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Saturday, March 07, 2009

Luskin: Obama Stock Market Worse than Depression

Count great economist Donald Luskin among those who now believe that Obama's stock market crash is worse than that of the Depression. He took a bad situation and made it catastrophic.

Stocks are off 28.4% since his election [about 33% now], 15.2% since his inauguration, and 17.2% since his so-called “stimulus” bill was enacted. To say the very least, whatever he's doing, it ain't working.

I didn't count on the extent to which he'd use the present economic mess as an excuse to push his agenda of more government regulation, greater involvement of government in the economy, and higher taxes...Please forgive what may seem like an outrageous comparison, but this is exactly how Adolph Hitler came to power in 1933 -- by exploiting public panic in the aftermath to the Reichstag fire.

And I also didn't count on how downright incompetent Timothy Geithner would be as Treasury secretary...The reason stocks can't stabilize here is that the new administration is promoting an agenda of inherent instability.

So whatever Obama says about "profit and earning" ratios, investors literally aren't buying it. Gateway Pundit wonders why Luskin is so surprised that Obama has acted in this way. After all, to take Luskin's analogy one step further, just as Hitler laid out his plans in Mein Kampf, so too did Obama with his Audacity of Hope and voting history in the Illinois and U.S. Senate. Expecting Obama to change his big-government ideology and socialist ideas simply because he was elected President is unrealistic. (True, that's not how he campaigned, but it should have been obvious even with a sycophantic media.)