The more the Democrats and Barack Obama talk about overhauling the financial industry and taxing banks, the worse the economy gets. The stock market was the only bright spot in the economy, so of course they have to ruin that.
CNBC reported on the sorry news.
Jitters ahead of President Obama’s financial reforms and concerns over tighter lending measures to curb inflation in China are weighing on the markets again today. With another round of losses today, the major indices are now sitting at their lowest levels of the new year.
After closing at 15-month highs on Tuesday, the Dow Industrials [.DJIA 10389.88 -213.27 (-2.01%) ], S&P 500 [.SPX 1116.48 -21.56 (-1.89%) ], and Nasdaq Composite [COMP 2265.70 -25.55 (-1.12%) ] are down well over 2 percent over the past two days. This gives the Dow its worst 2-day decline since August, and the S&P 500 and Nasdaq their worst 2-day losing streak since October. ….
Heck of a job, Barry!
I just can’t help but notice the irony here. As I pointed out the other day, one of Obama’s favorite “accomplishments” to tout is how he rescued the financial industry.
Obama continues to take credit for saving the financial system from collapse. If I remember correctly, it was the actions of the Bush administration that got that ball rolling. Had Obama and the Democrats left well enough alone, the money loaned to the banks under TARP would have been paid back with interest and used to reduce the national debt. Instead they’re using it as a slush fund for all of their pet projects. They really should stop going there, it’s getting old.
If he really cared about the financial industry – which we all know he doesn’t – he’d stop trying to kill it. Then again, I guess that’s the easiest way to take it over.
Update: More here. Find out what others are saying at memeorandum.
For the Won to demagogue Wall Street is NOT going to help economic recovery and Summers/Geithner say they’re on board, but watch their hands rather than listen to their words.
Once again Obama is shooting himself in the leg, a la Plexico Burress, and soon he may pay the same penalty, loss of a career.
“Look over there, don’t pay attention to the train wreck of health care brought on by cronyism and kickbacks and special interest [union] tax breaks” is what Obama is saying.
If this guy let the people of MA get pushed too far by opaque backroom cabals, Obama is going to look even phonier pushing class-hatred Marxist tropes on big banks and Wall Street. His socialism is verging into Communism and the POTUS’s starting to sound like Pravda.
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