Can Obama call the bottom of the market?
By Daniel at 2 June, 2009, 12:34 am
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He is a talented investor?
“Good call. An investor who followed the advice the president gave on March 3 and plowed money into U.S. stocks that day would be sitting pretty now.”
Oh please, the President and his minions are throwing trillions of borrowed dollars at a broken U.S. economy. OF COURSE there will be a bounce when this kind of money is put in play. The problem it that it’s a dead cat bounce, nothing more, one that my children, grandchildren and great-grandchildren are financing for our sage in the White House. Even worse, his administration’s overt economic hostility toward the ‘rich’ (our best and our brightest, the ones who create the jobs that we’ll need to replace the ones we’ve just lost) and obsession with ’solving’ America’s social challenges with the almighty (and grotesquely inept) hand of big brother government are precisely the opposite of the stimuli needed to sustainably grow, innovate and create our way out of this mess.
Once the trillions run out - and run out they will - we’ll be left with a government-run (or certainly government-led) economy, all of the wrong incentives and virtually zero chance of restoring America to the prominence and prosperity she has enjoyed for generations. It’s heartbreaking, dispiriting and we have an utterly dysfunctional leadership in Washington (present and past) to blame for it.
The Oracle of the Oval Office? Any ignoramus can appear a genius when he has trillions of dollars and the (now) virtually limitless influence of government to spend it. Our current ‘rebound’ isn’t any more real than home values were three years ago and as long as we keep electing leaders who believe more in America’s government than in America the descent will continue, periodically refinanced (although still wholly mortgaged) illusions of recovery or not.
–Minn
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