Barack Obama simply continues to inspire confidence in the market, it has grown so exponentially since he was elected that it’s not even funny… Yeah right.
Truth is, the market continues to hemorrhage because of Obama not in spite of him. Why is this happening?
How about his promise to “redistribute the wealth” by taxing people at a rate higher than they have been taxed in the last 8 years.
Most people would rather keep more of their money, not less of it, consequently, bearing in mind what Barack Obama has promised to do, most people will take their money out so they can avoid paying taxes on future growth plain and simple.
Sure the argument can be made that he merely wants to go back to Clinton era tax levels, but let’s not forget something extremely important. Exponential growth. The reason the economy was flush during Bill Clinton’s administration is because of the investments people made when Ronald Regan was in office, those investments grew exponentially and yielded the returns that made a higher tax level palatable.
George Bush was NO Ronald Regan, although to his credit he did cut taxes.
So while I believe that the market is going to rebound eventually, it always does, the fact of the matter is the last thing the USA needs in 2008 is more taxes, and everyone other than Barack Obama and his economic team seem to realize this.
Posted by PUMA Pundit
