Later, while sitting alongside Mr Brown in the Oval Office, Mr Obama said Britain's friendship to the US in Iraq and Afghanistan would not be forgotten. He added: "Great Britain is one of our closest and strongest allies and there is a link and bond there that will not break." The president was speaking after around an hour of talks which were dominated by the economy, with both men agreeing that improvements were needed to the regulation of the global banking system. Image & Video Credit: The Telegraph [click photo to launch]
Obama's Empty Suit Advice To Investing In Stocks
Would you buy a used car from this man?
This was a question asked during the Richard M. Nixon Presidency after it was found out that members of his administration were involved with the break in of the Democrat Party offices at the Watergate office complex in Washington DC. The incident caused Richard M. Nixon to step down in disgrace from the highest office in the land.
Largely on the liberal policies talked about and then implemented by the Barack Obama Administration, personal wealth has shrunk by nearly $3 Trillion dollars, and the stock market has dropped 3,000 points since he was elected on November 3, 2008. The stock market has dropped by 25% alone since Barack Obama assumed power, passed $787 Billion dollar Government expansion and spending bill, and introduced his budget proposal that called for increases in government intrusion into our every day lives totaling about $3 Trillion dollars.
Simply stated, President Barack Obama has passed or proposed spending that surpasses all government spending (when one adds it all up) from the time the first president took office 233 years ago until President Obama was sworn in.
Yesterday, Barack Obama met with the executive leader of England, Gordon Brown. During this meeting, Obama and Brown were in front of reporters and President Barack Obama was asked about the sudden and deep declines in the stock market.
After talking down the economy all during the time he has been waiting to assume the power of the office, then in six short weeks while in office, helps to ramrod through a spending bill and introduce a budget that expands Federal Government spending while penalizing free enterprize and promotes unemployment, Barack Obama decided to dispense some stock investing advice as the markets continued to TANK!
Economy TANKS and Barack Obama looks forward to Wednesday night party nights at the White House. Image Credit: Rush Limbaugh (2009)
This excerpted and edited from a transcript at the Rush Limbaugh radio show -
Obama to Stock Market: Drop Dead
TRANSCRIPT, Rush Limbaugh Show - March 3, 2009
RUSH: I said yesterday there was a CNN commentator out there who said over the weekend that he knows somebody that said Obama's speeches, they're like sex. They're better than sex. I can see how that's true. When Obama speaks, the American people get screwed. This morning in the Oval Office, Obama talking with Gordon Brown. Here is a portion of the conversation.
OBAMA: What I'm looking at is not the day-to-day gyrations of the stock market but the long-term, uh, ability for the United States and the entire world economy, uh, to regain its footing. Uh, and, y-y-you know, the stock market is sort of like a tracking poll in politics. It bobs up and down day to day, uh, and if you spend all your time worrying about that, you're probably going to get long-term strategy wrong.
[NOTE: a tracking poll does not directly relate to the money in one's retirement account or house value]
RUSH: Did you hear that? He said it's a tracking poll! It's like a tracking poll in politics. It's going to bubble up and down; you can't pay attention to tracking polls.
If it's a tracking poll, if that's what it is, you're in the tank, Mr. President. He's not concerned! Three trillion dollars of wealth has vanished since he was elected. The Dow Jones Industrial Average down around 3,000 points. He doesn't care!
He just said we're not looking at it. Day-to-day gyrations? How-about-month-to-month declines. There are no day-to-day gyrations to speak of here. There is just a steady decline. Besides he's gotta worry about the long-term ability, the US and the world economy to regain its footing.
The stock market happens to be where people who have skin in the game are located, and they're getting out. Here's another exchange Obama had with Gordon Brown.
OBAMA: What you're now seeing is profit and -- and earning ratios are -- are starting to to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it.
Uhhh, I think that consumer confidence, as they see the American, uh, Recovery and Reinvestment Act taking root, uh, businesses are starting to see opportunities for investment, uh, and potential hiring.
OBAMA: It's not going to happen overnight.
OBAMA: And my main message to the American people --
OBAMA: -- is to just recognize that, um, we dug a very deep hole for ourselves. There were a lot of bad decisions that were made. We are cleaning up that mess. Uh, It's going to be, sort of, uh, full of fits and starts in terms of getting the mess cleaned up, but it's going to get cleaned up.
RUSH: This is Obama distancing himself from his own economy, distancing himself from the failure of his own recovery plan, and dumping it on the Bush administration. We inherited everything! He's going to get away with this for a while, with a lot of Americans.
The truth is that many of Barack Obama's economic remedy plans (TARP) are a continuation of what President George W. Bush initiated. The people that President Barack Obama has appointed to fill his administration to carry through with his vision of how we dig ourselves out of the credit crisis are many of the same people Bush relied upon to manage what plans he put into play.
Would you buy a used car from this man?