Now he’s dictating to the stock market!
Obama’s Remarks About Shutdown That Spooked Wall Street on Thursday
Many people, including myself, were pleasantly surprised that stocks remained stable during the first two days of this week’s government shutdown. Of course, it didn’t last long.
Stocks plummeted Thursday after President Obama remarked that Wall Street should be worried about the government shutdown and the debt limit:
When asked during a CNBC interview if markets were right to remain relatively calm during the debt limit, the president said, “No.”
“I think this time’s different. I think they should be concerned,” he said, adding that the crisis was being driven by Republicans who were “willing potentially to default on U.S. government obligations.”
The Dow Jones Industrial Average dropped more than 180 points, while the NASDAQ and S&P each fell more than 1 percent. This is the market’s worst performance since the shutdown began Tuesday.
As if Obama’s speech of doom and gloom isn’t enough, the Treasury Department echoed the President’s concerns by issuing a report warning of a potential economic catastrophe if the debt limit is not raised by October 17.
The resulting financial and economic turmoil could drive up borrowing costs across the nation, bite into the stock market and lead to a worse recession than the one caused by the 2008 financial crisis, the department warned.
Many Americans are questioning Obama’s intentions with his remarks:
I don’t think I’ve ever seen a President begging for a stock market crash to get political leverage.
— Erick Erickson (@EWErickson) October 2, 2013
Some of the nation’s top economic analysts are concerned as well – not so much with the market decline, but with the President’s attempt to tell Wall Street how to react. After the President’s grim warnings yesterday, NBC analyst Chuck Todd predicted the market would react:
POTUS telling Wall Street to react: “I think this time is different. I think they should be concerned.” // Dow may drop big tomorrow?
— Chuck Todd (@chucktodd) October 2, 2013
The bottom line? It’s a big deal when the President tells Wall Street that it should be performing more poorly than it is. First of all, it’s never happened before. Second, it’s never happened before because it’s not the President’s role to do that.
In fact, some analysts are saying that the President’s not just overly pessimistic but downright wrong, due to a tiny provision in the Fourteenth Amendment that states that the United States cannot default on any of its debt.
By remaining relatively stable the first two days of the shutdown, the stock market was not ignoring or remaining oblivious to what was going on. Rather, it was sending Washington a message: End the shutdown and move on; don’t make this thing drag on.
Obama’s remarks ignore the market’s message, basically saying, “I don’t care if you want us to move on. The shutdown is going to be bad, whether you want it to or not.”
It’s going to be bad because he is doing everything in his power, and will continue to do so, to make it as bad as possible. It is in the ‘agenda’.
Of course, he says it’s being driven by those nasty evil Republicans who want to get rid of the ACA, lower the debt and balance the budget. It’s always their fault, since he can no longer blame Bush. The D’s are calling the R’s terrorists and jihadists, for crying out loud!
Is it just me, or does anyone else get the feeling that George Soros, the puppet master, is in Act II, dangling the strings of his puppet, obama, announcing to the country, what should, or will, happen with the money?
Act I consisted of getting the puppet in there so he could get things started.
As directed, that puppet has divided this country in ways we’ve not seen in over 150 years, half of Americans are supporting the other half, illegal immigrants are streaming in like a flooded river, he’s destabilized much of the Middle East, he’s practically alienated Israel, he’s left Americans to die in foreign countries, he’s forced socialist medicine down our throats, he’s invited terrorists to make themselves at home here, and now he’s going after the money. All of it.
Re-read that last statement of his. He doesn’t care. Period. The time is nigh.