Obama press secretary Robert Gibbs, on Jim Cramer, who called Pres. Obama's budget a "radical agenda," adding, "This is the greatest wealth destruction I've seen by a President.":
"I'm not entirely sure what he's pointing to to make some of the statements," said Gibbs. "And you can go back and look at any number of statements he's made in the past about the economy and wonder where some of the back-up for those are too."
When pressed further by Costello, Gibbs said, "If you turn on a certain program it's geared to a very small audience. No offense to my good friends, or friend at CNBC. But the President has to look out for the broader economy and the broader population."
So, Cramer is another guy I should probably listen to more. By the way, I only occasionally listened to Rush up until this last dust-up with the prez. I've been listening almost every day since.
But hey, this is all dead simple. The stock market hasn't been "gyrating", as Obama claims; it's been in free-fall. And Obama is the reason. He promised during the campaign to stop businesses' "free-ride". After being elected, he promised to cut the deficit in half on the backs of businesses and the "wealthy". Who wants to risk buying a stock now that Obama has identified American business as the source of cash for his huge expansion of government? Of course stocks are rocketing down. Along with every working American's retirement account. That's where the bulk of the funds for your retirement reside: in the stock market. Can you imagine how much half of this nation's retirement assets is? I really don't want to know the numbers. It's too depressing.
The corporate tax rate in America is already one of the highest in the world. And Obama doesn't think it's enough. And he's said so loudly. And he won't back down from it. So don't expect a recovery. The smartest man in the world could turn this around by just signaling that he realizes that this isn't the time to tax businesses more. That's all, just an indication that he'll hold off. But no, he's the stupidest smartest man in the world we've had in a long time.
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***Update: hey, I like this guy:
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