Thursday, March 5, 2009

Obama's New New Deal Rolls Out The Barrel . . . Moving Downhill Fast!

President Obama's tax and spend assault on capitalism continues to have a devastating toll on the stock markets. Today, stocks resumed their slide. Drudge Report calls it "The Hemorrhaging". When we last checked, the Dow was down over 200 points -- easily erasing the gains from yesterday.

In their zeal to "stimulate" the economy, the Democrats ignore the first cardinal rule of tending to a sick patient -- do no harm. The Chinese government leadership seems to get it, having announced there will be no new "stimulus" package in their country.

It's a scary day when the Communist government in Red China is more conservative than Democrats running things in Washington, D.C.

Update: Here is the reality of the "change" brought about by Obama's economic policies, as reported by Yahoo! Finance:

The Dow is now down 24% year-to-date, while the S&P 500 has fallen slightly less since the start of the year. The Nasdaq is down almost 17% for the year.

Meanwhile, the S&P 400 Mid-cap Index and Russell 2000 Small-cap Index are showing year-to-date losses of 23% and 29%, respectively.

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