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The only ones who don't stand to lose are those who produce nothing in the first place, the free loaders of this society. They'll be fed, clothed, and housed on the backs of the working. Welcome to Euro Socialism. They're doing a bang up job of it there. England has a nice population on the dole. I guess after a while, the child does indeed take after the parent.
Every time I think of British socialism, I think of this family and how well it works over there:
I don't think the downturn since his election is a particularly useful barometer. I think what's more important is the free-fall the markets have taken in the last couple weeks. In those two weeks Obama has all but declared war on capitalism. So it should be no surprise that the capitalists (and more importantly, their capital) are heading for the hills. I think eventually capital will start to flow back into the markets, but not until after investors have some idea of what the investment terrain is going to look like so they can hedge accordingly. Right now nobody has a clue, and this administration sure isn't helping anyone get a clue either.
i think that the market understands that obama is being disingenuous at best with a forecast that shows the economy not just recovering but growing substantially in 2010, with 3.2% growth ... with a trillion dollar deficit!
That's something we've never seen before, to be sure.
And to run a $1.1 trillion deficit in a 3% growth year while describing same as increased "fiscal responsibility" is bold indeed!
This carbon tax is moronic and damaging. Just about everything he's doing is either hurting us now or will hurt us more in the near future. Yes he's bribing off the truly poor off but he's taking from just as many others who are bad off.
They had sent up a satellite recently to study and record global warming and it crashed. I wonder if that was done deliberately just to avoid getting information they didn't want to have known.
"You're doing a heckuva job on the economy, Geithney."
Honestly, I doubt Obama has much to do with the market falling. The problem is one of credibility. Every time a CEO opens his mouth and says something like this: "Merrill Lynch and Countrywide are shining stars" (Ken Lewis, head of Bank of America, who instigated the takeovers of both Merrill and Countrywide last year), it's no wonder that reasonable, rational people panic and create another sell off. What idiot in their right mind is going to believe that Merrill and Countrywide are so wonderful right now? In five or ten years, these purchases might bear fruit, but certainly not now!
I think the market would love to have a good healthy rally, but instead we get news like AIG posting record losses and needing even more federal money! Give me a break. Until the economy really starts turning around, until companies stop posting huge losses, until CEOs can be honest about the mistakes they've made and the reality of what has happened, nothing will change. Nothing. The stock market will continue to fall. This is an issue of trust, and that is gone now.
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