Wednesday, March 04, 2009

DJIA since Election Day:DJIA since Coronation:

'It's only your life savings'

Rick Moran

Jennifer Rubin writing at Commentary takes the president to task for his cavalier attitude toward the destruction of wealth his policies are causing.

Here's the president telling Americans who have invested in the stock market to suck it up and stayout of his way :

What I’m looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing. And, you know, the stock market is sort of like a tracking poll in politics. You know, it bobs up and down day to day. And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.

How dishonest is that? Rubin:

To be clear: there is no bobbing here. It is sinking like a stone. And unlike polls the markets are "real" in the sense that they are tied to real money, real earnings, and real economic behavior. His glib waive of the hand - too busy to worry about the market because he's busy remaking society - is the perfect example of precisely what this administration is getting wrong. Unless the administration starts focusing on the wealth destruction underway now, there won't be much of the American economy left to reinvent. Nor will there be many voters left to support a president who's not all that interested in the destruction of their life-savings.

In a related rant, CNBC's Jim Cramer took a strap to the president's backside:

Until the Obama administration starts listening, until they start paying attention to what you're watching, to the stock market, until they realize that their agenda is destroying the life savings of millions of Americans, then all I can give you is caution. ... I just want some sign that Obama realizes the market is totally falling apart. And that his agenda has a big hand in that happening. 

I have written before that it is appearing more and more probable that Obama sees economic recovery as a secondary goal, that his real agenda is remaking America into a liberal paradise in the midst of a severe recession - even if those policies exacerbate the downturn.

I would say that ordinarily, this would be a sure sign of megalomania and perhaps even madness. But in Obama's case, we have to start worrying whether there isn't some kind of messianic impulse driving him - and us - off a cliff. His sky high approval ratings, an adoring media, millions of citizens who view him as more than human, - pretty heady stuff for a former community organizer and non-entity state senator.


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