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Wall Street Rips Off Bernanke Band-Aid – Stock Market Blood Letting Continues

Yesterday, the Obama Administration was in “full metal jacket” panic mode as Monday’s stock market crash – propelled by a speech delivered by a pensive and apprehensive Obama – failed to calm Wall Street and stoked the fear the President was trying to calm.

Obama promised a plan. Someday.

Fresh from hisWhen I said ‘change we can believe in’ I didn‘t say ’change we can believe in tomorrow.’ Not change we can believe in next week. We knew this was going to take time because we’ve got this big, messy, tough democracy” debacle, he again failed to deliver more than platitudes and empty promises.

Democrats all over are thinking they made a mistake picking Obama, many wishing, and hoping, for a Hillary Clinton primary challenge to Obama for 2012.

Even the New York Times is starting to criticize their chosen one. Writers Maureen Dowd and Eleanor Clift have been uncharacteristically critical lately and David Brooks has even remarked in the Times that Obama has “lost his cool”.

There is no wonder investors are nervous. We have a president who is absolutely out of his league. Markets wanted reassurance, not blame. Plans and not bumper stickers. Competence, not ineptitude.

So yesterday, after all else failed and the markets were headed for the darkest of days, Federal Reserve Chairman Ben Bernanke put a Band-Aid on the market’s boo-boo. He promised to hold interest rates near zero for the next two years!

This administration predicted that if we passed the stimulus bill that unemployment would not rise above 8%. We are above 9%.

Inflation is kicking in everywhere. The dollar is in steep decline. Quantitative Easing III – which is the Fed’s way of “printing money” is being seriously considered, which makes inflation and the valur of the dollar even worse.

So making a blanket statement that interest rates will be held near zero for the next two years is not only ludicrous, it is absolutely ridiculous. In August 2013, it is likely that the person making this “promise” – Bernanke – will be looking for a job, as will the rest of the Obama Administration.

Thanks for the one day patch, Ben. But what Wall Street needs is leadership. That is something that President Obama has yet to learn, and he has hired clueless people that are just as lost as he is to run important positions.

What the markets want is a leader that will roll up his sleeves and say “here’s what we are going to do”.

Unfortunately, this president is not a George W. Bush type person who can grab a bullhorn at ground zero and instinctively know what to say.

No, Obama has to have his handlers poll his “thoughts” first, vet them through the Chicago Political machine and assemble a focus group. Then consider how the response will play for his re-election.

There will never be a quick, instinctive reaction to disasters, financial or otherwise, from Barack Obama. And that is probably a good thing. The few times he has spoken out quickly on any topic, he has “acted stupidly” and needed a public “beer summit” orchestrated by some “focus group” to get him out of his own stupidity induced funk.

The markets are most likely headed down. Way down. 5,000 or 6,000. Unemployment is headed up. Way up.

And Obama will still be blaming Japanese earthquakes, George Bush and the TEA Party for his failures.

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog.

Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

One Response to “Wall Street Rips Off Bernanke Band-Aid – Stock Market Blood Letting Continues”

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    Tom White Says:

    Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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