Friday, February 20, 2009

White House tries to insult Santelli but Obama administration has lost credibility on economy

The White House today foolishly and ineptly tried to portray CNBC analyst Rick Santelli as uninformed over the Obama home foreclosure plan.

But the administration came off looking stupid and disconnected from the people who will have to do the investing and spending to turn the economy around.

President Obama, however, believes it is government spending that will turn things around. He is sadly mistaken and his administration has caused more economic pain and confusion in his first month in office.

Santelli has been on the job -- when it comes to informing investors and the public -- long before the president ever started campaigning for office. And his advice and information has been most sound, helping lead me to get out of the stock market at 13,000 on the Dow.

Obama has no record. And the outright bumbling of his administration in its first month has created a confidence gap in this nation. Those of us with a lot of cash on the sidelines are not going to return to the financial markets with his administration throwing out mixed signals and plans with no details.

Bank nationalization still remains a frontburner issue, with the administration today denying such a move with Bank of America and Citigroup. Meanwhile, Senate Banking Chris Dodd was saying nationalization is not a bad idea. Do these politicians of the same party ever talk? Is this any kind of change in leadership from Washington that Obama promised?

The people of this nation are not stupid. They notice these contradictions. The White House can only hope one day to have Santelli's credibility.

It's time for the Tea Party!

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