August 28, 2013
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): Bad News Is Good News For The Obama Economy:
The Obama administration is stuck in a surreal world, where bad news is good news for the economy it has created. Trickle down from the stock market and artificially low interest rates are the only drivers of the economy. The second-estimate gross domestic product report this week will be vital to the life-support system that President Obama has constructed for the 1 percent. If the revised GDP numbers are good – relatively speaking – it will suggest that bond-buying by the Federal Reserve will be tapered in the near future. If the tapering begins, the stock market is going to fall. If the stock market falls, the wealth effect and the trickle-down that stock market boom has produced are going to dry up.
Obviously, an economic crash would be terrible, but so would a slowing down of the conveyor belt of money between Washington and Wall Street, which is fueling what little growth we have.
They told me if I voted for Mitt Romney, we’d . . . oh, Hell, you know the rest.