Wednesday, March 04, 2009

The Sky Is Falling! Blame Obama

Guest posted by Broadway Carl

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?

Cross-posted at Broadway Carl's Blog-O-Mania!

1 comment:

Fraulein said...

Doesn't it seem like deja vu all over again, so to speak? Just like with Clinton. As soon as he took office, everything magically was his fault.