and raising the Capital Gains rate. It looks almost intentional to continue the Wall Street slide. I wrote in an earlier post that Obama has no concern about Wall Street because the more it drops the better he believes he can justify big government moving in and taking over. Today's moronic statement adds credence to my argument.
This economic circus being played in three rings by Obama's economic agenda would be laughable if it were not for the fact that with his every word or move, hard working Americans are losing their shirts and still the President is not concerned. The economic strength of our free market is daily deteriorating and Obama is not concerned. The lunatics are running the asylum and their leader, Barack Obama has no clue.
Ken Taylor
It doesn't matter that retirement for millions of Americans have drastically fallen since Obama became President. It doesn't matter that millions of Americans are watching their personal investments going down the tubes. It doesn't matter that thousands of businesses have lost 30% of their value. No, to Barack Obama it is not even worth thinking about.
I wonder if while he was campaigning he had lost traction in all of the polls for more than thirty days if he would be as equally unconcerned about his chances of being elected. Yet loses, many well over 300 points in one day, have been the norm on Wall Street since Obama took office and have been tied directly to every major economic announcement that this President or a member of his cabinet has made. There is NO confidence in Obama economic policy, investors are selling as fast as they can and Obama is not concerned.
Now he adds to the no confidence vote of investors by talking of tax increases and raising the Capital Gains rate. It looks almost intentional to continue the Wall Street slide. I wrote in an earlier post that Obama has no concern about Wall Street because the more it drops the better he believes he can justify big government moving in and taking over. Today's moronic statement adds credence to my argument.
This economic circus being played in three rings by Obama's economic agenda would be laughable if it were not for the fact that with his every word or move, hard working Americans are losing their shirts and still the President is not concerned. The economic strength of our free market is daily deteriorating and Obama is not concerned. The lunatics are running the asylum and their leader, Barack Obama has no clue.
Ken Taylor
posted by The Liberal Lie The Conservative Truth | 12:00 AM
7 Comments:
The latest WSJ/NBC tracking poll has Obama with 68% approval and with 84% of Americans recognizing that the current economic crisis was inherited from Bush.
The guy has been president for 6 weeks. What I find laughable is that there are folks who actually think he is responsible for the global economic meltdown.
The idea that the President of the United States should follow the daily closing number on the Dow and govern using that number is ridiculous.
In about 20 months, we will see if his economic policies are working. If they are, then Republicans will lose even more seats in Congress. They have painted themselves into a corner with their position on the Obama budget. They won't be able to come back later and say - "I was actually for the stimulus and the budget."
Uhm, Rob. Let us not forget. as I posted in another comment thread, that in August 2007 the Stock Market was posting record numbers near 13,000. unemployment was at a national average of 4.8%, GDP and Federal Revenues were up and jobs were STILL being created. Bush's economic policies were sound until he faced a true crisis and lost his mind with moronic statements like, "I had to abandon free market principles to save the free market." His biggest downfall in the economic arena was that he severely failed to curb government spending (the wars excluded) and then drastically increased it when a problem arose. Bad idea.
This crisis began when the disastrous Democrat policies of nearly a decade earlier caught up with us and sent us into a tail spin. Now that you messiah is in office, the DOW takes a dive every time he or one of his advisers even speaks of fiscal policy.
You cannot simply dismiss the effects of the CRA that lead us into the demise that we are in now. As well intentioned as it was, Clinton made a mistake by forcing banks into the sub-prime arena and then compounded that mistake by allowing FNMA/FHLMC to package and sell those high-risk mortgages to the market. Not that the banks did not take advantage of the situation to some degree, but it was Clinton era Federal regulations that set up the housing crisis that started this slide.
Even though Republicans have been warning against the practices of FNMA/FHLMC for years, Congress sat by and did nothing while Barney Frank and Chris Dodd stood there lying to Congress and claimed there was nothing to worry about, Fannie Mae and Freddie Mach were stable institutions and the Republicans were just being alarmist who did not want minorities to get homes.
BS, man.
Rob always has an excuse and never has a reason.
I'm sure he gave Bush the benefit fo the doubt too didn't he?
P.S. The "Buy stock for Barack" plan seems to be working. At this hour the Dow is up 100 points. I'm looking forward to Rob giving Obama credit for it.
I believe Obama has a clue that the lunatics are running the asylum, Ken. After all, Obama is the biggest lunatic of them all! Wait! I take it back. Pelosi is even worse.
I hoped and prayed that Obama would turn out to be reasonable. Obviously I hoped and prayed in vain. Walt and I are retired and we have lost over $50,000 in investments and from what I can see, that's just the beginning. With this fool in charge there's no telling how bad it may get! We sent our daughter to college and the only job she can get is with Burger King and she'll be lucky if she can hold onto that! It's so disgusting it's beyond description.
Bush economic policies were sound? The whole "Clinton did it" and the "Dems are responsible" is just hilarious because if flies in the face of reason.
You all must be in that 16 percent of Americans who believe the global economic crisis is all Obama's fault. I'd love to see how you guys make investments and manage your money. God bless you and I hope you don't face any financial hardships - really I mean that.
Like I said above, we'll see who is right in about 20 months when Obama's economic policies have been in place and have had an impact. If things are worse, Republicans will make gains. However, when things improve - as I firmly believe they will - the Republicans will become even more obsolete.
Our mfg sector is 11% of GDP. (Down from 32% where China currently is) We buy most of our hardgoods from Asia. A few shrewd observers saw this coming quite awhile back. Blame the politians if you want.
Sorry Rob, Concerned Citizen is right about the CRA and Clinton's policies contrubuting to the current crisis. I agree that Bush's economic policies during his second term were wrong. His departure from Conservative economic policies, which are the recipe for prosperity, was a huge problem.
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