Obama running out of people to blame.

Discussion in 'Economy' started by AllieBaba, Mar 3, 2009.

  1. AllieBaba
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    AllieBaba BANNED

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    "Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama's policies have become part of the economy's problem.

    "Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it's become clear that Mr. Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence -- and thus a longer period of recession or subpar growth."

    Our Troubled Economy Is a Response to Barack Obama's Policies - WSJ.com

    Wow, that's pretty cold. I wonder if the White House will now try to get the WSJ blacklisted, or accuse them of "wanting" the economy to fail.

    I guess daring to comment on the failure of policy is "wishing" it to fail these days.

    It's only a matter of time before Obama moves to shut down presses. You watch.
     
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  2. AllieBaba
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    AllieBaba BANNED

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    "What is new is the unveiling of Mr. Obama's agenda and his approach to governance. Every new President has a finite stock of capital -- financial and political -- to deploy, and amid recession Mr. Obama has more than most. But one negative revelation has been the way he has chosen to spend his scarce resources on income transfers rather than growth promotion. Most of his "stimulus" spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest.

    His Treasury has been making a similar mistake with its financial bailout plans. The banking system needs to work through its losses, and one necessary use of public capital is to assist in burning down those bad assets as fast as possible. Yet most of Team Obama's ministrations so far have gone toward triage and life support, rather than repair and recovery...

    "The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy...

    "Meanwhile, Congress demands more bank lending even as it assails lenders and threatens to let judges rewrite mortgage contracts. The powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and punishing the very capitalists who are essential to a sustainable recovery. The result has been a capital strike, and the return of the fear from last year that we could face a far deeper downturn. This is no way to nurture a wounded economy back to health."

    Our Troubled Economy Is a Response to Barack Obama's Policies - WSJ.com
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Dow is down "only" 37 today. Not too long ago that was considered a big drop. I was thinking the bottom would be 6000-6500 but it looks like it's gonna go lower.
    Obamas' public spending isn't gonna' prop up the economy beyond that fiscal spending year. The Private sector has to take over at some point but it won't happen anytime soon with businesses strapped with more taxes that Obama wants.
     
    Last edited: Mar 3, 2009

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