Friday, February 27, 2009

Obama Recession: Today's Update; The President Has Declared War On Investors, Entrepreneurs, Small Business, Large Corporations and Venture-Capital

Where does it end? When will people wake up and accept the reality! Obama is single-handedly destroying the American economy!

The worst February since 1933?!?!? Are you kidding me? That was the heart of the Great Depression!!!!

A late burst of selling sealed a dismal finish for the stock market, which hit a fresh 12-year low on Friday as Citigroup sold a bigger chunk of itself to the government and General Electric slashed its dividend, spooking investors who were already jittery.

The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end at 7062.93. The blue-chip benchmark ended down 937.93 points, or 11.72% on the month -- the worst percentage drop for February since 1933, when it fell 15.62%. The Dow industrials have fallen six months in a row and are now more than 50% off their record highs hit in October of 2007.

Larry Kudlow of CNBC explains it this way:

Let me be very clear on the economics of President Obama’s State of the Union speech and his budget.

He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.

That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.

Raising the marginal tax rate on successful earners, capital, dividends, and all the private funds is a function of Obama’s left-wing social vision, and a repudiation of his economic-recovery statements. Ditto for his sweeping government-planning-and-spending program, which will wind up raising federal outlays as a share of GDP to at least 30 percent, if not more, over the next 10 years.


This shit's bad.

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