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Wednesday, February 18, 2009
Rich Galen :: Townhall.com Columnist
Obama's Economy
by Rich Galen
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Yesterday, in Denver (instead of Monday in Illinois) President Barack Obama signed into law H.R. 1, commonly known as the stimulus package.

The Dow Jones Industrial Average greeted this news with a drop of nearly 298 points to end the day at 7552.60.

Just to review the bidding, on Friday January 16, the last day of trading before the Inauguration of Obama on January 20th, which means it was also the last day of trading during the Administration of President George W. Bush, the Dow ended the day at 8,281.22.

Since the beginning of the Obama Administration, which was greeted with breathless anticipation by the entire known Universe, the Dow has dropped 728.62 points or a little under nine percent.

If your 401(k) was worth $10,000 on the last day of the Bush administration, it is worth about $9,100 today which is the first full day of the Obama Economy.

I know my friends on my Left will howl in outrage and point out that on January 28 - about a week into the Obama Era - the Dow closed at 8,375. About 93 points ABOVE the point at which the Bush Presidency faded into history.

Ok. But, that was then. The political Earth was new. No one understood just how destructive Obama and his lead henchman, White House chief of staff and former Congressman Rahm Emanuel, were going to be.

Obama and Emanuel - let's just call them Rahm Obama - allowed the Nancy Pelosi-led House of Representatives to take the first crack at crafting the stimulus package.

Need I remind you that Pelosi was so inept at this task that she attempted to hide tens of millions of dollars in condom subsidies which even the Minneapolis Star-Tribune described as "the condom controversy" because she tried to slip a "Medicaid family-planning initiative into what was supposed to be an economic stimulus package."

Does it bother anyone at all that the differences between the House and Senate versions in the gazillion dollar stimulus package were negotiated behind closed doors? Forget about having no Republicans in the room. They lost. Too bad. In this new era of Transparency In All Things maybe C-SPAN should have had cameras rolling.

Nah. Continued...
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About The Author

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at Mullings.com

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Reply # 1
Date: Feb 19, 2009 - 8:07 PM EST
Why is anybody surprised
that the stock market tanks after Obama takes office? Capitalism is dying before our eyes thanks to the Pelosi/Obama gang and even Newsweek lauds the coming of Socialism. Who in his right mind wants to be in the market now? It's going to continue to drop, even faster as the great unwashed figure out that this hoax of a stimulus is going to ruin this economy for decades to come. All I can say is, we voted these people in and, by God, we get what we deserve.
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Reply # 2
Date: Feb 19, 2009 - 6:23 PM EST
Hitler Gave Great Speeches, Too! II

Miller said he had been an Obama supporter "because of his speeches," but after debating the issues in this class and looking more into Obama's policies, his vote was swayed toward McCain.

He showed a video on his camera he had just taken of the president's minutelong motorcade . Miller had also spent a couple of hours in front of the school, hanging out and watching the protesters, which included at least one of his students.

"Even though I don't support him, I think it's cool he's here," said Miller, 18. "I just don't believe all the things he's telling us. His goal is just too big and broad."

Miller wanted to hear more about the costs and guidelines the stimulus bill entails.

Sr. Katelyn Meyer, who also leans more toward being a Republican, said Obama's plan sounds good, "but it's easier said than done."

The students also questioned why Obama chose their school for his speech since he wasn't talking about education and wondered how much money the district spent on beautifying the campus while district positions and services are being cut.

New sod was laid in front of the school Tuesday for O's visit, and Daudfar said, "The joke at the school is they're going to take it away when he (Obama) leaves."

AP government teacher Jeff Sherrer said his students "feel very strongly about the issues, maybe more than the general population." He thought at least one of his students was outside protesting, and he had planned to take his students outside as a class project to show them what was going on but didn't get the chance.

"These kinds of kids really get into it," Sherrer said. "During the election we had lots of debates on the issues."
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