19 Feb
Posted by charles as Journalism, News, Politics, commentary
There was a time–like during the campaign–when Barack Obama seemingly could do no wrong. Every word out of his mouth was cherished by his cultish followers; every policy initiative was labeled innovative or post-partisan or historical.
And now, welcome to the real world,Barack.
Even though, by any measure, Obama has, indeed, done some pretty historic things in the few weeks he’s lived in the White House, the fact is, hardly anyone in the financial world seems to be taking him seriously and the markets on almost a daily basis reflect this.
Obama has now revealed his housing plan, his bank bailout plan , his overall rescue plan and soon his automobile industry plan.
So, what did the market do? Unlike Obama’s pre-election fan club, real world investors (and, for the most part, they tend to be older than 19) have been giving Obama a resounding thumbs down.
Today alone, the Dow industrials closed at more than a six year low, reports Reuters.
In part, says the news service, this is because of “investor fears that banks could be nationalized” leaving shareholders twisting in Obama’s wind, so to speak.
Since Obama has taken office, in fact, the Dow has lost roughly 15 percent of its total value! THAT is a lot of money down the drain.
What will turn things around, break the no-win mentality that currently is running wild on Wall Street and Main Street?
Damn if I know. And, damn it, doesn’t seem like anyone else knows,either!!!
For More Commentary, Please Visit, www.notimetothinkbook.com, The Official Website For THE Media Book Of 2009, No Time To Think
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