Cause and effect: Obama’s awful plans are killing the market
Bloomberg says that traders and investors in the stock market have lost hope as losses mount. Virtually all of the gains since Alan Greenspan warned of “irrational exuberance” in 1996 have vanished, mostly in the last few months. Excerpt:
Options investors are paying twice this decade’s average to protect against losses in U.S. stocks through 2011, signaling the bear market that already wiped out $10.4 trillion of equity value may last two more years. “There’s a real panic in the markets, with some people wanting to buy long-term insurance at any price,” said Peter Sorrentino, who helps manage $16 billion, including $130 million in options at Huntington Asset Advisors Inc. in Cincinnati. “People have lost hope.”
We find it very odd indeed that the commentaries on the market’s tumbling below 6800 do not seem to credit the Obama administration for this achievement. Not only did the administration produce an awful economic plan, its near-wiping-out of shareholders in Citibank has had precisely the effect on financial stocks that we predicted, namely, the stock prices of financial institutions have been destroyed. We have now the most foolish economic policies since at least the 1970′s, arguably the most radical economic policies since the 1930′s, and we are paying the price. Why don’t most of the market commentators seem to see what is going on?
March 3rd, 2009 at 4:37 am
The thing is Bush, McCain, Romney all would of done, pretty much, what Obama has done.
It’s us, the small us, and the wealthy us, that are refusing, like Ukrainian Kulaks who hide our grain in the cellars from the efforts to collects our wealth with their ‘productivity’ schemes. ( we produce, they collect ). New Economic Era anyone?
I always wanted ( I don’t know why ) to see a revolt in America. I feel I’m going to get my wish.
In theory, we should have revolts at the ballet box. I thought Reagan was one, but the GOP/RNC, the establishment, put a pillow to that idea. (Democrats, for me, are for hanging)
Knowing what revolts can lead to, I should feel otherwise. But it had been more a feeling of historical inevitability. Kind of like watching a political/economic/social class slow motion train wreck coming.
On the other hand the political class, and the business that depend upon them have remarkable flexibility and the child like mass will believe any good story so long as it is told well, and Obama can spin a yarn, and they get some warm cocoa and a warm feeling of safety. We have a large, well equipped internal security units in every district. These people are not to politically bright, but have large pensions and after years of sitting in cruisers, not fit for any other work, so as the Party members on the other side of the Pacific say, they will be loyal.
Maybe I read too much history, and too much daily news.
I might plant a food garden this spring. It’s cheap and I need the exercise.
March 3rd, 2009 at 6:03 pm
Bummers du Jour…
The Obama stock market. Is the Left rejoicing in this loss of wealth?
Obama’s war on the middle class
Not gonna work on Maggie’s Farm no more. Staying under O’s tax limit. Dr. Helen has more.
Today’s economy is a response to Obama policies
…