Kyle and her husband moved to Brookfield in 1986. She became active in local politics and started blogging in 2004. Her focus is primarily on local issues but often includes state and national topics, too. Kyle looks at things from the taxpayers' perspective in a creative, yet down to earth way, addressing them from a practical point of view.
Today's Dow sunk below 7,000. At present, it is 6,762.98, (down 300 points since opening--I have had to revise 3 times for the worse while writing this post). That is it's lowest point since 1997. (This graph is great; you can slide the indicator at the base to the year you want to see, and slide another one to another date to compare the change in the market.)
Not even during the terrorist attacks of September 11th did people have so little faith in our economy! Today's Dow is 2194 points or 24.06% less than the market was a month after the attacks.
First some definitions*
Wreck-"O"-nomics: The disastrous economic policies pushed by President Obama that are wrecking our economy.
WreckOnomics Steal-from-us package: Obama's plan to take from the working and give to the drones. You know, his version of spreading the wealth around. (Little did we know that his stealfromus plan would also do away with the welfare reforms enacted under President Clinton.)
But Obama's WreckOnomics Stealfromus really characterizes his whole philosophy of economics and governance. It extends well beyond just his "stimulus" plan. His proposed budget works out to be about $11,800 per American or $25,000 per taxpayer. His other sweeping reforms of Cap and Trade, said to raise utility costs by about 40% or more, and health care reforms, will cripple our already ailing economy.
I can't shake the feeling that if our President would just keep quiet, rework the budget, and say no more about nationaizing health care and Cap and Trade, he could turn this economy and the market around. But that would only be if he wanted to. As the market continues to slide south, isn't it obvious that investors are reacting negatively to his heavy handed tax and spend and socialistic plans?
Instead, he is steamrolling ahead with his massive Stimulus, Budget, and soon National Healthcare and Cap and Trade. "Obama wants the proposals done largely in concert, as an interrelated plan to undo major elements of President Ronald Reagan's conservative movement."
All of these measures have one thing in common: They will reek havoc on America's economy. His plans will take money out of the pockets of the working to put it into the hands of the nonworking and the politically favored.
One of the 2 basic laws of civilization is: "Do not encroach on other persons or their property"**. Obama's WreckOnomics Stealfromus violates this law. I think our economy and stock market are just reacting to his policies.
No government can give to one group without taking from another. No President can either. I hope he realizes this before it is too late.
More reading: Fact Check on Feb. 24 Speech (401K back buy, included!)Stocks drop as Obama speech and housing data weigh, (after Tues. Speech)
NEW YORK (Reuters) - Stocks fell on Wednesday as investors found little new in a major speech by President Barack Obama on how he planned to stabilize the economy, while gloomy home sales data weighed on the market.
*Wreckonomics was coined last week by a family member as comic relief, while I worked on our income taxes. His exact term was wreckonomic stealius. I changed the stealius to steal-from-us.
**The Two Laws, pp 106, Whatever Happened to Penny Candy? by Richard Maybury