Why It’s Good News When Obama Sinks the Market

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Get out of the market and buy something of real value before the dollar becomes worthless.

G-Money of NV 11:12AM January 29, 2010

It's laughable that people are complaining about the 5% drop in the stock market and blaming it on 'the Obama government involving itself in areas they know nothing about'! LOL! Give me a freaking break! If 'the Obama government' hadn't involved itself in 'areas they know nothing about', there never would have been a stock market rally in the first place! OK, let's take back the $23.4 TRILLION in aid and gurantees the 'Obama government' has given to Wall St. and see how your stocks fair then, eh? Oh, and kiss your house and probably your freaking job goodbye too!
Could Americans be any more stupid/ignorant? I think not.

Fattkidd of GA 9:40AM January 26, 2010

This is a serious topic. I am so tired of people's snappy comments about everything political. It's easier to toss off some smart aleck remark than to actually think and analyze what is being said, I guess.

Jen of IN 7:17PM January 25, 2010

Hardworking Americans just saw a drop of almost 5 percent in their retirement accounts, thanks to the Obama government involving itself in areas they know nothing about.

Susan J of FL 2:30PM January 25, 2010

This administration has proved in its dealing with Citicorp that it doesn't understand the banking and financial industry. The country would be better off if President Obama would take a holiday in CA and go skiing. Maybe take Summers and Geithner with him. Reid and Pilosi can follow. TARP was an attempt to skirt Congress and faith in Obama is falling like a rock!

J. PETRILLO of NY 10:24AM January 25, 2010

It's all Bushes fault, right?

Crybaby of UT 7:57AM January 24, 2010

Repealing the Glass-Steagall Act allowed the banks to get too big to fail, the Republican Congress pushed that issue in 1994 and rammed it down the Democrat's throat. De-regulation is a good thing right? Less government and all that? Wrong. Gigantic banks with huge concentrations of the U.S. assets are not a good thing. You do not put all your eggs in one basket.
Blaming the Democrats for the collapse is idiotic. They came into power in 2007, and by the end of 2006 the economy already started rolling down the hill. The fuse was lit by the time they were put in charge. Republicans seem to endlessly not want to take responsibility for their mistakes. Has nothing to do with affordable housing. AIG granted credit-default swaps on mortgages they knew were going into foreclosure. That has nothing to do with bad loans and everything to do with having absolutely no risk management. No one forced AIG to grant those credit-default swaps, they did it because the individuals granting them wanted the commission and did not care whether the company went under or not. If you rip up the hull of a ship made of gold that ship is going to sink, but you'll still have your precious gold.
It didn't help that Bush injected hundreds of billions of dollars in printed money into the banks, which they then turned into over $2 trillion dollars of funny money. It didn't help that Bush nor the Republicans then provided absolutely no oversight. The issue of Financial Reform came up twice from 2001 - 2006, but Republicans never made it a priority and thus it never made it out of committee. Too busy increasing Medicare spending to buy votes I guess.
The financial sector has gone insane, it's nothing more a Casino for the wealthy to deal and the stupid to bet in. This is not risk-taking, it's gambling and grifting, those are not American values of success. If the government does nothing, another bubble will develop and it'll happen all over again. It is the responsibility of our government to restore it to some level of sanity, the American public demand this. Glass-Steagall worked fine for decades, there was no good reason to let that beast run free.
I hope the Republicans will defend the banks. I hope the banks try a massive propaganda campaign with their new-found enslaving powers of the media and campaign spending. The people are already at a heighten level of alert, awareness and paranoia, they will expect this and will not fall for it. They will instead get even more angry and then you'll see a real tea party, except it'll be the banks and their "de-regulate the bank" buddies getting thrown in the harbor.

Paul of CA 7:39AM January 24, 2010

With sixty to one leverage. Unwinding their game must unwind the stock market.
Obama and Acorn forced affirmative action mortgages on the banks. The banks complied by bundling and selling the worthless mortgages to naive European banks. But the game went on so long that US banks, Fannie and Freddy forgot the bundles were worthless and bought them as well. Some insured the bundles with AIG. Since Obama is complicit in the economic collapse the Republicans were happy enough to hand it to him.

Laughing Stock of KS 6:11PM January 23, 2010

Obama is attacking “risk taking,” that very human characteristic at the heart of America’s success. This is dangerous rhetoric.
The Presidential attacks should be very troubling to taxpayers for more profound reasons.
http://pacificgatepost.com/2010/01/policy-development-by-panic.html

James Raider of WA 4:01PM January 23, 2010

On the money, Rick. I wouldn't be surprised if the spoilt children who are now being disciplined are contributing to the pain on wall street (via their own traders) in order to cause pain and anger on main street - with the hopes of a governmental backlash.
I hope many people read, and understand, your article, Mr. Newman. Well done.

Trent of CA 11:19PM January 22, 2010