The Markets Try Obama, and Find Him Guilty
By Bonnie Erbe, Thomas Jefferson Street blog.
Author Gerard Jackson wrote this piece when the Dow Jones had just dropped below the stratospheric 8000 level—how low it looked at the time, how high it looks, now:
No amount of blustering by Obama and his media groupies can alter the fact that the markets have publicly tried him for economic incompetence and found him guilty. And he has been president for little more than a month. His comments on spending, taxes, salaries and investment have rightly persuaded markets that he is a complete economic ignoramus. It can be argued—and rightly so—that this is par for the course when it comes to American presidents. But Obama is different in that he has successfully conveyed the impression that he either thinks economics is complete bunk or that he doesn't give a damn about economic laws. Either way, his attitude—unless he changes it—poses a grave threat to the economic welfare of the United States.
Jackson's quite a bit tougher on Obama than I've been. But he's got a point worth considering.
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Tags: economy | Barack Obama
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Reader Comments
The Way I See It
You'd have to think the only thing in this country that matters is the stock market to judge Obama this early by how the stock market is moving. These bozo's have a nerve considering anyone else an economic buffoon. He's trying to move ahead on issues that affect all Americans and if the Stock Market is falling because that's not what they want to hear, that's their problem, not Obama's. The market is little more than a legalized crap shoot and stacked so the little guy is always the one who gets hurt the first and most when it rolls off a cliff. But Obama is supposed to cater to what makes them happy? When pigs fly.
why bash obama
I don't get it.
The Republican administration waited until the election to tell us how bad things really were, and that's when the information about all the bank fraud started coming out. And you blame Obama for the market losses.
Almost every week, there are reports about layoffs and more securities and banking fraud. And you blame Obama for the market losses.
Currently, media talking heads on Fox and elsewhere tell us how to prepare for financial armageddon. And you blame Obama for the market losses.
Personally and professionally, I've always preferred facts over spin. If the facts say that businesses have made bad decisions, resulting in their stock going down, so be it. It's not the president's job to make greedy rich criminals look good to the public.
By the way, note that some businesses, like McDonalds, whose executives chose to make decisions that were good for the business, not for their own wallets, are thriving, and so is their stock.
Why Bash the Markets?
The American Stock & Commodities Markets perform the worlds largest and most accurate "Daily Opinion Poll" on the status of our economy and where things are heading in 6 months. Yes, the markets forecast future expectations 6 to 12 months in advance.
The day after the election the markets started down Big Time! The DOW went down 400+ points on Nov. 5th and 6th has continued down with each new big spending program announcement. The DOW is now down 3000+ points since Nov 4th and 2400 points since Jan. 20th. That 3000 points represents OVER 3 Trillion in the wealth of Hard Working Americans. Yes,this is Main Streets wealth. Wealth that supported the retirement and savings plans of firemen, police, teachers, factory workers, and retired folks (like me). People see this wealth distruction and quit buying.
Now I am all for going after Wall Street crooks but even Obama doesn't appear interested since the proposed SEC budget has only been increased 14%. It should be increased by a 1000% if he is really interested in Oversight.
Also, if Obama is really interested in creating jobs he should have plans in the stimulus and the budget to support small business since 70% of employment in the USA
is by firms with less than 500 employees. Alas, not a crumb of support in either the stimulus or the "borrowing from our grandchildren" 3.2 Trillion budget.
The biggest Opinion Poll in the world, the American Financial Markets, sees all this happening and has said NYET!
I hope Obama and his gang in Congress wake up real soon and lighten up on increasing government control and class warfare before we turn into the United States of France.
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