Obama’s Empty Words
It seems the market has lost all confidence in the Obama administration’s policies, and rightfully so. Every time he opens his mouth and moves his silver tongue the stock market shudders. Tim Geithner doesn’t help, Bernanke comes off as the smart one in the group, and Press Secretary Gibbs is revealing himself as a two-bit hack when it comes to politics and communication.
You don’t single out the most highly visible characters on Wall Street, take a few back handed shots at them, and expect the market to have any trust in your leadership, especially when those shots follow the revelation that it’s Obama’s desire for capital gains rates to go up on nearly everyone. Not to mention the fact that Obama wants to raise taxes on the “rich”; lest we forget that the “rich” are the ones still spending money these days. Brilliant!
The fact that Gibbs is making any mention of Rush Limbaugh indicates that the administration is looking for a diversion from its own policy, or lack there-of.
The President tells the nation that it should go out and invest in stocks, even after his own treasury secretary (Geithner) goes on camera and single handily drops the market like an old pair of underwear with a rotten waistband. No details for the financial sector, no bull market bounce for you, Mr. Geithner.
Further, Obama tells the public that the stock market shouldn’t be viewed as a “tracking poll”; obviously worried about how he and his administration are to be perceived when those monthly brokerage statements hit the mailbox. The fact is, the stock market is the biggest tracking poll we have about our economic health (at least when it’s not manipulated by the government) of which the policy of Barack Obama narrowly guides. Ask anyone with some skin in the market how their account is looking today and you’ll get a glimpse at those poll results.
Obama is a great speaker, to be sure, and the words he uses are well thought out, the sentences well structured, and the tone well managed. However, at the end of the day, that’s all he’s got; a bunch of empty words with little real leadership and understanding of major problems needed to inject any substance into his rhetoric.
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