August 27, 2009 updated chart. Click on the chart to go to the latest news and commentary from Liberty Works.
MARCH 13, 2009
Last month, when President Obama and the Democrats were rushing frantically to pass a bill authorizing the government to borrow and spend an unprecedented $800 Billion, the President used the word “catastrophe” several times to describe the future without all that borrowing and spending. The media and most of Congress marched along with grave warnings of another “Great Depression” if the bill didn’t pass.
Last week President Obama was asked about the disastrous performance of the Stock market since he was elected, and especially since he began to announce his policy initiatives. The Dow had lost almost third of its value since election day. His response was…
What I’m looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing.
And, you know, the stock market is sort of like a tracking poll in politics. You know, it bobs up and down day to day. And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.
That was then. This week the market was up three out of five days, and suddenly, the Government-Media establishment has spun around from grim pessimism to sparkling optimism!
This week, President Obama transformed from skeptic who ignored “the day-to-day gyrations of the stock market” to avid market watcher. The establishment media clambered onto the Obama optimism bandwagon with cheery talking heads making the rounds of networks and cable channels. The new message is that after only 30 days after Congress acted, the $800 Billion of borrowed money is already “working!”
In as much as the President and the Democrats in Congress insisted that the stimulus would immediately, the very next week, start “saving jobs,” we offer this report of Unemployment Insurance Claims, representing recently laid off workers, just to balance the presentation.