Posted on 03/03/2009 1:13:54 PM PST by mnehring
Today Obama said not to worry about the market:
...he is not intently focused on the “day-to-day gyrations of the stock market,” comparing the downward roller-coaster on Wall Street to the fickle nature of political polls.“You know, it bobs up and down day to day,” Mr. Obama said. “And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.”..
However...
October 1st, 2008 was a different story:
On Monday, over the course of a few hours, the failure to pass the economic rescue plan in the House led to the single-largest decline in the stock market in two decades. Over $1 trillion of wealth was lost by the time the markets closed. It wasn't just the wealth of a few CEOs on Wall Street. The 401(k)s and retirement accounts that millions count on for their family's future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hard-working Americans who invested their nest egg to watch in grow are now watching it shrink.But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we don't act and act immediately. That's why I'll be flying back to Washington immediately after this rally
So, we shouldn't worry about 'day to day gyrations' but what happens over a few hours is a 'crisis' that must be fixed immediately.
But that was “then” this is “now” you can’t generalize over a few spoken words... They’re just words after all, nothing to see here. Move along.. /s
Dare I say, our 0 is insane. Anyway you look at it, the markets are a barometer to the helth of the economy.
The conflation I’m trying to assemble is the quote 0bama made before the infliction [paraphrasing]
“....only the Amercian spirit, the individual can turn this economy around”
followed by
“Only the government can turn this economy around.
A complete a total 180 degree turn from the liar in chief.
.
The market is calling bullsh!t on Obama and he is beginning to notice.
Funny - but likely to be true.
Same defense Dan Rather had as I recall when confronted with information that refuted his claims on Bush’s resume.
Then it was on Bush’s watch. Now it’s on his watch. Then it was worth remarking about. Now it needs minimizing...
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