UPDATE: Read Jim Cramer’s response to President Obama. He, like Rush Limbaugh, has been added to the White House Enemies List. This is a highly illustrative article – and comes from a guy who I’ve never known to be a partisan.
The stock market continues its free-fall…the Dow is nearing 6500, an unthought of level only a year or two ago. For anybody depending on investments, this is truly frightening. There seems to be no end in sight.
President Barack Obama has shrugged off the daily “gyrations” that have often seemed to come in reaction to various White House policy statements on the economy. Put together enough days, though, and you have a problem – and we have a problem.
With all this going on, you would think President Obama would have more serious things to do than worry about Rush Limbaugh. But just like a crisis presents an opportunity – in this case, to massively expand the State – so does a bogeyman allow them to marginalize – silence, if they could – the opposition and stifle debate.
I didn’t wake up planning to blog about the market today. But with it tanking – and Obama’s lieutenants seemingly worried more about political games – this is cause for all to be alarmed. What will Obama do? And when will he:
a) stop blaming Bush?
b) stop talking down the economy (while still speaking soberly)?
c) start talking about something other than nationalizing the next industry?
The answers to those questions may impact when arrest this downward spiral.