Posted on 03/03/2009 12:57:37 PM PST by Michael Eden
Edited on 03/03/2009 2:18:02 PM PST by Admin Moderator. [history]
Dick Morris, writing in his book Fleeced, wrote in March 2008:
"Obama's election will trigger a stock market crash and likely devastate the already slumping real estate industry. A selling psychology usually feeds upon itself and can often induce a market-wide panic. So the nearer Obama gets to power the faster the markets are likely to dip. So look for a sharp downturn as election day approaches, and especially in the period between the Democratic victory and Inauguration day. Obama will doubtless blame the drop on the outgoing Bush Administration, but it will be his own tax plans that send the markets into a tizzy."When Morris wrote these words, the Dow was at 12,532.
Now, under Obama's management - after shoving the most government spending in human history through a Democratic Congress with virtually no review - it closed Monday at 6763. And OMG, the last time the market was this low, a Democrat was President. The markets haven't finished this low since 1997.
We have seen a 22% decline in the economy so far this year. It's down 1400 points in the forty days since Obama became President. It's down nearly 3000 points (2862, to be precise) since Obama was elected. And while we're constantly being told that Obama "inherited this economy," the simple reality is that CEOs and financial experts were warning us of an Obama-economic-disaster all along.
And to that end I wrote an article entitled, "As economy tanks under Obama, CEOs, investors say "We TOLD you so!" that I followed with "No confidence in Obama: Market loses 9.7% since plan announced."
That second article was written in February 19, back in the good old days when the DOW was only down to a 6 year low of 7447. Between then and now, Obama proposed his $3.55 trillion budget (featuring $1.75 trillion in deficit spending) and then proposed his $634 billion socialized medicine agenda. Obama keeps demanding more and more and more socialist spending and investors - ala Roberto Duran - keep shouting, "No mas! No mas!"
Obama has ALREADY expanded the government so much that he's now spent twice as much as the cost of the Iraq War - in just one month. And he hypocritically claims that he "inherited the deficit" even as he dwarfs the spending of President Bush.
Realize that President George W. Bush - demonized as he was by the left - had to deal with the economy-crushing blows of the terrorist attack of 9/11, the war in Afghanistan, the war in Iraq, Hurricane Katrina, and Democrats who TWICE refused to regulate the Government Sponsored Enterprises (Fannie Mae and Freddie Mac) whose shocking mismanagement played a major role in imploding our economy. President Bush was able to do remarkably well dealing with the disasters of the worst terrorist attack in history, two wars, and the greatest natural disaster in American history. It was the disaster that is known as the Democratic Party that he couldn't overcome.
The truth of the Democrat's central role in undermining the economy has been out there all along; but the mainstream media simply refused to report it.
Watch this 8 minute C-Span footage of Democrats blocking Republican regulation efforts from 2004 - and get OUTRAGED!
You watch that 2004 hearing on regulating Fannie and Freddie, and realize that Republicans were trying to protect this country from a massive coming economic disaster, while Democrats were risking this country's future in protecting their special interests and their narrow partisan agenda.
Watch a four minute timeline presentation of the scandalous refusal of Democrats to regulate Fannie and Freddie going all the way back to 2001.
Watch a four minute video of the Fannie Mae CEO calling Democrats - and Barack Obama - "family" and "the conscience of Fannie Mae" for obstructing Republican reforms even as he acknowledged that his organization was out of control.
If you actually watched them, you'll realize that President Bush and many Republicans predicted economic collapse unless the totally-out-of-control GSEs were reigned in with regulation - regulation that Democrats unanimously opposed.
And realize that the United States of America deserves this economic catastrophe, because Americans have become so perverse that they believed the propaganda of a blatantly dishonest and corrupt mainstream media. If you voted for Barack Obama, you and yours frankly deserve to suffer because you mindlessly believed a lying ideology.
I've saved all three of these videos to my hard drive, because I know that the same fascist Fairness Doctrine Democrats are going to ultimately suppress any first Amendment right to free speech that discredits them in the same snide, underhanded way that they are already trying to suppress our second Amendment rights to own guns.
More than anything, the stock market is an indicator of FUTURE economic health. Trying to blame a bad stock market on Bush is fundamentally wrong.
1388?
It doesn’t take a genius to know that socialism hurts the markets. Kudos to Dick for sounding the alarm, but this is pretty basic economics.
bump
but he lost me when he said definitively that hillary would win the nomination and the presidency. this guy is rarely right.
I googled Dow and March 2008 to find my number. Yes. It was at 1388 in March, 2008.
If Dick Morris were trying to sell me a car, I wouldn’t buy it.
And, yeah, he’s certainly been wrong.
But read that quote again, turn on the TV or read a newspaper or something, and you will see that his prediction of an Obama presidency was spot on.
The One to the country:
“Tank you very much.”
March 2008 high point for the DJIA (Dow Jones Industrial Average) was 12,532 on March 25th.
OK Great Dick Morris gets another of his 1001 predictions right. I really don’t look on Morris as the Great Seer of the Right. He makes volumes and volumes of predictions— and just by the sheer volume of verbiage, some of it has to be correct. He is entertaining though.
we all know a broken clock is right twice a day. is it really that hard to figure out that wall street does not like democrats in the white house? ESPECIALLY when they have a democrat congress as well?
this was an easy call. i prefer morris when he bashes the clintons. it's classic.
Check again, you are wrong. Did the Dow go up since then? Think about it.
Couldn’t have been thirteen hundred something. It would have to have been thirteen thousand something.
The DJIA was nowhere near 1388 in March 2008. It peaked at 12,548.64 on 3/24/08 and bottomed at 11,740.15 on 3/10/08. I think you mean the S&P 500, which was in the 1300s during that time, but on no day did it peak or close at 1388.
http://www.google.com/finance/historical?cid=626307&startdate=3%2F1%2F08&enddate=3%2F31%2F08
All I can tell you is that I went to an article like this one (not sure if it’s the same), looked at the chart, and read to confirm.
http://usindexweekly.blogspot.com/2008/03/s-dow-weekly-22nd-march-2008.html
I tried to get accurate info without devoting my life to the pursuit of what is actually a rather niggling detail in a story.
But say you’re right. Say it was 12,532. Explain to me how that somehow changes everything.
Morris didn't take into account the ACORN fraud factor. Hilary would have won the democratic nomination if not for that.
NOW I see why this is a big deal; I was on autopilot when I wrote this, saw a number on the chart and misinterpreted it (i.e. 1388 as 13,388).
Another fellow corrected me with the actual figure. I’ll apologize to him and go with his number.
I very much stand corrected. Someone else stated it in a way that made me slap my forehead.
I looked at the chart and saw “1388” but in my rush I interpolated it as “13388.”
NOW I understand why that little detail matters. Thank you for pointing it out.
I thought about it, and you are right.
I saw a chart that had “1388” and interpolated it as “13388.”
My bad. Someone else gave the number in the high 12000s.
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