Obama's bank bashing killing wealth creation
Not surprisingly, the market reacted very negatively to these threats-both to the specific prospects inherent in Obama's threats as well as to the uncertainty caused by their enunciation. Untold hundreds of millions of dollars of asset wealth were destroyed by the resultant decline in the Dow and other indices.
Since more than half of Americans are now shareholders, it is not unfair to lay the blame for a decline in the typical American taxpayer's wealth at Obama's feet. It is ironic that, last year, when too many Americans were still under the illusion that Obama's stimulus program, deficit spending and cap and trade and health care monstrosities were going to help rescue the economy (they aren't any longer), his loose tongue was already diminishing the wealth of the American people. It got so bad that even Bill Clinton had to tell him to button it.
Well, here we go again. This past week his Excellency reprised his repeated thrashing of the banking and insurance industries - with the same result on the stock market! Now, many expected that the recent market surge would yield to a correction. Leave it to our clueless President to initiate the correction and render it more severe than necessary. It's time for Bill to tell him to shut up again.
This is what we get for electing an ignorant community organizer with no expertise in running a newsstand, much less a country. Republicans might be happy that his Presidency is going up in flames, but that brings scant comfort to those whose wealth he is shrinking. As for the Democrats, if I may quote Monty Pelerin in a blog in the Jan 23 issue of this magazine: The only happy Democrat today is Jimmy Carter. He probably senses the chance to pass his heavy mantle of "worst President in my lifetime" on to "The One."