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Why Obama is AWOL on the market meltdown
National Post ^ | November 22 2008 | David Frum

Posted on 11/22/2008 12:58:55 PM PST by knighthawk

The worse Bush looks in 2008, the longer Obama can blame him for the problems of 2009, 2010 and 2011"

Thursday was a terrible day in the financial markets. Hit by dire unemployment numbers, equities tumbled, and investors raced for the safety of U.S. government bonds. The interest rate on short-term Treasuries has dwindled to 0.02%; the interest on low-grade corporate bonds has soared to 20%.

(Excerpt) Read more at network.nationalpost.com ...


TOPICS: Editorial; News/Current Events
KEYWORDS: 110th; bho2008; bush; economy; frum; obama; obamatransitionfile
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1 posted on 11/22/2008 12:58:56 PM PST by knighthawk
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To: knighthawk

Obama wants a depression.

Just ask Rahm “crisis” Emmanuel.


2 posted on 11/22/2008 1:00:22 PM PST by BenLurkin
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To: MizSterious; Nix 2; green lantern; BeOSUser; Brad's Gramma; dreadme; Turk2; keri; ...

Ping


3 posted on 11/22/2008 1:00:29 PM PST by knighthawk (We will always remember We will always be proud We will always be prepared so we may always be free)
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To: knighthawk

He’s voting ‘Present’ as usual.


4 posted on 11/22/2008 1:02:08 PM PST by Jet Jaguar (Who would the terrorists vote for?)
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To: knighthawk
The Democrats will be running against George W. Bush for a generation.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

5 posted on 11/22/2008 1:02:24 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: BenLurkin

He better get in his gym time now.


6 posted on 11/22/2008 1:03:08 PM PST by Perdogg (01-20-2013 Obama's last day)
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To: knighthawk

David Frum quoting Paul Krugman repeatedly. Why am I not one bit surprised....(eye roll)


7 posted on 11/22/2008 1:06:41 PM PST by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: knighthawk

He is AWOL because he is clueless. He is in so far over his head, and we are going to pay the price.


8 posted on 11/22/2008 1:06:46 PM PST by Yogafist
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To: knighthawk
"The worse Bush looks in 2008, the longer Obama can blame him for the problems of 2009, 2010 and 2011"

- Obama has made no secret about his hate, distain, and disgust for George Bush.

- Obama is very thin-skinned and can't abide criticism.

- Obama wants to be elected for a 2nd Term.

- Obama wants to raise your taxes

All of these logically lead to the reason that Obama - he lay low.
9 posted on 11/22/2008 1:09:36 PM PST by FrankR (Where's Waldo ([W]here [A]re [L]egal [D]ocuments [O]bama? (i.e. birth certificate))
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To: Yogafist
Running the United States is very different from being One of a Hundred in the Senate. That's why, as a rule, senators don't get elected President.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

10 posted on 11/22/2008 1:09:49 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: knighthawk
I don't get it, the dirt bag is not in office, If he came out and started acting like he was president, people would be raising hell about that as well. How about following the constitution.
11 posted on 11/22/2008 1:10:14 PM PST by org.whodat (Conservatives don't vote for Bailouts! Republicans do!)
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To: knighthawk
They have to keep the duct tape on his mouth. There are no teleprompter prepared comments for him to use in an impromptu type presser. The market is scared to death of the potential in an 0bama admin and it will continue to get worse before it gets better....
12 posted on 11/22/2008 1:11:08 PM PST by Born In America (Warning: Use liberals only under close conservative supervision.....)
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To: FrankR
And he has zero executive experience. He's good at talking about nothing unlike any one I've ever seen but if you expect him to take a definite stand, you'll be disappointed.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

13 posted on 11/22/2008 1:11:35 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: knighthawk; MurryMom
Obama can blame him for the problems of 2009, 2010 and 2011"

Don't the RATS control congress? Are they AWOL as well? Seems like it...

14 posted on 11/22/2008 1:13:55 PM PST by Libloather (November is Liberal, Leftist, Marxist Awareness Month.)
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To: knighthawk

15 posted on 11/22/2008 1:15:18 PM PST by COBOL2Java (Obama: Satan's Counterfeit Christ)
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To: Libloather

Oh, I do NOT think the RATS are “AWOL”....the RATS created this MESS...and they’re loving it....they’ve got people where they want them.....starting to panic...


16 posted on 11/22/2008 1:16:09 PM PST by goodnesswins (CONSERVATIVES....saving America's A** whether you like it or not!)
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To: knighthawk
The new minimum wage forced how many people to be let go...or not hired?

How many people entered the work force in the last six months?

How many people are waiting to see what Obama does before they hire?

Are illegals gertting unemployment?

17 posted on 11/22/2008 1:16:15 PM PST by Sacajaweau (I'm planting corn...Have to feed my car...)
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To: All

Well, just like that video of captain telepromter being late to so many commitee meetings in so little time, he probably is having second thoughts. Honestly when you look at what positions he has been in, and what little he has ever done with them, I think he is a more interested in getting places, than doing things, which would explain picking people to surround him that will take over..


18 posted on 11/22/2008 1:20:01 PM PST by uncle fenders
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To: knighthawk
When McCain asked Obama to participate in a solution to show the American people the power of a unified front, he declined.

Right now, Obama could announce no new taxes on investors and it would do a world of good, but he declines.

He wants the biggest emergency he can have on Day 1. This was the plan from the socialists all along. They never actually thought the CRA could create wealth and homes for the poor. They knew bankruptcy would be the result. They never really believed we could spread borrowed money to the masses forever. But they did it anyway. Because the bankruptcy of America creates a "new paradigm," an opportunity for the "change we've been waiting for," ...

History shows there have been other "leaders" who have fomented stress on the system so when the system breaks they can create a "new system" with their vision. I leave it to the reader to figure out who those "leaders" were.

19 posted on 11/22/2008 1:20:29 PM PST by PressurePoint
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To: knighthawk
He's too busy eating pie to be bothered with questions about the economy.

I like pie. Do you like pie too? I knew you would.



20 posted on 11/22/2008 1:21:11 PM PST by vietvet67
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To: goldstategop
"And he has zero executive experience."

Oh yeah. Forgot that one. I guess it is just sooooo obvious, it's a "given".
21 posted on 11/22/2008 1:21:44 PM PST by FrankR (Where's Waldo ([W]here [A]re [L]egal [D]ocuments [O]bama? (i.e. birth certificate))
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To: knighthawk

cause he cant do the only things that will work,,, cut taxes a lot and spending even more.


22 posted on 11/22/2008 1:22:52 PM PST by DesertRhino (Dogs earn the title of "man's best friend", Muslims hate dogs,,add that up.)
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To: knighthawk

Also,, this story is already written. Any honest study of the great depression makes FDR, by far, most responsible for the depth of the suffering and the fact that it never ended until we geared up for WWII. But ask anyone,, Hoover caused it, and FDR saved us.

For the next 5 decades,, we will hear about Bush’s depression,, (so labelled for political reasons) and that Obama saved us. We can drag on in statist misery for a decade and it will never be Obamas fault.

Bush was bad for the USA IMO. He was a tool of one world government types. He did nothing to stop the spending train and the real estate corruption. He actively pushed us closer to UN governance. He allowed our boys to endure criminal prosecutions for killing the enemy and trying to survive a firefight in his PC military environment. He locked up our border patrol boys for a soviet “tenner” (10 year sentence) when *at most* they deserved to be fired.

I just dont like him anymore honestly. But he wont deserve the blame he is about to carry forever for everything that happens in our economy for at least a decade or 2 in the future, it’ll all fall at his feet. I even fear they will go the Pinochet route on him in 20 years.


23 posted on 11/22/2008 1:34:09 PM PST by DesertRhino (Dogs earn the title of "man's best friend", Muslims hate dogs,,add that up.)
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To: knighthawk

If within 2 years this country doesn’t show major improvement thanks to Obamas lies for Change, the DNC will be slaughtered in mid terms....of course that also depends on a miracle that Republicans grow testicles by that time; and Obama won’t beable to pass anything. of legislative substance. Sort of how Clinton got check mated. But that is all big if’s!


24 posted on 11/22/2008 1:36:44 PM PST by Bommer ( Republican Party - RIP!)
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To: knighthawk
The Dow Jones Industrial Average is down from about 11000 in late September -- around the time it became apparent that Obama was likely to be elected -- to about 8000 now. We can't blame all of this decline on Obamaphobia, but certainly it has played a major role.

Of course, Obama and his backers will maintain that he is blameless for the decline, as he is not yet President. It wouldn't shock me to see the Dow at 6000 on Inauguration Day. If so, and if it gets back to, say, 9000 by the time the next Presidential campaign is heating up in mid-2012, Obama will be able to point to a 50% increase in the Dow, as evidence of the efficacy of his fiscal and monetary policies.

25 posted on 11/22/2008 1:40:11 PM PST by southernnorthcarolina (May contain traces of tree nuts.)
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To: Yogafist

Your comment about O being in over his head is so wrong. And many who follow that logic have already lost the battle.

Communists create the very situation we are in on PURPOSE.

the meltdown was completely planned well in advance.

People really need to read and understand the communist plan for taking over a country.

Socialism always rides in the Trojen horse of emergency.

They are doing exactly what their plan calls for. And as each step is taken we will give up more freedoms.

Those who resist will go to re-education camps. Those who fail will be executed.


26 posted on 11/22/2008 1:42:12 PM PST by stockpirate (At least Code Pink goes OUT & FIGHTS for what they belleve in!!!!What do conservatives do? Blog.)
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To: All

Note that ill or incompetant can serve in the Senate, with little to no harm to the nation... One can do NOTHING except the bare minimum to get reelected, and do well. Obama is not alone in this.


27 posted on 11/22/2008 1:53:01 PM PST by PghBaldy (I shall call him President Little Squirt...)
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To: knighthawk

There is a Charleton Heston movie on tonight.


28 posted on 11/22/2008 1:59:11 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Yogafist

You ain’t seen nothing yet. Wait’ll the Waxman, Pelosi, and Reid Cap and Trade kicks in. At least Dingell fought CO2 limits because he know how much they would damage Detroit.

Energy costs will triple or quadruple before O leaves office. And not just gasoline, but every fossil fuel we use. Get ready for huge inflation as energy price hikes flow through the entire economy.


29 posted on 11/22/2008 2:00:53 PM PST by ProtectOurFreedom
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To: knighthawk
the interest on low-grade corporate bonds has soared to 20%.

Don't they mean the interest has increased 20% not to 20%, don't know to much about bonds other then I thought the yield was pretty low for them.

30 posted on 11/22/2008 2:29:54 PM PST by ReformedBeckite
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To: Yogafist
He is AWOL because he is clueless. He is in so far over his head

Bingo!

31 posted on 11/22/2008 2:34:31 PM PST by Right_in_Virginia
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To: DesertRhino
It's already the Obama Depression.

He went on a campaign of threatening to bankrupt coal fired electric power generators and return us to the Dark Ages.

He compounded that with a promise to raise taxes on families.

I think if you go back to FDR's campaign you will not find him threatening industry, commerce and families ~ sure, he ended up harming them, but he didnt' threaten them!

Obama is by far the stupidest man to ever be elected President.

32 posted on 11/22/2008 2:39:02 PM PST by muawiyah
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To: DesertRhino
Bush was bad for the USA IMO. He was a tool of one world government types. He did nothing to stop the spending train and the real estate corruption. He actively pushed us closer to UN governance. He allowed our boys to endure criminal prosecutions for killing the enemy and trying to survive a firefight in his PC military environment. He locked up our border patrol boys for a soviet “tenner” (10 year sentence) when *at most* they deserved to be fired.

You're absolutely right. I view Bush as a personally decent guy who had a lot of wrongheaded ideas (and some right ones), and was too bullheaded or unperceptive to adjust to the needs of the times. He wasn't fiscally conservative -- compassionate conservative was big ticket spending which didn't buy him love. He wasn't interested in border security. And, in the name of being liked, he was all too willing to cede authority to international organizations which don't merit it.

I don't expect anything good from BHO, but I'm hoping to be surprised.

33 posted on 11/22/2008 2:41:31 PM PST by Pearls Before Swine (Is /sarc really necessary?)
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To: Pearls Before Swine

The very ppl in leadership in the Democrat party are responsible for the meltdown.

Not buying.

It is all theirs...
Barney, Chris, Bubba


34 posted on 11/22/2008 3:02:03 PM PST by JaneNC (I)
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To: knighthawk

.

RUSH LIMBAUGH:

A still silent OBAMA could solve this economic crisis immediately by simply coming out and saying, while puting it in writing, that due to this crisis he will not increase taxes on personal income, busisnesses and capitol gains for the forseeable future.

But he will not do that, because he intends to use this crisis to install his radical liberal agenda on all us Americans.

A President that doesn’t even need to produce proof of his Natuaral Born Ammerican Citizenship.

NUTS.

.


35 posted on 11/22/2008 3:03:21 PM PST by ALOHA RONNIE ("ALOHA RONNIE" Guyer/Veteran-"WE WERE SOLDIERS" Battle of IA DRANG-1965 http://www.lzxray.com11)
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To: Yogafist
The 2008 election was a bit like 1920, when the country just wanted change and voted for an unknown and unqualified person who looked nice, and was of the opposite party to the incumbent President.

In 1932-33 the economy got worse in the transition period as more and more banks failed, but FDR refused to do anything to help Hoover deal with the situation. The media is already telling Obama he's the new FDR, so maybe he'll try to follow suit.

36 posted on 11/22/2008 3:26:34 PM PST by Verginius Rufus
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To: knighthawk

From the looks of Obama’s cabinet picks, his first term will be Clinton’s third term.


37 posted on 11/22/2008 3:44:46 PM PST by syriacus (OBAMA'S CHOICE ----> leave a newborn's fate in the hands of 2 people who wanted to kill her.)
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To: knighthawk
Obama needs his inner Chicago circle around him.
There is the brainchild Ayers, then his former campaign manager Axelrod who instead of managing Obama’s campaign now manages his presidency from staffing he can trust, to selecting daily, short and long term priorities.
Emmanuel will see that order is established and enforced, the wider and lower echelons/departments follow and march in line.
38 posted on 11/22/2008 3:51:38 PM PST by hermgem (Will Olmr)
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To: Cacique

bfl


39 posted on 11/22/2008 4:28:06 PM PST by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: BenLurkin
Let's say that again, LOUDLY:

Obama wants a depression.

Just ask Rahm “crisis” Emmanuel.

40 posted on 11/22/2008 4:33:17 PM PST by combat_boots ("In a time of universal deceit, telling the truth is a revolutionary act."Aldous Huxley)
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To: Bommer

“the DNC will be slaughtered in mid terms”

Which is exactly why the Birth Certificate issue will never be permitted to be heard. If this issue gets the light of national coverage, the Dems and the DNC will explode, and they would rather we did if they could keep what power they have.

The power hungry will do ANYTHING to maintain their control.


41 posted on 11/22/2008 4:40:15 PM PST by combat_boots ("In a time of universal deceit, telling the truth is a revolutionary act."Aldous Huxley)
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To: knighthawk

It is my hope that the Dem’s shortsightedness will be their undoing. Sure, they are largely responsible for this mess, and they were the ones that triggered the current meltdown, so that they could get power. However, the law of unintended consequences could hinder their plans because the dems do not understand that there is no way to afford what they want to do because the collapse they triggered is causing a snowball effect in the world economy. Furthermore, they are counting on the sheeple blindly following along as the socialist aganda is implemented. It is possible that enough people will wake up and put an end to this via the next several elections because the fear and misery does not go away like they are expecting. That is where solid conservative candidates and grass roots activism comes in.


42 posted on 11/22/2008 6:12:14 PM PST by yawningotter
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To: JaneNC

The very ppl in leadership in the Democrat party are responsible for the meltdown.

Not buying.

It is all theirs...
Barney, Chris, Bubba”

Don’t forget Chuck me Schumer.


43 posted on 11/22/2008 6:45:38 PM PST by ridesthemiles
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To: COBOL2Java
No, We Can't

Good one, but maybe in 4 years we can turn that into, "No, HE Can't".

44 posted on 11/22/2008 7:42:29 PM PST by pawdoggie
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To: Pearls Before Swine

Didn’t he keep us out of the Kyoto agreement? The International court? Didn’t he defy the United Nations and go into Iraq anyway? He also reversed what Clinton did with that-what did they call it-Mexico City Agreement that Reagan put in? The one I’m talking about is the one where Planned Parenthood was trying to get funds for family planning around the world.

Ronald Reagan kept signed some agreement where Planned Parenthood wouldn’t get taxpayer money for that purpose. Clinton reversed it, then our current Pres. Bush reversed it back to the agreement R.Reagan put in. There were some international groups that he didn’t go along with! Those were a few he didn’t go along with!


45 posted on 11/22/2008 8:34:20 PM PST by dsutah
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To: dsutah

I didn’t say he was all bad. I think he lost interest and focus in the last two years.


46 posted on 11/22/2008 8:42:23 PM PST by Pearls Before Swine (Is /sarc really necessary?)
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To: knighthawk

For the past year, the Dow dropped steadily, from a historic high of over 13,000 in November 2007, to a five year low of under 8200 in October 2008.

After October, the market regained a some ground. The Dow closed at 9625 on Election Day, an increase of over 17% from the market low a week before, but still down over 25% from the high a year before.

The morning after Obama was elected, the market immediately began to
plunge again, dropping steadily for the next two weeks until it
bottomed out at 7552 (an historic post-election drop of over 21%).

I don’t recall hearing a single media pundit even suggest the possibility that the market was reacting negatively to Obama’s election. This despite the fact that polls immediately before the election showed that 90% of corporate CEOs thought that the election of Obama would be bad for the economy.

Corporate CEO’s think electing Obama will be a bad thing. Immediately after Obama is elected, the market plunges. Nope, no possible cause and effect there.

Last week, the market again regained a little ground, from 7552 to 8829, an increase of almost 17% in only a week. The media was ecstatic in crediting this relatively small uptick in the market as The Obama Surge.™

According to George Stephanopoulos on Sunday:

“You got to give him credit for one thing at least: ever since the leak of Tim Geithner as Treasury Secretary at 3:00 last Friday, the Dow has gone up 17%, the S&P has gone up 19%. So at least there’s been a vote of confidence in the markets for president-elect Obama”

http://abcnews.go.com/Video/playerIndex?id=6361258

According to this morning’s USA Today:

“President-elect Barack Obama hasn’t even moved into the White House yet. But Wall Street is already showering him with praise for injecting confidence into the battered psyche of investors and working quickly to hatch a plan meant to jolt the economy out of its worst funk in decades.

A market that two weeks ago was desperate for political leadership and a clear strategy to repair the economy appears to have found it in Obama, who is fast emerging as a decisive economic commander in chief.

Stocks soared last week after Obama moved aggressively to fill the power vacuum until he’s sworn in and demonstrated his commitment to dig the USA out of its economic rut.”

http://www.usatoday.com/money/markets/2008-11-30-obama-stock-market-economy_N.ht\m

So today, the Dow plunged again, closing at 8150, a one day drop of almost 8% and a drop of over 15% since election day. The only question is how quickly will the media come up with an explanation for how Bush is responsible for screwing up The Obama Surge.™


47 posted on 12/01/2008 3:20:09 PM PST by kennedy (No relation to Teddy.)
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To: Born In America
The market is scared to death of the potential in an 0bama admin and it will continue to get worse before it gets better....

No doubt. And the only MSM stories were about the very few up days being because of Obama's cabinet selections! No word on that the first 2 days after the election were the 2 days of largest market drops in history. Or that it's now down over 12% since the election almost one month ago.
48 posted on 12/01/2008 4:36:47 PM PST by CottonBall
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To: stockpirate
They are doing exactly what their plan calls for. And as each step is taken we will give up more freedoms. Those who resist will go to re-education camps. Those who fail will be executed.

I agree. After the fairnedd doctrine is implemented and the internet controlled - free speech will be a thing of the past. The only silver lining is that so many are stocking up on guns. The MSM refuses to believe gun sales are up - but every store and every website I've been to stays they are a month behind in their stock. And the stores are packed. I hope each gun buyer is willing to do what our Founding Father's did...
49 posted on 12/01/2008 4:40:21 PM PST by CottonBall
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To: kennedy

Thank you for a great post and accurate data that I will refer to again and again when dealing with liberal idiots.


50 posted on 12/01/2008 4:42:34 PM PST by CottonBall
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