Stuff

Essentials

  • Activity

    March 2009
    S M T W T F S
    « Feb   Apr »
    1234567
    891011121314
    15161718192021
    22232425262728
    293031  
  • Thumbed Up Love

  • Save the Puppies

    teh puppyblender
  • Corporate

  • Remember

  • Archives

  • Categories

  • Meta

Calling a Spade a Spade [Updated]

The Obama Bear Market

More than $1.6 trillion has been erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse. The president is in danger of breaking a pattern in which the Dow rallied 9.8 on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg.

“People thought there would be a brief Obama rally, and that hasn’t happened,” said Uri Landesman, who oversees about $2.5 billion at ING Groep NV’s asset management unit in New York. “It speaks to the carnage that’s in the economy and the lack of confidence in the measures that have been announced.”

UPDATE I: “Incompetence, malevolence, or both?”

I was having lunch yesterday with a prominent critic of the Spender in Chief, and he raised a possibility that many of us have entertained over the past several weeks: that Obama is simply out of his depth: that he hasn’t a clue about what makes the economy tick and his talk about the “profit-to-earnings ratio” was not a slip of the tongue but a worrisome confirmation of the suspicion that he is an empty suit floundering around in the dark.

(snip)

And yet, is it only incompetence? Remember, shortly before the election, Obama boasted to his mesmerized supporters that “We are five days away from fundamentally transforming the United States of America.” Is that not what he has set about doing–with a vengeance?

And here’s where we began talking about another possibility: that Team Obama was deliberately targeting the U.S. economy, ….”

UPDATE II:

Mr. Obama’s $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.

Print Friendly, PDF & Email

There is one comment

Comments are closed.

Other Stuff

Search

Advertisment ad adsense adlogger