Is It Any Wonder The Market Continues To Sink?

IBD Editorials ^ | February 20, 2009

[Kaslin]

Last Oct. 13, in trying to explain why the market had sold off 30% in six weeks, we acknowledged that the freeze-up of the financial system was a big concern. But we cited three other factors as well:

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• The imminent election of "the most anti-capitalist politician ever nominated by a major party."

• The possibility of "a filibuster-proof Congress led by politicians who are almost as liberal."

• A "media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises."

No wonder, we said then, that panic had set in.

Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But it still looks, as we said four months ago, "like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that made it all possible."

How else would you explain all that's happened in a few short weeks? How else would you expect the stock market, where millions cast daily votes and which is still the best indicator of what the future holds, to act when:

• Newsweek, a prominent national newsweekly, blares from its cover "We Are All Socialists Now," without a hint of recognition that socialism in its various forms has been repudiated by history — as communism's collapse in the USSR, Eastern Europe and China attest.

Even so, a $787 billion "stimulus," along with a $700 billion bank bailout, $75 billion to refinance bad mortgages, $50 billion for the automakers, and as much as $2 trillion in loans from the Fed and the Treasury are hardly confidence-builders for our free-enterprise system.

[ME-262]

I talked to a man the other day who couldn't understand why Obama wasn't doing more to help small businesses. He seemed to think if small employers could keep their employees on then they could pay their mortgages and then banks might not need bailouts. I suspect this man had voted for Obama and does not comprehend that Obama does not have his best interest at heart. He fails to realize that Obama does not want capitalism to defeat socialism, and ending the US dominance of the globe is his first order of business. Obama’s wife had never been proud of America until we nominated her socialist husband to change America. The sooner America realizes Socialism is based on the false premise that people have an unselfish nature, the better.

[HowlinglyMind-BendingAbsurdity]

Maybe the orchestrated run on money markets in September '08.

[ccmay]

The explanation is the Cloward-Piven Strategy

They'd better be careful what they wish for, because they just might get it.

If the social contract breaks down, many previously dormant methods for preserving our liberty become not just justifiable, but actual moral imperatives.

Our Founding Fathers left us the example, and the means. I hope they left us the guts too.

-ccm

[griswold3]

How did Gross National Debt go from $620B to $10.6T in 2 years?