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The market's harsh verdict on Obamanomics
Christian Science Monitor ^ | March 4, 2009 | Mark Skousen

Posted on 03/03/2009 10:31:08 PM PST by FocusNexus

The Dow is sinking and Obama's budget is a disaster. But despite dire trends, free markets will prevail.

Officially, President Obama's $3.6 trillion budget is titled "A New Era of Responsibility."

That's false on two counts. It's an era = not of responsibility, but of big-government taxation, spending, and regulation. And it's not new. History is full of attempts to inflate the state to grow the economy. Virtually all have ended badly. As Monday's sell-off reminds us, Wall Street's verdict on Obamanomics has been quick and sharp.

To help pay for this, Obama proposes the largest tax increase in history. Some of this, such as new taxes on oil and gas companies, is explicit. Some of it, such as the new cap and trade program, is quite subtle. And some of it will "merely" repeal the Bush tax rates on high incomes. But all of it represents a tremendous muzzle on the economy at a time when it needs to be unleashed.

In sum, the ideas of Adam Smith and his modern followers will make a comeback. Already, pro-market forces are gathering in Congress to defeat Obama's ambitious and highly socialistic agenda. Charities and nonprofits are already up in arms about the proposed limits on tax deductions for wealthy donations for good causes.

I'm doing my part by holding the world's largest gathering of free minds at FreedomFest, July 9-11, 2009, in Las Vegas. For details, go to www.freedomfest.com. I hope you will join us.

(Excerpt) Read more at csmonitor.com ...


TOPICS: Business/Economy; Editorial; Government; Politics/Elections
KEYWORDS: bho44; bhoeconomics; bhomarketcrash; markets; obama; obamanomics; teaparty; wallstreet

1 posted on 03/03/2009 10:31:08 PM PST by FocusNexus
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To: FocusNexus
Officially, President Obama's $3.6 trillion budget is titled "A New Era of Responsibility."

It is amazing how every democrat party legislative effort is named precisely the opposite of its true intent. Like "Fairness Doctrine."

This is closely related to the fact that every word from Obama's seductive sociopath mouth is a complete lie. In fact what Obama SAYS is the precise opposite of what he DOES.

2 posted on 03/03/2009 11:19:57 PM PST by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: FormerACLUmember

The DOW is down 33% in 4 months.


3 posted on 03/03/2009 11:21:49 PM PST by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
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To: FormerACLUmember
It is amazing how every democrat party legislative effort is named precisely the opposite of its true intent. Like "Fairness Doctrine."

WordSpeak

Orwell was right.

4 posted on 03/03/2009 11:21:59 PM PST by airborne (Life, Liberty, and the Pursuit of Happiness! Enjoy it while you can!)
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To: FormerACLUmember

-—”It is amazing how every democrat party legislative effort is named precisely the opposite of its true intent. Like “Fairness Doctrine.”

Add to that “Affirmative Action” - there is NOTHING “AFFIRMATIVE” about state-sanctioned racism. Period.


5 posted on 03/04/2009 12:04:11 AM PST by AlanGreenSpam (Obama: The First 'American IDOL' President - sponsored by Chicago NeoCom Thugs)
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To: FocusNexus
Obamanomics
Obamunism

6 posted on 03/04/2009 12:06:06 AM PST by Bon mots
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To: FocusNexus

I am doing my part, i sold 2 years ago.


7 posted on 03/04/2009 12:25:35 AM PST by genghis
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To: FocusNexus
...free markets will prevail.

How prey tell, do free markets succeed after they are no longer free?

8 posted on 03/04/2009 1:05:32 AM PST by Nateman (FUBO and the Alinsky you rode in on!)
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To: TomasUSMC
The DOW is down 33% in 4 months.

  Changing the accounting rules, cutting taxes, and eliminating both the corporate tax and the capital gains tax would turn everything around very quickly. Of course, Obama and the other Democrats will never do anything of the sort. If we applied their global warming logic to the Dow, it would be completely gone in a year! Are they trying to crash the market? In any case, I think we should treat them as if they are trying to destroy the market.They want to 'solve' the problem with socialism.There can be no compromise. They must be defeated.
9 posted on 03/04/2009 1:22:55 AM PST by Maurice Tift (You can't stop the signal, Mal. You can never stop the signal.)
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To: Maurice Tift
Are they trying to crash the market?

In a word, YES!

http://www.freerepublic.com/focus/f-news/2134324/posts

10 posted on 03/04/2009 2:12:43 AM PST by REPANDPROUDOFIT
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To: FocusNexus

HA-HA-HA-I voted Republican


11 posted on 03/04/2009 4:07:36 AM PST by G-Man 1
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To: Maurice Tift

Who is John Galt?


12 posted on 03/04/2009 4:07:48 AM PST by RochesterFan
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To: Maurice Tift
Yes they are trying to destroy the economy. That would make every one equal. noboma is a communist. He dosen’t care about the debt. It will make every one equely poor and dependent on the gov. Read Das Capital by Carl Marx. It's his Bible.
13 posted on 03/04/2009 4:15:44 AM PST by G-Man 1
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To: G-Man 1
HA-HA-HA-I voted Republican

40% of the earmarks in the budget are Pubbie earmarks. Voting Pubbie is nothing to brag about.

14 posted on 03/04/2009 4:18:15 AM PST by mewzilla (In politics the middle way is none at all. John Adams)
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To: FocusNexus

Short stocks, put your money into inverse ETFs, and invest in mutual funds that specialize in short selling. These are the only ways to make money under Obama.


15 posted on 03/04/2009 5:36:20 AM PST by Mister Fleas
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