a.SafaLab
The Neolibertarian NetworkHow Bad Are The Markets
The gallows humor on the floor of the NYSE hit a creschendo today when this line became the consensus amongst traders:
We haven’t seen such an oversold market since tomorrow!
Personally I blame Obama. That should be no surprise though. I learned long ago never to underestimate the distruction a politician can cause. And so far Obama is nothing more than two-faced, double-speaking politician.
I don’t have to hope he fails. At this rate he’s doing fine all by himself.
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Nations are like individuals. All of them have a self-destructive streak. Mature individuals, and especially investors, know this and guard against it. They will not allow their self-destructive nature to assert itself. And when they see a nation beginning to fall into self-destructive behavior, they quickly rearrange their assets to defend against it.
People who hated themselves and their nation elected Obama. They unconsciously opted for self-destruction. Now they must suffer for it. The rest of us can only watch in disbelief.
Along the same lines as what Max is saying, I don’t really think it makes sense to place even a majority of the blame on Obama. True, he did nothing to warn of the credit bubble or reign in the legislation that was encouraging it. I’m sure he joined in the laughter when the inside circles on Capitol Hill joked about Ron Paul’s quixotic crusade against the Fed. And he and his policies are surely helping accelerate the financial and economic crash.
But he’s just an instrument of the booboisie’s self-destructive tendencies. The blame ultimately lies with every American who thinks he’s entitled to live a life ignorant of history and free from the responsibility to secure his material well-being by his own work and effort.
I don’t blame Obama for the troubles in the financial system. I don’t even lay much blame on him for the business cycle. I blame him for the market’s expectations that things will continue to go to shit. The market is not just reacting to the lack of policy on the financial crises, it’s reacting to the anti-business rhetoric, the villainization of capitalism and the fact that Obama wants the government at 30% of GDP.
Andrew Bissell:
Probably after studying the law, I have found nothing so personally empowering as the study of history. But I must admit that there are some nights when I sit alone in my darkened office and I wish I were ignorant of it. Contemplating the present is painful enough. But a knowledge of history adds to my misery by allowing me to contemplate a future that will likely be more painful still.
I do not see myself in that future, probably because I have taken care of all that needed to be taken care of to secure prosperity in my old age. But I do see my children and other young people I know. They are only in their 20s now, yet they have already worked so hard to do all the right things in preparation for a happy and productive life. They are already deeply invested in America, so to speak, and I fear America is going to cheat them. And even if they are not openly cheated out of their reward for their diligence and perseverance, I fear they will always be weighted down by the social and economic aftereffects of what their government is doing today.