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June 30, 2010

Barack Obama, the Economy Is Strengthening, Remain Calm, All is Well … In the Midst of a Global Economic Meltdown

Posted in: Barack Obama,Budget Deficits,Business,Economy,Federal Deficits,Government,Obama in Wonderland,Obamacare,Obamanation,Obamanomics,Politics,Unemployment,World

It’s an Obamanation …

President Barack Hussein Obama has become a cross between Baghdad Bob and Chip Diller (Kevin Bacon) of Animal House fame screaming in the midst of total chaos yelling remain calm as is well. Barack Obama claims that the economy is strengthening despite the fact that there is no economic data to hang your hat on.


“I think in our discussions we share the view that the economy is strengthening, that we are into recovery, that it’s actually led by some interesting sectors, like manufacturing, that we haven’t seen in quite some time,” the president said. “But what we also agree is that we’ve still got a lot of work to do.”

The economy is getting better, so says the Chosen One and we are supposed to believe him why? Maybe because he has created so many jobs as he promised? Not. Heck, even VP Joe Biden said we are never going to replace all of the 8 million jobs lost. How come they didn’t run on that platform? The fact of the matter is that Barack “Baghdad Bob” Obama has no data but his teleprompter words to say that the economy is getting better …

From Yahoo Finance … no matter where investors looks they see economic trouble as stocks skid on the fear of another global slowdown.

Yesterday the stock markets plunged 268.22 points to close below the all important 10,000 threshold.

The blue-chip average is on pace to fall more than 9% in the quarter, which ends on Wednesday. This would be the Dow’s first losing quarter since the first quarter of 2009, when a prolonged bull market began. The Dow Jones U.S. Total Stock Market Index has lost roughly $1.5 trillion in value in the quarter so far.

The Standard & Poor’s 500-stock index fell 3.1% to 1041.24, its low for the year. The Nasdaq Composite index fell 3.9% to 2135.18, its lowest since February. 

Consumer confidence fell sharply in June 2010 over the fear of no jobs being created. After all the Obama $878 billion stimulus spending, there are no jobs continually being created. Obama’s government spending policies have been a failure. Even socialist economies of Europe in theG20 Summit opted to be more fiscally conservative than President Barack Obama.

“What we need are consistent job gains, not just a month or two,” said Richard DeKaser, chief economist at Woodley Park Research in Washington, whose confidence forecast was the lowest of those surveyed. “Until we get that, I don’t think we’re going to see any gains in consumer confidence.”

We have record federal deficits, near 10% national unemployment, consumer confidence down, the stock market below 10,000, out of control government spending and some how in all that the economy is strengthening. Other than that Mrs. Lincoln, how was the play?

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