Obama Sends Dow Down
January 20th, 2009. Filed under: Tuesday's Tempting Reads.Obama’s inaugural address did nothing to calm the fears of investors. After hearing Obama’s speech, they went back to unloading stocks. This in turn sent the Dow down more than 330 points. Once again the Dow Jones industrial average is below 8000.
Obama’s speech did nothing to ease concerns about our country’s struggling economy. Personally, not much about his inauguration eased my concerns about the economy. According to CNNMoney this was the costliest inauguration in our history. You would think that with our debt spiraling out of control and bailouts galore to keep fiscally irresponsible companies from the bankruptcy courts, this new president and his team would try to set an example for us and keep costs down. We’ve been in a recession for over a year. We’re at war. The jobless rate keeps climbing. Businesses, both large and small, are closing their doors. And we, the people, get to shell out for fun and games in DC.
I would expect any president elect to seriously pare down the expenses. This one promised us change and I was looking forward to something positive coming from his agenda. This change appears to be something that costs a lot in the long run. Day one expenses, more bailout money, tax stimulus promises, promises of job creation along with other entitlements. The change I’m seeing is in the inevitable tax increases for us in order to pay for it all.
January 24th, 2009 at 07:44
I am hoping Obama suceeds for the good of the country, he will be president for the next four years at least. The stock market will continue it’s wild swings for sometime yet, and it and the get rich now at all cost processes that landed us in this situation must change: for the better, trial and error will be rule the day, doing away with what does not work and embracing what does will usher in that change.
You are aware that security cost post 9/11; Ensuring a safe environment for all who attended, plus his protection from some confused conservative, skin-head, red-neck’s bullet which may yet happen with all the VITROL still out there made up 90% of his inauguration costs. Don’t you?