Appearently there wasn’t much “hope” on Wall Street today as the Dow tumbled another 300 points. Funny thing, as I understand most Wall Street types are liberals (which is about as baffling to me as Stockholm syndrome). I don’t claim to be an economist but I have made what seems to be a rather elementary observation.
This past summer, Obama and McCain were pretty much neck-and-neck in the polls. Then in the fall, just in time for the election, Wall Street hands Obama a gift with a 700 point drop in September and a massive 1500 point drop in October. All of this seemed to give Obama the boost he needed to win the trust of the American people. After all, they wanted change!”
Congress has spent hundreds of billions of dollars to bail out our banking system (which seems to be at the heart of this crisis) yet the market hasn’t even budged. In fact, since election day, the Dow has lost an additional 1800 points. So what will Congress do next? Spend hundreds of billions more, of course! After all, according to The One, only government can save us now.
Such news doesn’t even seem to faze the market though. Stocks keep going down, unemployement keeps going up. Obama even promises us that “it’s going to get worse.” So what is it with these pesky investors? Why isn’t the market falling into line like Uncle Sam Barack has told it to? So much for “hope” and “change”.
President Obama, if you really care about the financial well-being of our country, a country you claim to love so much, please take a note from one of the (few) truly great Democrat presidents, President Kennedy. He knew that in order to truly “lift everyone up”, to grow the economy, there must be TAX CUTS.
Yes, yes, you’re promising “tax cuts” but we all know that a good portion of those “tax cuts” are really just more handouts to people who don’t pay taxes (EITC). The market called BS on this one because since you made that promise a week or two ago, nothing has changed. The market continues to drop like my paycheck. No, I’m talking real, ACROSS THE BOARD tax cuts. Yes, even for those evil rich people.
What do you think rich people do with their money, Mr. President? Do they stuff it in mattresses? No, they SPEND it (which boosts demand). They INVEST it (which creates jobs). They SAVE it in banks (banks that will invest that money to make it grow). And here’s the real kicker: All that growth results in more tax revenue into the treasury! Now remember Mr. President, Kennedy’s tax cuts weren’t very popular with the liberals in his party (it never is!). He took some heat for it. But it was THE RIGHT THING TO DO. And by golly, it worked!
You have a choice Mr. President. You can either save our economy from sinking even further into a depression, or you can just tax and spend your heart out for the next 4 years while the market continues to lose value. Everyone knows the “New Deal” spending didn’t get us out of the depression. What makes you think your spending will be any different?
You made history today, President Obama. You’re the first black president of the United States of America. This truly does give hope to people all over our country who reflect on the historical tragedies of slavery, raciscm, and the segregated South. Don’t let history remember the first black president as being a failure because he refused to make the tough decisions that you spoke about today. Sometimes tough decisions are unpopular in the short run, but they lend to greatness in the long run. Just ask President Kennedy.
[Shhhhh…. just between you and me….. Part of me hopes Obama doesn’t do anything of the sort. He should go ahead and raise taxes on those who create jobs & spend my money like there’s no tomorrow. Come 2012, we’ll have Bobby & Sarah ready to take his place. I can see the bumber stickers now: “So How’s That ‘Change’ Working For Ya?”]