Source: MoneyNews.com
You can't blame the current economic conditions on George W. Bush anymore (as if you could anyway, since it really was caused by Democrat mortgage policies). The Bush Administration sounded the alarm about potential problems with Fannie Mae and Freddy Mac in 2001 and tried to get a regulator for those mortgage giants in 2003. But the Democrats, led by Barney Frank and Christopher Dodd, fought those efforts.
The Stock Market has tumbled since Barack Obama was inaugurated and pushed his socialistic policies.
Greg Brown at MoneyNews.com writes:
Since Barack Obama was sworn in as president on Jan. 20, stocks have tumbled to record lows — with investors losing an estimated $2.5 trillion in market value.
The trend continued Thursday, with the Dow closing down 281 points, a 4.1 percent drop for the day. Since Inauguration Day, the Dow has fallen 20.4 percent.
All week, negative headlines have competed with the slumping market ticker, including early news Thursday that General Motors might well go bankrupt despite billions in taxpayer loans.
As selling sped up, Citigroup traded at one point under $1 a share, General Electric dipped under $7, and international financial names like Barclays saw declines of nearly 30 percent on the day.
"Everybody is so bearish right now that you would expect to be in the midst of a counter-trend rally," Steven Goldman, market strategist at Weeden & Co, told CNNMoney.
"But the implosion in the banking and insurance sectors is just overwhelming."
Let's call it for what it is, it's the Obama Stock Market Crash of 2009.
To read the full article, go here.
“The trouble with socialism is that you eventually run out of other people’s money.”
–Margaret Thatcher.
"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
- Winston Churchill
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