Obama Plays "Let's Make a Debt Deal" as Market Tanks

Posted: Aug 09, 2011 12:01 AM

The stock market is to President Obama’s plans what Frank Luntz’s focus group ratings are to political advertisements.  B.S. detectors.

Following the credit downgrade from Standard and Poor’s, today’s stock market has been all over the map with a drop as high as 600 points.

Then the President took the microphone, stating that the markets around the world “still believe our credit is triple-A. I and the world's investor's agree.”

The markets flattened and then dropped—closing below 1100.

Perhaps traders were holding their breath thinking that the President, absent since the announcement, was really going to say something that might stabilize the markets and give confidence to skittish businesses.

Instead he begged Congress to do something to create jobs and talked about the taxes. The debt deal is so last week, Mr. President.  Clearly Obama is out of ideas or refuses to look at what is going well in America.

There are jobs in the energy sector, removing the tax benefits for the one segment of the economy that is doing well is like punishing them for getting it right and ultimately raises the price of energy as the increased costs get passed on to the consumer.

On its face, the currently low dollar helps exports—but not when we have to import the raw materials. Here in America we have an abundance of coal, natural gas, oil and uranium—not to mention copper, iron, and other metals.

Mr. President, look at what is working and encourage it by expediting permits, don’t punish it with ever more regulations!

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