Does Obama even care?
You know (to quote Caroline Kennedy), I am beginning to think Obama actually does NOT have a clue about what to do.
He had 300 economists advising him throughout his campaign for the presidency, yet he seems to have NO grasp of the economic situation or any clue what to do about it.
Does he even look at the Dow and what it has done since he (Obama) took office? http://finance.yahoo.com/q/bc?s=^DJI&t=3m
Does he care?
Does Obama realize the Dow plunged 400 points right after Obama's Treasury Secretary Tim Geithner made his big, important speech?
Does Obama think, maybe, Geithner -- who headed up the Federal Reserve bank of New York during the time the Wall Street meltdown was happening -- is NOT the person to dig us out of the hole he (Geithner) helped to create or at least let happen?
Does Obama care?
Most of the dollars in the "stimulus" legislation will NOT even be spent for another three, four, or five years. How in the heck can that be considered a "stimulus"?
Obama does know a few things:
(1) how to use other people to advance himself politically
(2) how to avoid saying anything in a clear, non-ambiguous way that people can trust
(3) how to take money from corporate lobbyists while claiming he would never do such a thing -- and taking the money with a straight face, so the Obamabots will believe his lies
(4) how to get illegal money from foreign interests while hiding those donations from scrutiny
(5) put forward a game plan that won't help the rest of us but might help him get re-elected in 2012
But he (Obama) doesn't know diddley about the economy, despite the tutoring by his 300 economic advisors. And, you know I think the tutoring by his 300 economic advisors might be at the root of Obama's problem.
If the recent past, economy-wise, is any guide, the LAST persons Obama should be listening to are economists, none of whom foresaw this economic crisis or, if they did, kept their knowledge a secret from the rest of us.
If Obama actually believes his "stimulus" effort and his budget for the coming year will lift us out of this economic black hole, he certainly has not made that optimism apparent to the rest of us or to the Wall Street investors who have been pulling their money out of the stock market at a furious clip.
Does Obama care?
Does Obama even grasp that every time he "warns" us that if we do not do exactly what he wants (and do it without questioning the merits of his plans), we will turn a "crisis" into a "catastrophe," he is guaranteeing increased fear and despair and a worsening of the situation.
Plus, I think we would have to say that based on Obama's giddy willingness, in the midst of this economic meltdown, to:
(1) hop onto the very-expensive-to-operate Air Force One to go to relatively unimportant events (instead of staying at his desk and focusing on this emergency)
(2) give more than the usual number of White House parties (while serving $100 a pound Kobe beef to the guests) "Obama kicks up White House entertaining"
(3) set a BAD example for the rest of us by NOT ordering a tightening of all entertainment budgets across the Executive Branch of government (meaning NO out-of-town trips unless to save a life, no parties, no serving expensive food),
Obama has shown himself to be an incompetent, ill-prepared, unfocused, lazy, out-of-touch leader -- the wrong leader for our nation at a time when we need someone who is honest, strong, clear-spoken (no forked tongue, please), wise, experienced at solving difficult problems, creative, hard-working, and did I mention "honest"?
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For far too long, companies only watched their short term stock price, rather than worry about whether they'd be in business next year. This chronic myopia makes the current problem even worse when success is measured in stock price.
The steps to fix the economy which need to be taken will not fix your 401K overnight. It's unrealistic to expect Obama the savior to boost investor confidence after a month in office when he inherited an economic disaster of this magnitude.
You can criticize Obama's actions (what's going on at the Justice Dept and in health care would be my pet peeves) but his effect on the stock market is truly irrelevant, IMHO.
Independently adrift
It may have been true at one time that stock market values affected only a few, but that is definitely no longer the case.
Almost every American's savings and pension plan has been affected by this meltdown. More Americans than ever in our history have some investment in the stock market. If a person sees the value of his 410K, pension plan, or savings acct. affected, he will stop spending on all but essentials; that has a ripple effect on stores, restaurants, travel, etc.... etc... etc.
If Obama could refrain from telling us what a catastrophe we are in for (unless we do his bidding), people would be at least a bit less fearful.
gave a speech about the obvious. Your attempts to blame the current president for the past one's mistakes are illogical.
Independently adrift
The cause can be laid squarely at the feet of Bill Clinton, a bunch of Democrats in Congress, ACORN, and Obama. Part of the blame also goes to Alan Greenspan for his poor monetary policy. Bush had nothing to do with it but when the chips were down and the crisis hit, he moved quickly, with the help of Paulson and Bernanke, to avert a banking catastrophe that would have destroyed our economy and our government.
Bush inherited from BClinton a huge surplus. The crisis has been created by Republican policies which magnified any problems which may have been in place when Bush took office. The R's and the Bush administration have practically destroyed our country.
I'm completely mystified why you are suddenly blaming Democrats for the economy. This is just absurd.
Independently adrift
Here is a chart of the Dow from 1920 to 1940: http://stockcharts.com/charts/historical/djia19201940.html
When one recognizes the disaster FDR inherited from Herbert Hoover, and sees the upward trend of the stock market once FDR became president, one can see the POSITIVE effect FDR had on the confidence level of the American people. (In case you don't know, FDR took office in March of 1933.)
Obama has not created that confidence -- not by a long shot (and despite the FACT that he did NOT inherit the disaster FDR inherited).
He really can piss me off but I don't care at all to see him blamed for everything, especially that which he cannot control. Down below we'll be rightly reminded that much of this we owe to Bill C. but I truly feel the ultimate culprit is the god reagan who started the deregulation binge.
Civil Discourse - ERA - A Mother President - Women's Rights - Primary Reform
The economic meltdown is a Republican lemon socialism creation. Agreed. But where Obama & Geithner are at fault is in not giving the markets clear direction. The one thing markets hate with a purple passion is a lack of clarity. Obama's specialty is lacking clarity. The two things aren't going well together, and that really can be laid at his door.
For a sample of how the President should be talking, read the excerpts from http://www.marketwatch.com/News/Story/berkshires-buffett-cops-mistakes-likes/story.aspx?guid={7DDFC3D1-E25A-4950-819E-FA81BB9F9CBF} Warren Buffett's letter to his shareholders</a> which is on Marketwatch. He's not sugarcoating anything, and yet you're left with the feeling that we can come through this.
Obama could have given the markets the straight progressive message, or just about anything that actually did make financial and economic sense. They wouldn't have liked it -- the only thing they'd like is a few trillion unencumbered taxpayer dollars -- but if there was one clear message, the volatility index wouldn't be sky-high, the hysteria would abate, and we could start climbing out of this hole.
That really is Obama's job, and he's not doing it.
great point Quixote - Warren Buffet shows how it can be done. For now Obama is holding people in suspense as they wait to see how he's going to operate. But after a while, and we can already see it happening, people will stop waiting and move on.
We have a winner! Teflon Ron started this ball rolling. We got a little respite with Bill Clinton. But unfortunately, Bill put his trust in Robert Rubin - who started the deregulation binge. Now that was a bad idea.
Presidents aren't perfect. They make some mistakes. Bank deregulation, welfare reform, and inability to back his wife's health care plan were the BClinton mistakes I think were his biggest (most people would include Monica, but who cares about her? I don't). His accomplishments, however, are too many to list here! Can we please elect him again? Geez we could use someone really competent right now.
Independently adrift
It's important not to confuse the stock market with the economy but it's definitely an indicator of economic health. The stock market often is a predictor of economic performance since investors are always looking to the future. If they see trouble ahead, they tend to sell and drive the market lower. The 2001 recession is a perfect example. The market peaked in March, 2000, and then started trending lower but really plunged at the beginning of October of that year. The recession didn't officially start until March of 2001.
Our current recession officially started in December, 2007, but the rules were changed. The definition used to be two successive negative GDP quarters. Q4 2007 was negative but Q1 2008 was positive. The stock market peaked in October of 2007.
Last year, the Dow took a big plunge in the first week of October with the collapse of Lehman. It started to recover, though, in the days leading up to the election. Once Obama was confirmed the winner, the stock market dropped from 9625 on election day to 7552 on November 20.
The stock market hates uncertainty and the Obama administration has offered nothing but ever since. Treasury Secretary Geithner has never offered a detailed plan outlining how the credit markets are going to be unfrozen, the key to any economic recovery.
Rather than concentrating on the economic problems, Obama used the financial crisis and the fear card to prey upon our misery to push forward his leftist, anti-capitalistic, socialistic agenda that will suppress job growth, reduce the quality of health care, and cause economic growth to go negative in the years ahead because of the pork-laden $789 billion "stimulus" bill, the $410 billion omnibus bill that includes 9,000 servings of pork, and Obama's $3.3 trillion budget that imposes tax increases on everyone who uses energy or a cell phone.
The only thing Obama cares about is his agenda and does nothing but prey upon our fears to push it forward. He used the race card and misogyny to get rid of Hillary so in his mind there's nothing wrong with using the fear card to get his spending bills passed.
The markets struggled valiantly to rally but the 3-ring circus of Obama, Geithner, and Gibbs probably contributed to the markets closing lower.
that the market is always ahead or behind the economy. I decided long ago that those who were paid the most actually know the least.
It would be interesting to see a graph of the DJIA super-imposed on one of the other major economic indicators. I've always assumed the market tracked the economy closely but that may be wrong.
One of the most frustrating parts of life has been watching people who are ignorant make piles of money.
Does Obama care? Yeah, I think he has to care, because if things don't start improving, he will be to blame and go down the tubes for it. The President always gets blamed for everything, even though he can't control everything. He may be making decisions that we don't like and agree with, but I think he is beginning to realize what being president is all about.
We all love Stevie Wonder, but why did Obama choose this moment to award the musician the Library of Congress prize?
Usually presidents would cite reasons before bestowing honorees with such a distinction.
Because Stevie Wonder is one of the greatest musical talents in recorded history. Obama didn't need to remind everyone of that.
I adore his voice and had no idea he ranked so high on the comprehensive list of recorded musicians. On what basis is this ranking calculated?
But when paying compliments, it's considerate to be specific. And for the sake of posterity, for the Library of Congress, maybe Obama could tell us something about Wonder we didn't know.
On what basis is this ranking calculated?
http://en.wikipedia.org/wiki/Stevie_Wonder
A prominent figure in popular music during the latter half of the 20th century, Wonder has recorded more than thirty US top ten hits, won twenty-two Grammy Awards[2] (a record for a solo artist), plus one for lifetime achievement, won an Academy Award for Best Song,[3] and been inducted into both the Rock and Roll[4] and Songwriters[5] halls of fame. He has also been awarded the Polar Music Prize.[6]
Blind from birth, Wonder signed with Motown Records at the age of eleven, and continues to perform and record for the label. He has ten US number-one hits on the pop charts as well as 20 R&B number one hits, and album sales totaling more than 100 million units. Wonder has recorded several critically acclaimed albums and hit singles, and writes and produces songs for many of his label mates and outside artists as well. Wonder plays the piano, synthesizer, harmonica, congas, drums, bass guitar, bongos, organ, melodica, and clavinet. In his childhood, he was best known for his harmonica work, but today he is better known for his keyboard skills and vocal ability.
_______________________________
And for the sake of posterity, for the Library of Congress, maybe Obama could tell us something about Wonder we didn't know.
http://www.cnn.com/2009/SHOWBIZ/Music/02/26/stevie.wonder.obama/index.html
"I think it's fair to say that had I not been a Stevie Wonder fan, Michelle might not have dated me. We might not have married," Obama said Wednesday as he and the first lady hosted a concert and award ceremony for Wonder. "The fact that we agreed on Stevie was part of the essence of our courtship."
in the stock market are not all that important in the greater scheme of things IMHO. Nor can they all be laid at any one persons feet.
I do think however that the trend of the stock market, ever downward is a sign that as of the here and now the market has little faith in this administration. They are looking for some signs of a plan, of competence and of leadership and all they are getting is blah, blah blah and spend, spend, spend.
The lack of faith that things will get better can be laid collectively at the feet of most of the pinheads in D.C that we humorously refer to as our leadership.
Obama's poll ratings may remain high and yet the disconnect is that people think the country is headed in the wrong direction. Just as they thought it was under Bush. They just like Obama better. So far.
A Dishonest/Biased Media Is A Crime Against Democracy!
Obama's poll ratings may remain high and yet the disconnect is that people think the country is headed in the wrong direction. Just as they thought it was under Bush. They just like Obama better. So far.
Could it be that most of the American people have a pretty good grasp of the size of this calamity, and understand that President Obama can't be expected to have fixed it all within his first 2 months in office?
Well dang it all. Now I am really dissapointed in his Oliness
Civil Discourse - ERA - A Mother President - Women's Rights - Primary Reform
http://www.msnbc.msn.com/id/29493021/
"What is amazing here is how much political capital Obama has spent in the first six weeks," said Democratic pollster Peter D. Hart, who conducted this survey with Republican pollster Bill McInturff. "And against that, he stands at the end of this six weeks with as much or more capital in the bank."
Gee, wonder why...
Could it be that most of the American people have a pretty good grasp of the size of this calamity, and understand that President Obama can't be expected to have fixed it all within his first 2 months in office?
Well yeah. But you don't have to expect him to fix it all at once. I wouldn't expect that from anyone. However if you don't think that what he's doing is the right way to fix the problem then perhaps you don't think the country is headed in the right direction.
And for the record, no I don't think that most of the American people have the slightest grasp of what's going on. And if they listen to the politicians and most media types they never will.
A Dishonest/Biased Media Is A Crime Against Democracy!