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Willisms

« Trivia Tidbit of the Day: Part 538 -- Wasted TARP Money. | WILLisms.com | Trivia Tidbit of the Day: Part 540 -- Trial Lawyers Own The Texas Democratic Party »

Trivia Tidbit of the Day: Part 539 -- The Obama Stock Market.

Debbie Downer Needs Some Hope-

Investor's Business Daily ponders, "is it any wonder the market continues to sink?" and offers a nice series of explanations:

obamamarket.gif

A couple of the explanations:

• Trade protectionism passes as policy, even amid the administration's lip service to free trade. Congress' vast stimulus bill and its "Buy American" provisions limit spending to U.S.-made products and will drive up costs, limit choices and alienate key allies.

Already, it has triggered rumblings of retaliation in a 1930s-style trade war from trading partners, just as the Smoot-Hawley tariffs prolonged the Great Depression. Several European partners have begun raising barriers. Meanwhile, three signed free-trade pacts with Colombia, Panama and Korea languish with no chance of passage. Free trade offers one way out of our problems, yet it's been sidetracked.

We may have the most economically isolationist Congress in many, many decades. Shutting down free trade is very reminiscent of the early 1930s anti-trade debacles, namely Smoot-Hawley.

Then there's our President. He ran on hope but his rhetoric has been designed to lower expectations to Carteresque malaise levels.

• Words like "catastrophe," "crisis" and "depression" are coming from the mouth of the newly elected president, rather than words of hope and optimism. Instead of talking up America's capabilities and prospects, he talks them down — the exact opposite of our most successful recent president, Ronald Reagan, who came in vowing to restore that "shining city on a hill."

Even ex-President Clinton admonished Obama to return to his previous optimism, saying he would "just like him to end by saying that he is hopeful and completely convinced we're gonna come through this."

Sure, government-chartered Fannie and Freddie and the Community Reinvestment Act fanned the flames of the subprime mortgage fiasco, and, sure, a lot of private companies packaged those toxic mortgages and sold them all over the world and then ended up insolvent because of it, setting off a chain of insolvency. Sure, very real, very frightening things have happened in our economy. But psychology is driving a lot of this crunch we're in right now, and our President's "New Deal" with "fear itself" is not helping at all.


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Previous Trivia Tidbit: TARP Money Wasted.

Posted by Will Franklin · 21 February 2009 11:05 AM

Comments

This is an excellent post! It covers everything and puts a light on reality. Someone we all know and love once said, "If you are in a hole, Stop Digging!" How true!

Posted by: ZsaZsa at February 23, 2009 12:57 PM