Tuesday, February 10, 2009

Financial Bailout/General Complaints

How frustrating is this administration for the stock market. Last night Obama comes out and tells us nothing about the future of our economy other than "we need to creat 4 million jobs". His big talking point was about Iran, now no one in America cares about Iran today, people just want to hear about domestic issues for the time being and believe you me there is plenty to discuss.
Now as for Tim Geithner, first of all this man is essentially a crook, he cheated on his taxes, as soon as he was nominated he "realized" it and paid them off... looks at least a little suspicious to me. But anyways, my real complaint about him is that today there is a big press conference and we are going to be rolling out the plans to save our financial institutions....and guess what? He didn't tell us anything new, we have no in depth plans for how the banks are going to be saved. And now we are seeing this reflected in the stock market.
I must say I thought the Obama administration was going to be bad for the stock market long term, not because they weren't going to throw money at it, lord knows, to quote Obama, "he's all ginned up to spend taxpayer money." No we thought he would be bad because of his false impression that helping the poor directly helps the economy in the long term. this is the equivalent of giving a man a fish. We need to have tax breaks for the rich because the trickle down theory of economic does work. As soon as Americans realized Obama was going to be president, and trust me people knew about it in the summer (at least those of us with half a brain did; a giraffe could've beaten a republican candidate this year), the market really started to turn downward. OK we can't blame it all on Obama, but him coming in guns blazing with talks about raising the capital gains tax certainly didn't helop things any.
Obama and Administration hear me:
Tell the public something good, tell them in a clear and precise manner exactly what we will be doing to save our financial industry, as an investor I need to know before I am able to (accurately) decide what I should do with my money

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