Tuesday, March 3, 2009

Obama's 'Amateur Hour at Our Darkest Moment'

Throughout history, phrases have been coined that distill the reality of the moment. Here are a few proverbs that apply to Obama's handling of the economy and the resulting lost decade is has brought us:

Actions speak louder than words.

A bad tree does not yield good apples.

A man is known by the company he keeps.

Every ass likes to hear himself bray.

Fiddling while Rome burns.

Fools rush in where angels fear to tread.

Since Obama took office on Jan. 20, the Dow Jones Industrial Average (DJIA) has lost over 1,000 points, including a nearly 400-point drop on Feb. 10 after a disappointing speech by Obama’s Treasury Secretary Timothy Geithner on sorting out troubled assets. Cramer pleaded with the administration to take note of the possibility it might have something to do with that.

Likewise, since the election on November 4, the Dow has given up a staggering 2,800 points.

CNBC “Mad Money” host Jim Cramer, who first said that perhaps a Democrat-controlled federal government might not be the best thing for the U.S. economy earlier this year, said the following on March 2 when he questioned the merits of Obama's abilities to contain the market turmoil and wondered if those in the administration were even bothered by it:
“I thought the prices, the screen, the action, the sense of a vortex down that cannot be stopped, of equities becoming worthless, of savings becoming tattered, of a stock market without bottom,” Cramer said. “But this time in slow motion, I felt the total lack of control that we all feel right now – the ‘it’s out of my hands,’ the ‘where’s the authority,’ the, ‘Hey, it’s amateur hour at our darkest moment.’ It’s the feeling of capitalism vanishing, businesses capsizing under their own weight – thanks to an administration that doesn’t seem to know or maybe doesn’t care.”

The “Mad Money” host observed that the “change” mantra that Obama campaigned on was actually coming to fruition, but he said it was coming to the detriment of the American economy.

“Hey – I get it,” Cramer said. “Young president, big landslide, vigorous agenda, Congress that smells Republican blood – might find changing the world simply irresistible. We all want to change the world. I know I’d like to change the world, but when you talk about wealth destruction, don’t you know that you can count me out?”

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