8 Mar 2009, 5:57pm
Uncategorized
by admin

Obamafusion

by Victor Davis Hanson, Pajamas Media, March 8, 2023 [here]

Why is Wall Street worried? — Let us count the ways.

1) The proverbial Wall Street capitalists believe that, with new federal income tax rates, the removal of FICA ceilings, increases in capital gains rates, decreases in deductions, and simultaneous tax raises, not only will Obama remove incentives for innovation and productivity, but that he does not seem to care about — or perhaps appreciate — the consequences?

2) On the spending side, investors see too many subsidies and entitlements that may Europeanize the populace and erode incentives, while creating so much debt that in the next decade, should interest rates rise, the federal budget will be consumed with servicing borrowing and entitlement obligations. A redistributive economy in which government ensures an equality of result is Wall Street’s worst nightmare. Debt can only be paid back by floating more foreign debt, issuing more U.S. bonds at home, raising taxes, or printing money — all bad options in the mind of the investor.

3) Too many are beginning to think Obama is, well, a naïf — and hence dangerous. He chest-thumps speeches Geithner cannot deliver. He says we are near the Great Depression — but then, after the stimulus package passes, suddenly hypes future growth rates to suggest that we will be out a recession, soon after all? Add in all the talk of high-tax, Al-Gorist cap-in-trade, wind and solar, socialized medicine in the midst of a financial crisis, and at best Obama comes across as confused and herky-jerky, and at worse, clueless on the economy — as if a Chicago organizer is organizing a multi-trillion-dollar economy. Talking about ‘gyrations’ and confusion about profits and earnings, and offering ad hoc advice about investing do not restore authority. … [more]

*name

*e-mail

web site

leave a comment


 
  • For the benefit of the interested general public, W.I.S.E. herein presents news clippings from other media outlets. Please be advised: a posting here does not necessarily constitute or imply W.I.S.E. agreement with or endorsement of any of the content or sources.
  • Colloquia

  • Commentary and News

  • Contact

  • Categories

  • Archives

  • Recent News Clippings

  • Recent Comments

  • Meta