“The stock market is just another political tracking poll” … huh?

Ken’s Take:

A few weeks ago, a reader replied to one of my posts joking (I think) that Pres. Obama must be shorting the market the way he’s talking and acting.  Suddenly, the reply isn’t sofunny.  There may be method to the madness.  If the stock market impact is most felt by (previously) wealthy folks, hen the decline levels the playing field — a stated Obama goal —  making everybody worse off and more dependent on the government.  Think about it.

Even if you pin all of the stock market drop on Bush, it’s clear that Obama isn’t taking any direct initiative to stem the decline.  The non-stimulus plan is conforming to the Congressional Budget Office’s assessment that it will have little or no impact in 2009.  And, actions that might steady the market — e.g. lower capital gains taxes on stocks bought in 2009 and 2010, restoration of the uptick and short selling rules — are dismissed out of hand as favoring the rich.

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Excerpted from NY Post, ” Obama’s search for an enemy”, March 8, 2009 

The President dismisses the growing perception he is adding to the economic pain. Asked about the markets, Obama waved them off as like a “tracking poll in politics” that “bobs up and down day to day.”

It was a telling moment, for the markets on his watch have moved almost exclusively down. And the 55 million households that hold mutual funds are watching their savings and retirements vanish in great gobs.

Most are decidedly middle class, making them collateral damage of this war.

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Full column:

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