by Ron Spangler
Not a day goes by that some Wall Street market expert or some other media expert doesn't come on television and tell us how the economy is improving. CNBC is the ultimate optimist of our economy and the markets. They have a logical reason for every bump in the road, be it up or down. Every man or woman that appears on their network is an expert and knows exactly how the markets will react regardless of the situation. The problem with the experts analysis is it is always hindsight analysis and as we all know hindsight is always 20/20.
With real unemployment at a staggering 17.5% Main Street doesn't care that the DOW has gone over 10 thousand. We do care that oil is steadily climbing toward $100 a barrel and other prices for commodities that we depend on are also increasing. With millions upon millions of people out of work rising oil and other commodities simply means higher prices for every consumer. The experts don't seem to understand that if you don't have a job the market means nothing. Maybe they don't get it because they are some of the very few left with jobs that will allow them to invest in the DOW or commodities market. Either the CNN, CNBC, MSNBC, anchors and business analysts are no better than the old time traveling salesman or used car dealer, or they have bought into President Obama's con that the economy is improving and happy days are around the corner.
During the 2006 Mid Term elections the Democrats blasted President Bush over the economy and Iraq. Every time he said the fundamentals of our economy were strong the Democrats scorned and ridiculed him for being out of touch, even though unemployment was running at 4.7%. The Democrats constantly complained the unemployment rate was still too high and wages were too low. They insisted the President and the Republicans were out of touch with Main Street and kept talking down the economy. After the Democrats took control of the House and the Senate they continued on with their drunken spending spree and refused to do anything about the housing bubble or rising oil prices. In 2008 after the oil prices reached $150 a barrel, gas prices hit $5.00 a gallon and the housing bubble burst the Democrats blamed President Bush and the Republicans in Congress. We were told if they had the 60 vote filibuster proof Senate and a few more Democrats in the House they could fix the economy and create more jobs. We gave them more Democrats in the House and enough in the Senate to break any attempts to filibuster a bill. Ten months after the President took office we are in worse shape than we were in 2007.
Now the shoe is on the other foot. The president is saying much of the same as President Bush said in 2007. President Obama now says "the fundamentals are basically sound" but we hear no scorn or ridicule from the very same people that were the loudest in 2007 and 2008. What is different besides gas prices are lower than 2008 but beginning to rise, unemployment has skyrocketed, foreclosures are starting to creep back up, the deficit has increased, the government has spent trillions with little to nothing to show for it, the dollar has reached a record low and our children's children are so far in debt they will be lucky to be able to afford federally subsidized housing or cars of the future? The answer is President Obama won and he is a Democrat with a Democrat controlled Congress. The media has been given notice, play along or be treated the same as FoxNews. It is sad to say but, at the rate we are going the next 2 generations will all be federal employees dependent on the government for everything they consume.
According to all of the so called Wall Street experts, the rest of the world is recovering from the recession while America laggers behind. They have feel good logical explanations for it but they refuse to explain how it effects our position as a trusted world leader. They refuse to face the fact that we are looking weaker and weaker in the eyes of not only our enemies but also our allies. They are watching as we go down the same disastrous road Japan traveled down and the world doesn't understand why we do not remove our blinders. Instead of concentrating on cutting down on our massive spending, working on policies that will help business create jobs, and winning a war the President said was the real central war on terror, the President and Democrats in Congress have decided to spend a massive $1.5 trillion more on health care in the United States. How health care became more important than protecting the country or standing idly by while the unemployment rate continues to rise is beyond my comprehension, maybe I should defer to the Wall Street or media experts.
Maybe in 2010 when the people have the final say about the direction the country has taken, the experts will give us the benefit of their expertize and explain with their 20/20 hindsight how misinformed this government really was. Maybe when the official unemployment rate has reached 15% but in reality it is 28% the experts will admit we shouldn't have raised taxes and passed the Health Care Bill. Maybe when our troops are dieing by the hundreds in Afghanistan because our President did not send reinforcements soon enough the experts will say the President got it wrong. Maybe it is time we stopped listening to the "experts."
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