Site for Free Markets and Free People

Thursday, February 19, 2009

Does Obama Give a Damn About the Investor Class?

With the Dow Jones Industrial Average closing below 7500 and reaching its lowest point in six years, one has to wonder whether Obama really cares. I think his lack of any investment incentive in the stimulus bill, his lack of response to the bank nationalization rumors and his mortgage cramdown bill that would bailout those least deserving at the expense of banks answers the question pretty clearly.

The market now understands that Obama couldn't care less if the investing class loses its shirt. In his eyes, that would be just punishment for their sins of being successful. Socialism is all about everyone sharing in the same misery.