Posted by: Puma1 | March 3, 2009

BREAKING: Obama Says He Doesn’t Care If Markets Collapse

It is becoming increasingly clear that Obama does not understand simple economics. He doesn’t get how massive overspending leads to inflation, debt, and excessive taxation which cripples American confidence and power. He also apparently does not understand how sensitive the stock market is to the pronouncements that emanate from his bully pulpit, or even why that sensitivity and that market is important.

Cue today’s latest reckless Obama economic statement, as reported by the AP:

President Barack Obama is comparing the stock market to the daily tracking polls used during campaigns, saying that paying too close attention to Wall Street’s “fits and starts” could lead to bad long-term policy.

Obama spoke to reporters Tuesday after meeting in the Oval Office with visiting British Prime Minister Gordon Brown. Obama said he is not measuring policies against “the day-to-day gyrations of the stock market,” but by whether lending is flowing more freely, businesses are investing and the unemployed are going back to work.

via Obama: Stock ‘fits and starts’ are normal reaction | Associated Press

Nevermind that millions of Americans have their livelihoods, futures, retirements and savings tied up in the stock market, and that “fits and starts” in the stark market affect consumer confidence and the nation’s economic psyche.

Could Obama really be so economically clueless that he doesn’t realize 1) how important an economic indicator the stock market is and 2) how his careless statements negatively impact those markets which in turn negatively impact Americans. One PUMA blogger thinks so:

We’ve long suspected that Obama is inept and clueless as to how the economy works, but now he has opened his mouth and our suspicions have been confirmed…

I guess the fact that millions of people are daily losing significant portions of their  retirement savings, college savings and emergency funds means nothing to Comrade Obama, since we are about to enter full blown socialism where all our needs would be met by big brother Government…

For the record, contrary to Obama’s idiotic assertion, the markets do react to what is going on daily, they are probably the best indicator of where the economy of this country is headed to at any point in time. Furthermore, unlike opinion polls, markets actually mean something because people are backing up their sentiments with actual money.

via Obama says he does not care if the markets collapse, his (socialist) policies shall be implemented…

No wonder investors, producers, and the people who grease the wheels of the American economic machine are terrified of Obama‘s economic ineptitude and are running from him:

Barack Obama won the presidency by vowing to bring “hope and change” to America. We’ve seen the change as the economy’s deterioration accelerated…

In the three months since the election, the broadest measure of the stock market’s value…has plunged more than 30%, slicing over $3 trillion from Americans’ wealth…

ABC News reported this week that many upper-income taxpayers already are planning to cut back on work and investments to stay under $250,000 in income — the point where Obama’s punitive taxes kick in. No one wins from this, yet Obama seems oblivious.

This isn’t the only warning sign. A new study asserts that some 100,000 highly educated, well-trained Indians now living in the U.S. will return home in the next few years. Ditto China…

By the way, under Obama’s plan the rich won’t pick up the whole tab. New energy taxes of $646 billion will hit the middle-class hard. Meanwhile, in just eight years, our national debt will double to $20 trillion…

You — or your children — face higher taxes for decades to come.

As our stock markets melt under a barrage of new taxes on incomes, estates, capital gains, dividends and energy, it’s good to recall that more than 100 million people own stocks or mutual funds. And that the stock market is the main wealth- and growth-creating mechanism in our capitalist society.

But when taxes go up, regulations proliferate and the rule of law and private property protections are weakened, the economy will invariably suffer. This is a universal lesson of economic history, one we ignore at our peril…

No, we don’t blame all our current ills on President Obama. He came in at a tough time…But he is responsible for what he’s done since…

via RealClearMarkets – Articles – Obama’s ‘Change’ Is Capital On Strike | Investors’ Business Daily

And no wonder the markets started tanking the moment Hillary conceded the nomination to Obama.

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Responses

  1. why shouldn`t we expect changes in just 6 months? After all, wasn`t it you ignorrant democrats that said he was GOD? Well hell, all he should have to do his wave his hand,according to all the lieing speeches you a&& holes fell for.His first 6 months should be his best,but he hasn`t done a thing .You will still be waiting for changes 3 and a half years from now,if we are still alive.He hasn`t been in our country since he took office. all he does is fly around the world and talk bull SH&&.tHEIR EVEN TIRED OF HIM.we have countries fireing missels at are allies and threatning war and he wants to talk his way out.Yea RIGHT.we are near doomsday,people.BUT WAIT, THERES MORE! You could still blame it on Bush.Who will get the blame after our way of life is finished? Face it,suckers,you pick a false hope.

  2. this porcher and his cronies are robbing us blind and laughing inour faces.these idiots that voted this clown into office are gonna rue the day they ever heard this freaks name.

  3. […] Daily Blurb wrote an interesting post today onHere’s a quick excerptIt is becoming increasingly clear that Obama does not understand simple economics. He doesn’t […]


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