The "But For" President
As the piece notes, the Dow was closing at 9034 three weeks before Obama's inauguration. Yesterday, it closed at 6763.
This is disappointing -- but it's understandable. In quick succession:
President Obama has spooked the energy industry, by his talk of cap and trade legislation. So there's uncertainty there.
He's spooked the banks with talk of nationalization. More uncertainty.
He's spooked the insurance and health care industries with the suggestion that health care reform might be outsourced to a Congress led by Nancy Pelosi. Yet more uncertainty.
He's spooked the defense industry by proposing significant cuts in our national defense (a dubious strategy on the merits in an age of terror). Yup, more uncertainty.
He's spooked every multinational company by protectionist talk. And more uncertainty, there, too.
He's spooked the housing industry by proposing limits on the mortgage interest deduction. Guess what? That creates uncertainty.
Really, is it any wonder why the market isn't soaring? As time passes, it's becoming increasingly clear that either the President truly has no clue about what he's doing, or else that he's pursuing a strategy designed to drive the economy into depression so that he can craft a New Deal II to hand more power over to the federal government.