It is amazing how the right wing continues to call Barack Obama a “Socialist” and worse, and yet the Dow Jones Industrial Average has doubled from its low point in March 2009, due to the Bush Great Recession, and is now at its all time high!
Wall Street is doing fantastically, while Main Street is not, due to the refusal of the GOP and the corporations to cooperate, since their goal is to make Barack Obama a failed Presidency, but even with that, five million jobs have been created in the past four years, recovering the losses under Bush and in the early months of Obama, and beginning to gain beyond the massive losses, the greatest since the Great Depression.
But of course, Obama is made out to be the “devil”, and no matter what occurs, it is always rejected, with the goal being to propagandize so that Obama will be perceived as a total failure in all areas.
But the American people know differently, and a majority twice have chosen him because he is not a captive of the corporations, and is out to regulate Wall Street through the Consumer Financial Protection Bureau, and the strong advocacy of holding Wall Street to account of Senator Elizabeth Warren of Massachusetts!
Thanks to the Party of No/Party of the Rich (GOP/Tea Party) not doing anything about the sequester, the local school system I work for is facing more budget cuts for our 2013-2014 school year.
It’s a fabulous irony that Obama, who has dined out politically by vilifying big business, finds himself the master of a rich-get-richer universe. All the more astounding: No one invited Obama’s ardently championed “hardworking Americans†to the feast — except if they were lucky enough to have the remains of a 401(k) retirement savings plan and the stomach to play stocks. And even the 401(k)’s are coming under the voracious appetite of the Federal Government! Too much money out there that we need!! With unemployment stuck around 8%, and with millions of people forced into part-time or low-paying jobs, corporate earnings have climbed 20% a year since 2008 while disposable incomes edged up 1.4% annually, according to Dean Maki, chief U.S. economist for Barclays. Oh, how the Democrats would flay a Republican who presided over such a have-and-have-not economy. They spare their man because, well, he’s their man. They’re sure Obama’s heart is in the right place, and they blame the GOP for preventing him from lifting the fortunes of the working and middle classes.
Whatever, as for the stock market, let the bulls run. But let’s also focus on those getting left behind, which is basically everyone in the fabled 99%.
Democrats claim they’re for Main Street, not Wall Street. Yet only Wall Street has thrived under President Obama’s job-killing policies, freezing unemployment at 8 percent while Wall Street has soared on corporate earnings. The president’s demon private equity industry is making out like bandits in this economy. While the president roasted private equity firms like Mitt Romney’s Bain Capital as evildoers, 2012 brought them a mountain of money. Dividend payments alone topped $100 million apiece for Blackstone, KKR, and Apollo executives. Why??? Please pay attention. Because while Obama’s regulatory juggernaut flattened job growth, Ben Bernanke’s Fed has tried to keep the economy alive on a drip feed of low interest rates. Cheap money is honey for private equity which has gone on a debt-fueled buying binge. It makes financing leveraged buyouts much less costly and thus potentially much more lucrative. In other words Obama is feeding Wall Street with cheap money! The buyout feeding frenzy has driven up stock prices and fattened One Percenter paychecks. LOL! The Fed’s extraordinary stimulus, however, has many fearing a financial bubble. In a market driven by debt, what happens when interest rates rise again? Uh-oh. Warren Buffett – Obama’s booster – worries, saying markets are on a “hair trigger†because â€an awful lot of people (will) want to get out of a lot of assets†when the Fed has reversed direction. And when that happens – hey, just blame George Bush! LOL!
@Juan
LOL!