Tuesday, March 3, 2009
Obama outrageously says it's good time to invest in stock market; Bernanke can't say what ceiling there is for printing new money for more spending
President Obama said today that investors with a long-term perspective should find some good bargains in the stock market.
That's outrageous, considering the Dow now above 6,700 still has another 1,700 points to fall in an economy that will not recover this year or the next. Just ask Warren Buffet.
But the president finally had to respond to the vote of no confidence investors have given his spending policies and economic stimulus plan this year, as the Dow fell 300 points yesterday and another six points today. The S&P has crashed through the 700-point floor.
Meanwhile on Capitol Hill, Fed Chief Bernanke could not tell a questioning senator how much was too much for our government to print in new money to cover new spending. That certainly was distressing and reason for investors to stay on the sidelines.
The Obama administration -- despite a 60 percent approval rating in an NBC/WSJ poll released today from the general public -- continues to undercut confidence in investors who can rescue this economy with their private dollars.
Public dollars cannot do the same and threaten to destroy wealth-creating individualism in favor of hand out socialism.