President Obama said today that he is not intently focused on the "day today gyrations of the stock market,"
He went on to say. "You know, it bobs up and down day to day," President. Obama said. "And if you spend all your time worrying about that, then you're probably going to get the long term strategy wrong."
Long term strategy? Bobs up and down? One could only conjecture the OUTRAGE that would have been expressed by congressional Democrats had George Bush said that. Or the outrage among Republicans had Bill Clinton said that.
Why? because statement like that, marginalization of the stock market as a major economic force as a major employment vessel as major source of operational capital for American Business is nothing short of reckless and demonstrators the disconnect of this President with the reality of a worldwide economic market.
Bob up and down, Mr President? The markets started going down about the time you started winning primaries, It went down more as you became the nominee and since your election in November. In fact you presided over the largest one day drop in the market on a presidential inauguration day in the history of the Dow.
In case you haven't noticed Mr Obama, Millions of retirees have watched their life savings disappear over the last 12 months. State Pension plans have lost major amounts of value and some are near insolvency.
The Market is down 30 PERCENT Mr. Obama, it does not "bob up and down" it has one primary direction right now DOWN!!! This with your announcement of your stimulus plan, fix for the banking system, and bailouts for homeowners.
In dollars, we are talking about a loss of around $9 trillion in wealth, a good chunk of which has been lost in the retirement and savings plans of millions of Americans. You know, the people who elected you, for whom you are supposed to work for.
An analysis by the Employee Benefit Research Institute found that the typical retirement portfolio of $50,000 to $100,000 lost 15 percent of its value in 2008. Investors in the $100,000 to $200,000 range suffered a loss of 21 percent. And folks with more than $200,000 lost more than a quarter of their savings, on average.
Americans in Panic mode are now saving at a rate larger than ever before that may have been responsible for the major loss of GDP in the last quarter Mr President. When people lose asset value they resort to hard savings, They don't BUY what they don't need and the economy goes down.
I know this is basic economics and likely WAY TOO complicated for you to understand , perhaps Mr Geithner can explain it to you?
Now you may think, "Well I don't need to care about Wall street, Its ONLY the RICH, well Mr Obama you have not a clue. Its the retiree who can't figure out how they will make ends meet. Its the household that was using their investment savings to provide a college education for their kids. It's the State government worker who may not be able to retire because they may get a cut in pension benefits if they do.
Your statements today, show you have no CLUE how the health of the Market directly affects the economy. Maybe you don't care, maybe you want corporations to go under, maybe you want retirees on welfare?
You are student of history Mr Obama, perhaps you should study Herbert Hoover.Two paragraphs from the Hoover library, do they sound familiar Mr President?
"In truth Hoover's celebration of technology failed to anticipate the end of a postwar building boom, or a glut of 26,000,000 new cars and other consumer goods flooding the market. Agriculture, mired in depression for much of the 1920's, was deprived of cash it needed to take part in the consumer revolution. At the same time, the average worker's wages of $1,500 a year failed to keep pace with the spectacular gains in productivity achieved since 1920. By 1929 production was outstripping demand.
The United States had too many banks, and too many of them played the stock market with depositors funds, or speculated in their own stocks. Only a third or so belonged to the Federal Reserve System on which Hoover placed such reliance. In addition, government had yet to devise insurance for the jobless or income maintenance for the destitute. When unemployment resulted, buying power vanished overnight. Since most people were carrying a heavy debt load even before the crash, the onset of recession in the spring of 1930 meant that they simply stopped spending."
Celebration of technology? Too many consumer goods? Agriculture deprived of cash? Too many banks? People carrying a heavy debt load stopped spending?
Does ANY of this sound remotely familiar Mr Obama? Hoover ignored the stock market, he did it at his own Peril and WE THE PEOPLE suffered.
It looks like based on your statements today, you plan on doing the same.