recent stock market plunges are linked to Obama

XCALIDEM

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Obama's comments of spreading the wealth are making CEOs and investors leery.
Thanks alot Barack Hussein Obama!!!



CNBC Reporter: Obama Suffers 'Blind Loyalty' to Economy-killing Policies
By Ken Shepherd
Created 2008-10-13 14:57
The stock market is casting a vote of "no confidence" in Barack Obama (D-Ill.) and his Republican opponent is missing an opportunity to slam the freshman senator for an economic agenda that is a rehash of the worst of Presidents Herbert Hoover and Jimmy Carter.

So argued on-air editor Charles Gasparino in an October 13 op-ed in the New York Post [1], where the CNBC talent mentioned that even Obama's Wall Street backers are nervously telling him to change course on his economic plans (emphases mine):

Overall, his [Obama's] plan includes some of the most lethal tax increases imaginable, including a jump in the capital-gains rate. He'd expand government spending massively, with everything from new public-works projects to increases in foreign aid to a surge in Afghanistan - plus hand out a token $500 welfare check that he calls a tax cut to everyone else.

This is clearly the wrong way to go in the wake of an economic meltdown - yet Obama, for all his talk of how willing he is to compromise, of how he'd bring people together, is sticking to his tax guns.

I know at least one top Wall Street executive, an Obama supporter from the start of his campaign, who has recently urged Obama to rethink his tax plan - and that was before last week's record losses on the Dow.

But if Obama is rethinking, he's not saying. As his running mate, Joe Biden tells us that it's patriotic to pay higher taxes, Obama remains committed to squeezing businesses even if the recession grows.

Gasparino also noted that "[t]o be fair, McCain hardly instills confidence among the Wall Streeters" he talks to but wondered why the campaign was putting more energy into the William Ayers angle "when it should be hitting Obama's blind loyalty to policies that bring together the worst elements of Herbert Hoover and Jimmy Carter."

Last week Gasparino slammed the Obama tax plan [2], likening it to "throwing gasoline on the fire":

"I mean, John McCain – listen, say what you want about his performance – but I’m talking, just looking at that debate rationally – could you literally add up – he wanted to invade Pakistan I thought he said, he wants a surge in Afghanistan, he wants expanded health care, he wants to give a tax break to anybody under – not a tax break, essentially a welfare check to anybody who makes $249,000 or less. By the way, it’s not a tax cut because poor people don’t pay income taxes. You’re not changing the tax rates. And then he wants to tax everybody else."

Gasparino said that despite Obama’s “thin record,” he is much more of an ideologue than McCain, based on his time as a community activist, state senator and in the U.S. Senate.


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Source URL:
http://newsbusters.org/blogs/ken-sh...uffers-blind-loyalty-economy-killing-policies
Links:
[1] http://www.nypost.com/seven/10132008/postopinion/opedcolumnists/an_obama_panic__133374.htm?page=0
[2] http://businessandmedia.org/articles/2008/20081008112039.aspx

Even Charlie Gasparino from CNBC doesn't agree with Obama's tax plan Look at the video here: http://www.eyeblast.tv/public/checker.aspx?v=e4SU8zDkIr
 
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Here's more evidence:


Obama Rises In the Polls and Stocks Decline
Wall Street Afraid of Democrats Strategy for the Economy
© Martha R. Gore

Oct 7, 2008

The stock market keeps dropping as Obama rises in the presidential polls. Is his rhetoric about raising taxes on capital gains scaring investors?

Obama's poll numbers increase almost daily and the prospects for winning the election on November 4, 2008 and becoming President of the United States seem more likely. Meanwhile investors have been deserting the stock market as a vote of "no confidence."

Investors Fears About Obama
Investors continue to have fears about Obama's economic plans in regard to spending and taxes. Writing for MSN Money, on July 14, 2008, "Why Wall Street Fears Obama", Jon Marksman, an investment expert, writes that it is Obama's intention to raise capital gains taxes from 15% to 28% that is creating the exodus. There is also the fear that the Democratic Congress is loathe to do anything that might give comfort to the Republicans running for office before the election.

There are concerns that with a Democratic President and Congress, it would bring about the abuse of power that were seen during the Bush Administration when both Houses were controlled by the Republicans. Marksman believes that when all branches of government are controlled by one political party, costly, idealistic, social or fiscal experiments take place.

Obama Plans for Wealth Distribution
Obama plans for wealth distribution were quoted in an Wall Street Journal article (July 17,2008) interview, saying that "globalization, technology and automation all weaken the position of workers" and argued that the government needs to make sure the fruits of success are distributed in a more evenhanded manner. Marksman maintains that this type of campaign talk may please laid off workers but are fighting words to those whose wealth is targeted for distribution. Those are the investors who own most of the nation's stocks.

Obama Tax Plans
Obama's tax plans, as interpreted by investors, would make the federal government even more reliant on the relatively few high-income people paying most of the U. S. taxes. Marksman believes that this would provide less incentive for business owners to augment their wealth by growing their companies. There appears to be a stampede of asset sales as investors rush to take their profits now to avoid the expected doubling of the capital gains tax.

There is indications the 2001 and 2003 Bush tax cuts will be allowed to expire in 2010 which could raise taxes on Americans by tens of millions of dollars. Obama is also expected to do away with the $102,000 FICA payroll tax cap which means anyone making over that amount would pay an additional 7 percent on earned income.

As the stock market continues to show signs of imploding, investors are becoming more pessimistic about an Obama/Biden presidency versus that of McCain/Palin and are showing their disquiet by withdrawing their money from the stock market and putting it in safe havens. Obama's activist political history in Chicago has added to the unease of investors . Why Wall Street Fears Obama explains why this is happening.



The copyright of the article Obama Rises In the Polls and Stocks Decline in US Elections is owned by Martha R. Gore. Permission to republish Obama Rises In the Polls and Stocks Decline in print or online must be granted by the author in writing.
 
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