Presidential leadership Obama style: “Markets go up and down”
By Ken Falkenstein | Thursday, August 4th, 2011 | Politics
The stock market today took a nosedive worse than anything we’ve experienced since before Obama’s inauguration, with the Dow-Jones Industrial Average dropping over 500 points.
President Obama’s response? Well, he’s recovering from his multi-million-dollar birthday party fundraiser in Chicago last night and preparing for his taxpayer-funded campaign bus tour of battleground states.
But speaking on our president’s behalf on a day when investors lost millions of dollars, his spokesmouth, Jay Carney, confidently reflected his boss’ decisive presidential leadership by declaring, “Markets go up and down” – and then blaming everyone in the world except, of course, Obama.
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Ken Falkenstein has been a staffer in the United States Senate and the Virginia House of Delegates. He has managed political campaigns. He was a military intelligence analyst in the U.S. Army in West Germany during the Cold War. He is currently a civil litigation attorney with Poole Mahoney, P.C. in Virginia Beach. But his concern for his kids' future is what most informs his writing.
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11 Responses to "Presidential leadership Obama style: “Markets go up and down”"
A truly excellent piece was published on Zerohedge today. It is titled “The Debt Deal Con: Is It Fooling Anyone?” You can find it by googling “Zerohedge The Debt Deal Con: Is It Fooling Anyone?” Please read it.
The first paragraph goes like this:
“Alternative economic analysis brings with it a certain number of advantages and insights, but also many uncomfortable burdens. Honest financial research is a discipline. It requires us to not only understand the fundamentals, but to question the fundamentals. It requires us to look beyond what we would LIKE to see in the economy, and accept the reality of what is actually there. With this methodology comes the difficulty of knowing the dangers ahead while the mainstream stumbles about well behind the curve. It means constantly having to qualify one’s conclusions, no matter how factual, because the skeptics and opposition base their views on an entirely different set of rules; farcical rules that no longer (or never did) apply to the true state of our country’s fiscal health.”
The second last paragraph contains what I going to use as an admonishment to people such as myself in the Liberty movement and the republicans, a warning of sorts to be prepared to cooperatively defend genuine liberty during the coming crisis. In a real existential crisis the first impulse of this government will be to cancel liberty.
“A common argument made during the debt ceiling debate was the assertion that to cut spending now would end in a painful loss of stability. The delusion inherent in this argument is that we can somehow avoid such pain indefinitely. Like a terminal cancerous growth, our national debt along with our vast entitlement program obligations must be removed, and they will be removed, whether by our own hand, or by the hand of fate. If you cannot pay for a thing, you cannot keep a thing. Debating over whether or not social security, medicare, welfare, and other nanny state programs are right or wrong becomes irrelevant. In the end, it all comes down to what you can afford, versus what you cannot afford. At this point in the game, the U.S. is able to afford very little.”
Who knew Obama’s birthday parties were This expensive?
So Ken, another in your continuing McConnell like salvoes that you prime purpose is to make sure the President serves only one term. And if the market climbs today, is he then still responsible? Of course, the absurdity of your article is clear. Face it, you now own this debacle as much as the President does. The far right’s exhibitionism is disgusting, even if it is truly felt and believed. The classless spectacle put on over the last few months has lessened our standing as a nation and done us great harm, and now most herein are complaining about the result. So why did you do it in the first place? Why did you make yourselves as much responsible for the slow pace of recovery?
Ken, are you now the leader of the Republican/ Tea/Conservative – party and also the Minority leader of the Senate? Thank you for your dedicated and nobel service Tell Grover that Mike said hi. Oh by the way, the market is down another 155 at the time of this comment and based on the criteria stated above, the President and leftist Democrats are to blame.
Ken, are you now the leader of the Republican/ Tea/Conservative – party and also the Minority leader of the Senate? Thank you for your dedicated and nobel service. Tell Grover that Mike said hi. Oh by the way, the market is down another 155 at the time of this comment and based on the criteria stated above, the President and leftist Democrats are to blame.
As of now, the market is up about 100 points, time to blame the Conservatives/Republicans/Tea Party and Ken for the market rising.
Just watched Obama’s talk about jobs for troops. I’ve never seen him looking so utterly disinterested, blandly reading words form the teleprompter and wishing it was over with. A truly disgusting spectacle.
He wanted to be president. Now he is. If the government claims to be able to, and have the right to manage the economy, then yes this is all his fault.
The dems response to everything is to deflect blame. When the repubs were in office, they did the same thing. It can’t be the fault of their economy-crushing regulatory and tax policies, it can’t be the fault of Dear Leader, it must be the damned (other party) and their unwillingness to go along with our superior economy-management plan.
Never ever ever discussed: the obvious fact that the government’s attempts to manage the economy cause malinvestment and other distortions that are the reason we’re in the crapper right now.
Never ever ever proposed as a solution: actually freeing the ‘free’ market stripping the congress of its power by shredding the tax-and-regulatory nightmares that are federal agencies, ending the capital-draining federal deficit spending binge and, while we’re at it, instituting sound money to protect and encourage savers by ending the Fed.
Until we think outside the establishment box, the malaise will continue and worsen. Young people: you are the ones who are going to have to reclaim your futures by forcing change.
Why can we not understand the “free” part of “free market”?
No surprises if there is a market ramp into the weekend. It’s quite common; remember, there are no markets, there are only manipulations.
The telling part of every Obama speech is his use of the pronouns “We”, “We’re”, “We’ve”. Today in the Washington Navy Yard speech there were 28 “We”, 13 “I’s”, and 4 “My”s. I have looked at his other speeches on the economy and “we” means the Government only and is not inclusive of business, the private sector or individuals.
For example, if every “we” is replaced with “the Government” in his speech at the Washington Navy Yard today, it reads exactly how he means it: “we (the Government) have to create more jobs than that each month to make up for the more than 8 million jobs that the recession claimed. We (The Government ) need to create a self-sustaining cycle where people are spending, and companies are hiring, and our economy is growing. And we’ve (the Government) known that will take some time.”… “The bottom line is this. We (the Government) still have a long way to go and a lot of work to do to give folks the economic security and opportunity they deserve.”
He just gets scarier with every speech and now he says it is going to take a “some time” to complete his destruction of Western civilization, because one term as President won’t give him enough time to finish.
Okay look at Friday’s Dow track and then get back to us on if the markets really tell us anything about anything except that an emotion-driven casino can be stampeded one way or another easier than a slumber party of 13-year-old girls watching slasher flicks.
If Thursday’s drop was the market’s reaction to a debt ceiling deal, what do you conservative market wizards believe would have happened if there had been no deal?
Pols cherry pick stock price fluctuations to justify themselves. Obama has been one of the most obvious in doing that. A strange thing for a guy who hates business (that doesn’t fund his little projects).
Decent point, Steve. That would bring a negative reaction as well. Any move showing that our govt can’t act responsibly will garner that. That doesn’t make the deal acceptable. As they stated when down graded, part of it was based on how far into the future real cuts would be made. Precisely one of the points I made in a previous thread. People recognize the trick: Congress makes a promise for a future congress/Pres to keep. Or kick the can down the road.
The message was clear. The actions of Congress & the president were judged as inadequate. Another message is “we don’t believe you”.
I took the statement of markets going up and down as not purely a blaming of Obama for market action(although he deserves some), but the shear idea that he tries to deflect any responsibility.
It was Bush’s fault.
He(Bush) did it too!(spent your money, let’s hide the fact I out spent big spender Bush)
It is the Tea Parties fault!
We have a new “normal” unemployment rate. (Please don’t blame me, just accept the new worse numbers, ok?)
So, the new crown jewel for Obama to add to his resume is the S&P downgrade. Who’s fault this time? S&P got their numbers wrong and the evil Tea Party ruined our attempt to spend and borrow our way out of debt?
Come on……….take responsibility!
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