The stock market bets on the FUTURE, not the past.
Obama said Tuesday it will take time for the mistakes of the past to work their way out of the system.
While the mistakes of the past are long gone, the market is reacting to what you are- and aren’t- saying NOW, Mr. President.
The Wall Street Journal rebuts Obama’s claim even further.
“The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they’re no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.”
As the DOW keeps dropping, the President is running out of people to blame.
Read the full story here.
Update: Even liberal CNBC Madman Jim Cramer joins the chorus.
The Anointed One has changed his Campaign Slogan, “..Change you can believe in”, to his Administration Slogan: SCREW THE USA.”