Anybody want to guess what happened on Wed, January 19th right before the market fell off a cliff? If you guessed Obama delivered a politically charged speech to rally for his own support and crucify others, you’re right! On Wed, January 19th, Obama went on national TV to tell the world, “we want our money back” and “if they want a fight, a fight is what they’ll get.” The “they” of course, are “greedy rich” people. The markets immediately started to sell-off and the S&P 500 is now down about 6% since.
Good old fashion class warfare is never good for the economy, neither is continuous political jibber jabber. Do you ever remember a president being on TV as much as our current president? The risk of overexposure is very real, and the record low approval rating for any president at this point in his term shows this. The State of The Union address is supposed to be an opportunity to unify the people. Besides the typical feel-good rhetoric, what I heard was a continued attack on others, protecting personal interest groups, and maintaining giant silos.
YOU SO CRAFTY NEBRASKA
Did you know that Nebraska is the only state in America that won”t have to pay for new Medicaid recipients if the bill passes? What makes Nebraskans more special than other Americans? The answer lies in a special deal the president brokered with Senator Ben Nelson to buy his vote! If Nebraska did have to pay for new medicaid recipients, Senator Ben Nelson wouldn’t have voted for the bill! Good for Senator Nelson for looking out for his people. But tell me honorable readers, how is this legal, and not frowned upon by the rest of the country?
I am absolutely for health care reform. We have an expensive system with 40 million + people who don’t have insurance for whatever reason. We live in a society where if there’s a drug that costs $100,000 to extend your life by 6 months, everybody feels they deserve to take it, but nobody is willing to pay for it. Fine. Since everybody wants the best and most expensive health care, let’s spread the burden among everybody, and not just to the non-Nebraskans!
THE PEOPLE ASK FOR THEIR MONEY BACK AND LOSE BILLIONS MORE INSTEAD
I wonder if the angry mob knows that the more the government is against capitalism, the more we all suffer. With the market down 6% in a week, the people have lost over $40 billion in equity from their 401Ks, IRAs, and general stock investments. Essentially, anybody with anything to invest just got a nice black eye.
The funny thing is, the angry mob got what they deserved. They asked for our president to come down hard on every financial institution, instead of just targeting particular people in power, and the mob is sharing in the pain.
What used to be an absolute certainty about Obama’s second term now looks tenuous at best. The “wealthy” were instrumental in his candidacy, and now their support is gone. If the unemployment figures do not improve over the next 12 months, there’s no doubt Obama will also start losing the middle class.
It’s sad, because I along with millions of Americans really wanted Obama to succeed. He has fantastic oratory skills and knows how to galvanize people into action. Obama was going to change dirty politics and turn our ship around. What we’ve learned from the Massachusetts Senate change (which was consistently left for 30 years until Ed died) and the low approval ratings is that the public aren’t mindless idiots.
The people realize that buying votes is wrong and that punishing innocent people at non-TARP banks while protecting AIG and the auto industry who haven’t’ paid back anything is a double standard. The people of America are speaking. The question is, are the people in charge of America listening?
Readers, please read more about the deal Obama struck with the Senator of Nebraska regarding the health care bill. It sickens me to my stomach that he talks about doing the right thing when he’s doing something else.
Do you think Obama knows what he did was wrong? If so, is he thinking that the means justify the ends?
If the employment picture doesn’t improve, do you think Obama will get re-elected?
Why does the government want to punish everybody making over $200,000 and not encourage and reward them instead?
Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”