The Discounting of Obama
Polls have Obama up. And, I’ve even beginning to doubt the polls for their accuracy. After all, many of these polling firms contract out to major MSM outlets. So, you wonder as to whether these polls are commissioned to report news or to create news. Like everything else in the MSM, you no longer have an accurate take on the news. In many respects this election is like driving your car with the windows painted over.
But, with the Dow now below 10,000 you have one accurate poll on Obama’s performance. With real money on the line, the markets will always reflect the current state of the economy with unerring accuracy.
What the markets detected was a governmental intrusion into the private sector that forced economically untenable mortgage assets into the free market by governmental fiat. This governmental intrusion was nothing but crony capitalism with the Democrats running interference for Fannie Mae and Freddie Mac. And, the party that caused this mess stands to make large electoral gains with little to check their propensity to further intrude into the private sector.
It’s also interesting to see how international markets have tanked over the recent weeks. It seems that Obama may be Europe’s big rock star, but even Europe won’t bet a plug nickel on the Messiah.
The markets are expecting high taxes, high inflation and increased regulations come November fourth. I doubt we’ll see the Dow much above 9000, if we’re that lucky, for at least the next two years. Then, the Bush tax cuts will expire…