Posted by
Chuck Rickard on Tuesday, October 28, 2008 10:57:51 AM
I have been sifting through the growing pile of ashes of the
maelstrom that is building and threatening to raze our country.
It appears that Senator Obama will most likely be our next president, and most likely the Bush Haters will elect him. He has been campaigning specifically toward them, trying to make Senator McCain a Bush clone.
McCain’s voting record has not been much different than most in the
senate, and is not necessarily wrong; however, he is not George Bush.
Look at how the market feels!
The
fundamentals of the sub-prime debacle on the market drove it down to a
DJIA of 9500, but the movements after that had nothing to do with any
basics or economic fundamentals. A free market will correct itself and maintain a calm society.
The
lending by mortgage companies and banks to unqualified borrowers and
the purchasing of these acid assets by Fannie and Freddie mandated
(forced) by the Democrats in the 1990’s and beyond, led to the
beginning of the collapse, not “de-regulation” as they have been
shouting (outright lying), but there is a lot more heinous things going
on under the surface.
As I have said before,
the fall below 9500 was greatly enhanced by the fear merchants in the
media and the Obama campaign (and some Republicans, everlasting shame
on them all).
Why the continued crumbling of stock values? It should make no sense whatsoever. Almost a 1000 major stocks were at that point selling below their cash-held value. (i.e., if a company has $1000 in cash and a 100 shares, its cash-held value are $10, if it is bid at $8, this is a steal).
The
Dow hit the area of 8500 three times and broke through on Friday
meaning cash rich companies should be immediate targets, but there are
no buyers. Remember, the market seldom reacts, it mostly anticipates. Why does it fear now? I believe it is obvious, the end of the free market; the election of Senator Obama as the first Marxist president.
I DO NOT make this statement lightly or in jest. The Senator said himself he wanted to “spread the wealth”. He refuses to elucidate his actual stands on anything. He just wants change! He has never taken stands as his votes have indicated. He voted almost entirely “here” or “present” on every occasion.
Even Joe Biden has qualms. I think Senator Biden is a fool but basically an honest man. He stated during the primaries that Senator Obama was inexperienced and would not have time to “learn on the job”.
He has recently reaffirmed that opinion by stating that his lack of
knowledge would cause an attack or other major situation within 6
months of him taking office.
This past weekend
when Reporter Barbara West of WFTV in Orlando, FL posed this very
question of a Marxist presidency and Biden reacted very
uncharacteristically. Instead of laughing it off, or simply stating a contrary view, he had a major horrendous fit. This is a very telling reaction of what Biden knows deep down inside and echoes even his most dreaded fears. The Obama campaign has since banned the station from any contact with it.
As I write this, the market appears to be continuing its plunge. If it goes below 7500, we can kiss our standard of living good-bye. Pension funds, bank accounts, and the wealth of the nation (and the world) are at risk as it has not been in a long while.
I said in my last article don’t fear, it will correct itself; and it will, if the market is left to be free. But if a socialist agenda is taken by a President Obama and the equally socialist leaders of the house and senate, forget it.
The current bail-out actions have already reduced the future buying power of the dollar to about 80 cents. Read the news, companies are either laying off workers in advance of this happening or already have.
Even the media is announcing cut-backs and of all things renewing or
extending low rated shows instead of buying new pilots, because it
saves money.
I sincerely hope that I am 100% wrong. Only time will tell, but I am as certain as I can be this is our future. When the election is over, we will all know.
Senator
McCain has his problems undoubtedly, not the least of which is his own
liberal tendencies; however, I don’t think he will try to destroy our
free-market system.
God help us all,
Chuck