Well, no. Not all by himself anyway. Obama had help from Senate pals Chris Dodd and Barney Frank and his cronies who worked for Freddie and Fanny. The mortgage debt crisis is at the bottom of it all. That can’t be said often enough, to my way of thinking. Because maybe saying it over and over will get someone to do something, to stop dreaming of a utopian cornucopia where everyone has a smart phone, a house in the country, an apartment in the city, an SUV and a Prius, and a house at the shore. And if you don’t have the money, Obama’s pals will make sure someone lends it to you.
But Obama’s “spread the wealth” comments, coupled with his planned increase of capital gains tax is not making it easy for the market to rebound. Investors who made money in the stock market over the past decade, and that includes the “little guy” with a 401K or similar pension plan, continue to sell off. The panic is not likely to abate soon as the government is heavily involved now in propping things up artificially. Obama’s sure to make a bad situation worse, and the sell-off is the result, even though Howard Dean appeared on CNBC this a.m. to say that the “stock market always did better under Democratic administrations.” Like Obama claiming he was too young to know anything about Ayers, Howard Dean conveniently forgot about Jimmy Carter. A far-left Obama administration, ironically, will have revisionist historians describing Carter as a conservative when compared to Obama.