Friday, September 24, 2010

Stocks Rise on Prospect of Republican Takeover

Funny that the only optimism coming from Wall Street these days is the prospect of the Republicans taking over the HOuse and making big gains in the Senate. The Democrats know this and are spending a great deal of money for ads countering this dynamic.

Democrat Party ads nearly ALWAYS mention Republicans are the "party of Wall Street," a boring canard which has been obediently chanted by Democrats in every election since the days of the Robber Barons.

Obama took more money from Wall Street than anyone ever did. His political coffers were filled by liberal millionaires and supporters like Bill Gates and Warren Buffett. Obama bailed out the banks, the insurance companies,and Wall Street firms, picking and choosing which ones would thrive and which ones would fail to survive.

No matter what Obama did, no matter how much stimulus, stocks fell, unemployment rose, and people lost confidence. The only thing that's brought the market up in the last week or so has been the mantra that the Democrats will lose and Republicans will be able to stop the hemmorhaging of money which has resulted in a 14 trillion dollar deficit.

Obama is not really Obama, but no one seems to know who he is. Nancy Pelosi's broom seems to have run out of fuel, and Harry Reid is probably secretly cheering for himself to lose so that he can get out of an increasingly embarrassing position.

Meanwhile, those parachutes which you see in the daytime sky are those of Obama's economic advisors--all taking a powder--Summers, Orzag, Roemer...and then some!

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