American Elephants


Another Obama Plan, Another Stock Market Dive by American Elephant

obamanomics

Disconnect.

Or perhaps the willing suspension of belief. That’s the only explanation for Americans attitudes as Obama’s presidency enters it’s second month.

Obama’s speech was well received by most people who watched, but the stock market took another nose dive as it seems to do every time his administration announces new policy.

The majority of Americans now support Democrats stimulus plan even though over half of Americans think it is more likely to harm the economy than help it, and despite the Congressional Budget Office’s own prediction that it would harm the economy in the long-term.

Wall Street greeted news of Obama’s election last November with a two-day (then) record-breaking 930 point nosedive. The day Obama was sworn into office was the biggest Inauguration Day tumble in market history. He unveiled his bank-bail-out; the market plunged. The day Obama signed his behemoth big-government-stimulous plan into law, the markets lost another four percent of their value. Indeed, since Obama won the election, the stock market has lost roughly 3,000 points, and has eviscerated all the significant gains made since 1997.

And yet again, Wall Street responded to the grand plans Obama laid out last night by flushing another 2 percent down the crapper.  Virtually every policy Obama and his administration have announced since winning the election has caused things to get worse, not better.

Is it any wonder that Obama has said he does not look to the markets to judge the success of his economic policies?

But the stock market represents investment! It represents jobs! It represents your retirement, your nest egg, your life savings!

So this president has made clear that your evaporating life savings is not what he is concerned with.

Congratulations, Mr. Obama! It shows.

How much longer will Americans willingly disbelieve their own eyes for  pretty words and confident lies? How long until the American people begin to make the connection between their dwindling life savings and the policies that are causing it?

Let’s HOPE™ it’s sooner rather than later.

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