Let’s take a quick look of the markets after the first year of President Obama at the controls.
The Dow started at $8,281.22 and ended the 12-months at $10,725.43 (+29.5%)
NASDAQ started at $1,529.33 and ended at $2,320.40 (+51.7%).
S&P started at $850.12 and ended at $1,150.23 (+35.3%)
Let us not forget the all important Crude Oil. Obama opened at $36.51 and ended the 12-months at $79.02. (+116%).
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At 1st blush this performance looks spectacular…then when you learn it was fueled with quantitative easing….stocks purchased with borrowed taxpayer money…it makes you feel sick. The government chose winners and losers. That is an equal protection clause violation. Ultimately the taxpayer must break even on the backs of a minority of shareholders or lose their investment. The US now owns 5 trillion bucks worth of mortgages…it is so bad banks hardly will loan their own money for that purpose…they underwrite the loan for the fees and xfer the risk to you and me. It is sickness and moral bankruptcy, to be followed by the real thing. This market would have corrected without ANY intervention. Markets are representations of goods and services demanded by the marketplace. This government intervention has perverted the market place and made it less transparent. This murkiness comes from a usurper who has a murky history…so it kinda fits. Thank YOU 52% for perverting a perfectly good marketplace.
February 3rd, 2010 at 5:58 am