Wall Street and Main Street Equally Unimpressed

Sunday Paper - February 22nd, 2009

After just over four weeks in office, President Obama is attacking the global financial crisis with his three-headed monster.  The “stimulus” bill has been pushed through Congress, a second round of bank bailouts have been implemented, and he’s planning an aggressive mortgage rescue plan.  Certainly Obama is impressed with himself, but when the Dow Jones Industrial Average hits a six year low, we know that Wall Street is not.

Here’s how the Dow has performed since Obama’s inauguration.

The Dow’s last close prior to Obama taking office was 8,281.22.  On Friday, February 20th the Dow closed at 7,365.67 representing an 11.1% loss of value in just one month.  The money experts know Obama’s strategy will not stimulate anything other than their heart rates as their anger grows over the President’s hi-jacking of free market capitalism.  Watch the guys at the Chicago Board of Trade react to news of the Obama mortgage rescue plan.

Those on Main Street are equally unimpressed and angered.

Joe White writes:

“Despite Obama’s three new economic initiatives, world stock markets have slumped and the Dow hit a six-year low.  ”Instead of ‘Despite’, should read ‘Because of’.

Bill Smith writes:

Our President campaigned “change we can believe in” and promised to end “partisan politics” in Washington. He also promised he would “not increase our taxes by a single cent.” What was the change?, is it the change in tactics that he is now displaying? End partisan politics - didn’t he just approve this egregious stimulus bill approved by the democratic majority with no republican input? Our taxes would not be raised a single cent - where does the government get its money? Does the government go to work in europe or china and then come back with a paycheck? Surely not! Instead, the government gets its money in the form of taxes from six-pack Joe and Jane, in other words from you and me.

The question of the century is: With what conscience or foresight, other than what I have just written, can our President justify himself to approve to spend close to a TRILLION DOLLARS of OUR MONEY with just three weeks of planning?

One Trillion Dollars in thirty days equates to over 33 Billion Dollars per day. I don’t think the wheels of congress, or their collective gray matter, can move that fast on their own unless you grease up the wheels with a lot of pork fat! And we all thought the bankers were the greedy pigs!

Dave Makkar writes:

Now comes Geithner a quasi-criminal tax dodger as Treasury Secretary along with a media created ultra liberal Socialist President of America Obama with a new manta “Stimulus Package” with Tax Payers money to all those who have brought this country to Bankruptcy and those who are not paying any taxes and obviously not working also.

Both Obama & Geithner with Congress full of economy idiots are going to socialize America in 4 years what the previous administrations could not do in last 40 years. Obama’s $1 trillion Stimulus is much bigger ponzy scheme than Madoff’s $50 billion. Madoff stole from present day rich where as Obama Geithner plan is to steal from our coming generations.

Edward Elliot writes:

Obama continues to garner lots of tv time and next week addresses congress, at this stage president obama, why don’t you try staying out of the spotlight for a while and let your team of ‘all stars’ steady the ship. Again, rather like yourself, not one member of your cabinet has ever had to make difficult financial/business decisions, they all hail from academia or the legal world.  They can try telling others how to do it, they have just never done it themselves.

Tom Pedersen writes:

And now the President is going to take my money (in part) and give it to folks who took loans they KNEW they couldn’t afford and make their homes affordable. When do those of us who bought only what we could afford and meet our obligations every month and actually pay our taxes get our reward? I have now lost more than 50% of my hard earned retirement funds because of the government…and it continues to ignore my plight…I guess because I actually tried to take care of myself and am not destitute. Guess I should buy a house I can’t afford and not pay my mortgage…maybe then the government will notice and commit to helping me. Guess its time to become an ex-pat and get the heck our of Dodge.

This from The Christian Science Monitor - February 20th, 2009

http://features.csmonitor.com/economyrebuild/2009/02/20/obamas-big-steps-meet-tepid-response/

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