Between election day and Obama’s inauguration, the stock market dropped about 1000 points. Between his inauguration and today, the market has dropped another 1000 points. Somebody is not inspiring confidence.
Why this amazing lack of confidence? If your only solution to a financial crisis is to spend more money [which, by the way, ultimately comes from the taxpayers—the ones you ostensibly are trying to help], and the result is to put the government into deeper debt than at any time in American history, it’s not hard to understand why the financial community has the jitters.
Those jitters are not just among the holders and lenders of money; they are spread throughout the population. Why continue to watch your investments fall into oblivion? Why not pull out what you can to salvage something? Stocks will continue to plummet as long as that is the mentality—and that mentality will dominate as long as Obama’s policies remain unchanged.
Is the new president economically illiterate? Or is this what he wants to happen to solidify his message that the government must have more control? Perhaps a little of both. He has been schooled in a socialist message, and apparently has taken it to heart. That creates economic illiteracy, and it is also an ideology that seeks greater government authority in the lives of everyone. Is he blind or does he see? Either way, the result will be the same.
Is this house of cards going to fall? If economic principles and history are any indication, prepare for the worst.