On Nov. 4, after Barack Obama clinched the White House, the market closed at 9,625.28.Actually, Obama's effect on the market goes back further and is far more profound than the quote above indicates. At mid-September 2008, the DJIA was orbiting about the 11,400 mark. Once investors realized in mid-September that Barak "Milli Vanilli" Obama was likely to be chosen by American voters, stocks began to plunge. Subtracting 7,600 from 11,400, one obtains a 3800 Obama stock crash -- so far.
In mid-morning trading today, the day President Obama signs his massive Generational Theft Act into law and a day before he unveils a massive new mortgage entitlement, the Dow dropped to to 7,606.53.
Now, imagine if President Bush had presided over a 2,000-point stock market tumble in the same time period — during the first few months of his presidency. _MM
In truth, Obama's destruction of capital markets is just beginning. The neo-fascist lip-synching president is doing everything precisely wrong. He is shifting the center of gravity from the private sector to the extortionate public sector. He is burning the fields, destroying all possible seeds of recovery, and salting the soil.
Rather than abolishing government marketplace distortions that brought on the current economic malaise, the new reich is solidifying them in-place, and building the distortions to catastrophic levels. Buckle up for the wildest economic roller-coaster ride of your life.