Friday, August 5, 2011
Well that didn't take long. Whether we're talking about Washington adding trillions of new dollars in debt, or Barack Obama making a not-so-secret wish ("Please let America crumble") when blowing out his birthday candles, the stock market has reacted by plunging in ways not seen since the bad old days of 2008.
Previously, administration officials have accused Wall Street of doing this deliberately just to make Barack Obama look bad. But just maybe the reason for this death spiral is that there are no new jobs, consumer spending has dried up, manufacturing numbers are in the toilet, and basically anything else than can go to Hell is now emitting the strong stench of sulfur and brimstone.
Which is why Obama's administration has instituted an emergency tax freeze for businesses and...no wait, they didn't do that. Well, it's why they've decided to make capital gains taxes less painful for investors and...hang on, they didn't do that either. Well, it's why they lowered our actual debt by the $4 trillion that Moody's insisted was the only way to avoid a credit downgrade and...and...
No, of course they didn't do that. They simply borrowed much more foreign money, made no plans to ever pay off our bills, and labeled as "terrorists" anyone who calls for a balanced budget.
In other words, Barack Obama and his Lefty cohorts deliberately killed the last vestige of "Hope" that this administration would ever embrace - or even allow - fiscal responsibility. And the investment world (and the World in general) now clearly see the United States for what it is: economic roadkill.
But the most frightening thing of all is this: Barack Obama, speaking at his gala "millionaires only" birthday bash, looked out at the flaming ruins of his accomplishments and said "we have made some incredible strides...but we're not even halfway there yet."
Maybe not. But the screams of the damned are growing louder every day.