All Is Well On the USS Economy


If only Obama were King, it would be so much easier. The big, tough democracy gets in his way. That Congress needs to be bypassed also.

In yet another narcissistic moment, President Obama pumped up his supporters at a campaign fundraiser in Chicago Wednesday night: “It’s been a long, tough journey. But we have made some incredible strides together. Yes, we have. But the thing that we all ought to remember is that as much as good as we have done, precisely because the challenges were so daunting, precisely because we we were inheriting so many challenges, that we’re not even halfway there yet. When I said ‘change we can believe in’ I didn’t say ‘change we can believe in tomorrow.’ Not change we can believe in next week. We knew this was going to take time because we’ve got this big, messy, tough democracy.”

Last week, he told LaRaza he’s tempted to bypass Congress and just do it himself. If he wanted to do it himself, why didn’t he do it when he had both houses of Congress?

Could it be that it is not the democracy at all, but that his economic policies (which emulate socialist Europe’s) are bad? Nah!

The President’s spokesman recently told reporters  that not only does the administration not believe there will be a new recession, they believe the economy will grow.

Meanwhile, in the real world, fears of a double dip recession worsen as the stock market plunges. The crisis in the entitlement countries of Europe are crashing investor confidence according to the Wall Street Journal –

–Dow plunges over 500 points, major indexes slump into correction territory on recession, debt worries

–Stocks hit progressively lower lows throughout the session; all sectors post steep losses

–Bank of New York Mellon prepares to charge large depositors to hold cash; stocks, central-bank interventions fail to assuage investors

…The Chicago Board Options Exchange Volatility Index, known as the “fear gauge,” broke the 30 level for the first time since March 16, rising 35% to 31.66.

Investors across the globe have been buffeted by economic and political turmoil in recent days. In the U.S., fears have turned from worries about a possible default by the U.S. government to a weakening economic outlook. A string of data have pointed to a slowing of the recovery, and investors are now bracing for the closely watched non-farm payroll report on Friday.

In Europe, leaders are struggling to contain a growing debt crisis. Investors are increasingly worried that troubles are spreading to Italy and Spain, driving down stocks across the region and sending borrowing costs of peripheral nations soaring.

In the U.S., all of the Dow stocks were lower as investors sold across the board. All the S&P 500 sectors were in the red, with only three of the 500 components ending the day higher. Stocks kept cascading to fresh lows throughout the session… Read here: Recession fears worsen.