So there we have Joe Biden telling Americans yesterday that “we’re heading in the right direction.” Well … from his standpoint, and certainly from the standpoint of his boss, The Community Organizer …perhaps he’s right. Right, that is, if your version of “the right direction” is toward the economic tyranny that will be visited upon us by Obama’s vision of a centrally planned economy.
Just take a look at some of the headlines over the past few days:
* Home sales in the United States were down in July. This in spite of dirt-cheap mortgages and greatly reduced prices. The figures are the worse we’ve seen in this country in over a decade. The experts are telling us that we’re in for another drop in home values. Welcome to Recovery Summer!
* The Financial Times says that disappointing US economic figures are driving a surge in demand for low-yielding assets. I’m not sure what that means, but it doesn’t sound good. Here’s a quote: “Things appear to have come to a head…with markets braced at the edge of a precipice ahead of key US economic data likely to further unnerve investors already concerned by the extent of impending slowdown.” Welcome to Recovery Summer!
* This from The Wall Street Journal: Day after day, investors have been hit with more evidence that the economy is stalling. The Dow is down over 4% this month, after an ebullient July that was fueled by impressive earnings results from U.S. companies. The Dow posted another triple-digit loss today and at one point fell below the 10,000 level. Michael Casey has details about the factors driving today’s market action. But earnings season is now over and investors are far more focused on potential troubles ahead. What’s that Biden said? Oh yeah … Welcome to Recovery Summer.
* Economist David Rosenberg, apparently someone who has earned a certain degree of respect in economic circles, writes a daily brief for investors. Yesterday he said that the U.S. economy is heading into a 1930s-style depression. He reminded his clients that the Great Depression also had some high points such as positive stock market gains .. but then, as now, those signs of recovery were unsustainable and only provided a false sense of stability.
* Charles Nenner, founder and president of Charles Nenner research says that the Dow is on its way down to 5000 in the next 30 months. He’s saying that things “really look bad for the next 10 years.”
* While millions of Americans are looking for jobs so that they can start taking care of their families again, Our Hero is looking for over 5% in new income tax that our own government says will affect 50% of the small business income that we need to put to work to grow new jobs. Smart, isn’t it?
* You saw the jobless claims that came out last week. Try 500,000 new jobless claims. Welcome to Recovery Summer.
* The number of subscribers to cable and satellite television fell for the first time in history during the second quarter of this year. People just aren’t going to pay the price any more .. not in this economy they’re not.
* The Obama Administration is no longer using the “jobs created or saved” nonsense to tout the effectiveness of the stimulus plan. There’s a new phrase now …. “lives touched.”
* The Obama Administration has now as much as admitted that ObamaCare will increase the cost of medical care in this country and, at the same time, add to our deficit. Exactly the opposite of what was promised when they were trying to get the bill passed earlier this year.
Is this all working out the way you planned it in 2008? Absolutely NOTHING that Obama and his Democrat dog washers are trying is working. In spite of the infantile ravings of Biden, there is no recovery. Millions of Americans are still out of work while Democrats borrow money for such wonderful stimulus projects as teaching Siberians how to deal with their government. Siberians, in case you were educated in our hideous government schools, are Russians .. and the government we’re trying to teach them to interact with is located in … Moscow. There you go. A quick $200,000 shot to hell by Pelosi’s big spenders … and Obama calls this “economic stimulus.”
This is what we get when the idiot voters in this country fall for a smooth talking community organizer with absolutely NO executive experience at all … and who has often professed his disdain for the private sector … and we put this menace in charge of bring our economy back.
Would you take your sick puppy to a vet that hates dogs? Why, then, would we take a sick private sector economy to a ruler who hates the private sector?
This is all so much worse than I ever could have imagined when Obama got his crown of thorns in January of 2009. I’ve seen incompetence before … but this character gets the gold medal.
I’m telling ya. If the Democrats remain in power after the November election this year, it’s time to buy some luggage. If they remain in power after 2012 … and this disaster of a president gets a second term … it’s time to pack.