by John Hawkins | March 4, 2009 11:38 am
Barack Obama’s administration is tanking the stock market. The massive deficits and new government programs, the talk about bank nationalization, the talk about a trillion dollar tax hike, bailouts, the new regulations they’re discussing, cutting executive pay, etc., etc.
What they’re doing, in a terrible economy, is introducing wild new variables and elements of risk to the economic equation. The one thing the stock market hates most of all is uncertainty and Barack Obama’s administration is pouring it on. This is having a tremendous real world affect. Just to name one example, are you going to buy stock in a bank if it may be nationalized?
Jim Cramer, the famous financial wiz who isn’t particularly political, had this to say about what Obama is doing,
“I’m not asking for the Feds to give us a plunge protection team, to stop declines – as we always thought to be the case under Greenspan,” he continued. “I’m not saying, ‘Mr. President, stare at the Bloomberg quote machine and come to your senses. I just want some sign that Obama realizes the market is totally falling apart and his agenda has a big hand in that happening.”
Cramer was highly critical of the Obama administration for not catching on thus far. He questioned the merits of their abilities to contain the market turmoil and wondered if they were even bothered by it.
“I thought the prices, the screen, the action, the sense of a vortex down that cannot be stopped, of equities becoming worthless, of savings becoming tattered, of a stock market without bottom,” Cramer said. “But this time in slow motion, I felt the total lack of control that we all feel right now – the ‘it’s out of my hands,’ the ‘where’s the authority,’ the, ‘Hey, it’s amateur hour at our darkest moment.’ It’s the feeling of capitalism vanishing, businesses capsizing under their own weight – thanks to an administration that doesn’t seem to know or maybe doesn’t care.”
The “Mad Money” host observed that the “change” mantra that Obama campaigned on was actually coming to fruition, but he said it was coming to the detriment of the American economy.
“Hey – I get it,” Cramer said. “Young president, big landslide, vigorous agenda, Congress that smells Republican blood – might find changing the world simply irresistible. We all want to change the world. I know I’d like to change the world, but when you talk about wealth destruction, don’t you know that you can count me out?”
So, since the Obama administration surely knows that it’s causing havoc in the stock market, it begs a very obvious question: could they doing it on purpose?
At first glance, that idea sounds outrageous, but remember what Obama’s chief of staff Rahm Emanuel said,
“You never want a serious crisis to go to waste — and what I mean by that is an opportunity to do things that you didn’t think you could do before.”
The Obama Administration has taken that to heart. They have already essentially repealed Clinton’s welfare reform, spent over a trillion dollars, slammed an unconstitutional bill through the Senate giving DC the right to vote, and they’ve got socialized medicine, card check, and lots of other massive new government programs they want to get through.
So, for Obama, the only thing worse than having the economic crisis go on too long would be having it end too soon, before they can get all these programs through that have been on the Democratic wish list for decades.
Keep in mind, folks, that the Congressional Budget Office estimated that the recession we’re in is going to end in the second half of 2009, even if the government does nothing.
Since then, we’ve slammed through a “stimulus package” that had very little “stimulus” in it. Now there is talk of a second stimulus package. Card check is on the table and being sold by the Democrats as a way to get wages up. We’ve got another bailout of the Democrats’ union allies on the table and liberals are salivating at the idea of getting control of the banking system.
Would any of this be possible if the recession were improving daily and was on track to end in the middle of this year? It seems doubtful.
So, when you have people, like the Obama administration, who primarily see an economic crisis as an opportunity to “do things that you didn’t think you could do before,” then you have to wonder if they really want that crisis to end before they get a chance to fully take advantage of the situation?
Of course, maybe that’s not true. Maybe Barack Obama really wants to end the economic crisis as quickly as possible. But, if so, why does he keep doing things he knows will cause “wealth destruction” on a massive scale? Maybe Cramer is right and it’s just, “amateur hour at our darkest moment.” But, whether it’s intentional or mere incompetence, the result of Obama’s bungling is the same: Americans losing their shirts because of what he’s doing.
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