It's interesting to watch what kind of tactics the Right is employing to lay the current economic crisis at the feet of our brand-spankin' new President. I mean, I know it makes no sense to blame the guy who has been in office for six weeks on the implosion of our national economy but...that's what these people need to do to regain power. They must blame Obama.
The latest attack involves the stock market. Have you noticed that it is in the toilet? Perhaps you have. So who is to blame for this disaster on Wall Street? Barack Obama, of course.
In today's Chicago Tribune, for example, there is this letter:
Put it another way however....
The latest attack involves the stock market. Have you noticed that it is in the toilet? Perhaps you have. So who is to blame for this disaster on Wall Street? Barack Obama, of course.
In today's Chicago Tribune, for example, there is this letter:
Well, gee whiz! When you put it that way, clearly the fault lies with Obama and his economic policies. Why, what a disaster this president is! Ooooh, the horror!When Obama was elected, the Dow Jones Industrial Average closed at 9,625. When he was sworn into office, it closed at 7,949, and this week it closed at 6,763. This represents a 30 percent reduction in the value of U.S. companies and investor wealth, over half of it while he was in office.
Put it another way however....
When Obama was elected (two months before he had any Presidential power at all and could begin to implement his economic policy), the Dow Jones was at 9,625. When he was sworn into office (and weeks before he could pass his economic recovery plan), it closed at 7,949. This week, days after signing his economic recovery plan into law (but before it has had a chance to begin working), it closed at 6,763.In other words, the tanking stock market is still the proud property of George W. Bush. When Obama's plan kicks in, and it will happen soon, and the market stays in the hole, then you can balame Barack.
Until then...shut your pie hole.
3 comments:
I miss pie. Both literally and figuratively.
On the other hand (and I'm not disagreeing with you), the plunging stock market is also probably an indication of just how much Wall Street hates Obama, democrats, and fiscal policy that benefits people like you and me. Wall Street got fat and rich for 8 years on Bush policies and is greedy enough to want to continue its easy pickings. The current financial policies don't feed the corporate beast, and so the stock market declines in retaliation. It is good to remember that the Dow Jones Industrial Average does not reflect all economic activity, but only a small portion of it--that portion that has very little to do with the important parts of the economy like small business and not-for-profits.
Lisa G makes an interesting point.
One of my very closest friends has never outwardly admitted that she is a Republican but after a conversation today it kinda scared me.
We were talking about the economy, as most of us do these days, and she was blaming Obama, in much the same words as you use on your post. I countered that our economy has been plunging far longer than Obama has been in office and this is a result of the last eight years, not the last eight weeks.
There was simply no talking to her.
I have been shaking my head ever since.
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