Tuesday, March 3, 2009

The Sky Is Falling! Blame Obama

The Dow Jones average fell below 7000 for the first time since 1997. And it's Obama's fault. At least that's what the corporatists and right wing would like you to believe. The fast and furious mudslinging doesn't stop, nor will it ever in my opinion. Anything bad that happens? It Obama's fault.

Nevermind the fact that it's taken years to reach the financial tsunami, this perfect storm of a crisis. It's Obama's fault. Even the Rupert Murdoch owned Wall Street Journal, a financial paper that used to have some credibility has jumped on the "Blame Obama" bandwagon.

As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. 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.
January 2nd? But President Obama didn't take office until January 20th, when the Dow closed at 7949. Kinda blows a whole in the numbers, doesn't it? So not only is it bad enough for the WSJ editors to fudge numbers to make it look worse since Obama took office, they are now saying he's had enough time to fix the economy. Why can't Obama close the deal?
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.
Yes, because after eight years of deregulation, ponzi schemes, major tax cuts for the wealthy causing a continuing disparity between the upper crust and the middle class, and during war time no less, it only takes five weeks to clean up the mess, doesn't it...

You'd think some serious ideas to help solve the problem instead of being the Party of No would behoove these people, but why should I continue to be surprised?


Annette said...

I am glad I am not the only one that noticed this... I also think they are blaming Tim Geithner too much and they are talking the economy down.

Matt Osborne said...

At this point, it's clear that the conservative media strategy is to throw feces until something sticks to Obama.

Of course, if the Dow is at 10,000 by December it will be because the GOP...um...exists. Somehow. You wait and see!

For myself, I belong to the 75% of Americans that DON'T belong to the Mad Money Club. Yes, three quarters of Americans ARE. NOT. STOCKHOLDERS. and therefore DO NOT. GIVE. A SHIT.

Fraulein said...

Yep, Matt, that's exactly right. This is EXACTLY what they did with Clinton in the beginning, remember? As soon as he took office, the Republicans began blaming all the ills of the world on him. And then later, of course, on the Clenis.

I'm hoping I'm not being naive here, but I'm trying to cling to the hope that many Americans have grown up a bit since that time, and are not going to fall for this shit again. Those who do I think are among the most hopeless of the dead-enders -- the ones who think Sarah Palin and our buddy 'Bobby' Jindal represent the best and the brightest of the GOP. Those people are too far gone to reach -- but the good thing is, they are most decidedly in the minority now.

Fraulein said...

Oh, and also, cross-post this one too please -- thanks!!

TruthSerum said...

Someday Matt, when you are older and have a family and a job you will have a retirement fund. Thatretirement fund will invariably include investements in stocks and bonds. Contrary to your statement, the majority of employed Americans are invested in the stock market. Unless you have an insured pension plan and rent a house both the stock market and the housing market will affect you.

More importantly the stocks that are sold create capital flow that allows existing businesses to expand and hire more people or new venture companies to start, and hire more people.

Thus the market is a palpable index of the country's economic health.

When you are young and have the wind in your hair your only thoughts are about the night.