Posted by
Catmman on Saturday, February 28, 2009 11:43:10 AM
President Obama and his administration take every opportunity to state they "inherited" the current economic crises. As far as the statement goes, it is true. What Obama and his supporters are sure to stay away from however is that Obama has been the President since January 20th,
NOT Bush. Any downturn or economic hardship, indeed
ANY issue which impacts the United States now falls squarely on the shoulders of Obama.
Bush wasn't responsible for this:
The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end
at 7062.93. The blue-chip benchmark ended down 937.93 points, or 11.72%
on the month -- the worst percentage drop for February since 1933, when
it fell 15.62%. The S&P 500 fell 17.74 points, or 2.4%, to 735.09. Its financial
sector dropped 6.5% and its health-care sector sank 4% on fears that
President Barack Obama's reform plans will carve into the profits of
drug makers and insurers. The S&P is off 53% from its October 2007
peak and has now seen its worst six-month drop in percentage terms --
42.7% -- since 1932, when it dropped 45.44% in the six months ending in
June.
There isn't anyone who isn't saying that Bush didn't have a hand in what we have now. Obama and his supporters aren't going to have Bush to push around for much longer however. These February numbers belong to Obama, not Bush. Amazingly there is no mention of this drastic, one month fall - most of it coming since Obama signed his so-called 'stimulus' package a couple of weeks ago. We could also point out that the Dow is off over 25% (over 2,500 points) since Obama was elected. Obama was to inject 'Hope' into things I thought? The markets and financial sectors know Obama is full of it, hence the poor showing. Given the choice between trusting the finacial industry on economics or trusting democrat polticians like Obama, pardon my cynicism but I'll stick with the true experts, not those trying to score poltical points.
Obama better hope there is a change in the economy soon.