Paul noted yesterday the economy’s strong resurgence in the fourth quarter–great news, seemingly. Yet the stock market was down on Friday. Why? Investors Business Daily offered this explanation:
[R]ight now, the market seems to be saying: “It’s the policies, stupid.” Specifically, the socialistic policies that the Obama administration keeps pushing at Americans who know that’s not the way this great country was built.
It isn’t just the efforts to socialize medicine or nationalize the car industry or control banks or punish both consumers and industry for climate variations that have little to do with it either. It’s every initiative that comes out of this White House.
Of course, you can’t draw any conclusions from a day’s or a week’s performance of the market. But IBD offers this comparison, which seems revealing:
President Obama’s lack of private sector experience is probably his single biggest weakness. The fact that he does not value such experience in his top advisers shows a serious lack of judgment. One would think that if Obama wants to run automobile companies, banks, insurance companies and who knows what else, he would want to have someone on hand who has done it before.