Friday, January 22, 2010

Careless Obama Trashes Banks, Tanks Market

What's a President to do when he swings at his third major political rescue mission in a row--Martha Coakley--and whiffs? Neither Virginia nor New Jersey voters heeded his pro-Democrat message, electing Republican governors in both states last fall after Obama visits. Et tu, Massachusetts?

So what do you do? You go out and trash the banks and destroy the stock market, that's what you do. That's populism, Obama style. Or maybe like Seinfeld. No hugging, no learning. After a big, pre-Brown celebratory rally Tuesday, the market caught a major downdraft on Wednesday before tanking, big time, today [January 21, 2010] as our amateur President mounted a full scale attack on the banks the Feds allegedly just saved. Check out the rhetorical hyperbole:

President Obama on Thursday proposed new limits on the size and trading practices of big banks, saying he wanted to prevent a return to the "old practices" that led to the financial meltdown. "Never again will the American taxpayer be held hostage by a bank that is too big to fail,"  Obama said. The curbs, which are broad and would require congressional support, are part of measures to revamp the country's financial regulatory system....

Reaction on Wall Street was immediate. A stock selloff that began on worries about Obama's speech deepened even before he finished. The Dow Jones Industrials quickly fell more than 200 points. Big banks also were crushed by Obama's remarks.
They sure as hell were. And I was holding shares in some of them which lost me a lot of money today--money I'd made back inch by painful inch after losing plenty of it in early 2009 when the Administration's loose lips tanked the market the last time. What is this, an annual event meant to keep Americans poor and stupid? Do these morons ever learn? If you're allegedly trying to help people's retirement accounts recover and re-establish the kind of confidence that will lead to hiring by small businesses, what's the point of this counter-productive rhetoric?

The point is two-fold. In the first place, after the Tuesday disaster in Massachusetts, the Obama people, like lefties everywhere when confronted with defeat, find their metaphorical Jesus in the machine and start blaming rich capitalists for everything--all the better to distract the public from the economic disaster this adminstration is creating with its constant bafflegab.

Second of all, the Administration never really intended to mount much of a stimulus or recovery anyway until this year, all the better to look good to the electorate at precisely the right time and coast to victory in the midterm elections this fall. You and I are merely pawns--employed or not--as the levers are moved to create maximum advantage for Democrat incumbents in November 2010. Our lives are secondary to the Democrats retaining enough power to wreck American capitalism entirely before we can mount a rescue expedition.

Ironically, even as Obama trashes the banks, his minions reveal that--surprise--they really really HAVE been working like busy elves all along to save our economy. Only they're just telling us now about their heroic, behind the scenes efforts now. What a coincidence.

CNBC online is already trapped in the tractor beam of Team Obama's Spin Zone:
The White House in the new year already had begun focusing greater attention on the nation's angst and anger over a range of economic issues, including unemployment persisting near 10 percent, government expansion, Wall Street excesses and federal deficits....Obama and his top aides huddled with each other and Capitol Hill allies throughout Wednesday to plot how to rescue the health care legislation and to start mapping a way forward leading into this fall's midterm congressional elections.Their conclusion was that the economy — jobs specifically and the broader topics of the nation's fiscal and financial health — must be priority No. 1.
The economy's in trouble? Who knew? CNBC shills aside, Obamanation only "focused" on the economy after their time-wasting healthcare disaster blew up in their faces on Tuesday. Aside from socialism, it's beginning to look like the plan is, there ain't no plan.

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