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    If nothing else, Obama does “panic” well

    If nothing else, Obama does “panic” well

    John Podhoretz notes that Obama is trying to talk the markets into a panic as part of Obama’s political strategy (emphasis mine):

    An enraged Barack Obama just took to the nation’s airwaves to announce his effort to strike a deal with Republican Speaker of the House John Boehner has fallen apart. Perhaps for the first time in American history, this president is literally using this press conference to create a financial panic over the weekend about the opening of the markets on Monday. He is warning of disaster on Monday. Clearly,  he wants to use this as leverage to frighten the GOP into passing the plan proposed by Senate Minority Leader Mitch McConnell, which will push the debt ceiling problem into 2013, but it’s still an entirely new and astonishingly reckless gambit.

    I agree with the analysis with one big exception, the use of the terms “first time” and “entirely new.”

    In fact, talking down the markets and creating a sense of panic is one of the few things Obama has done well. 

    Recall February 2009, when Obama wanted to push through the Stimulus Plan and created a near panic in the markets which caused even the last bull to capitulate:

    There’s an old saying on Wall Street that a bear market has not bottomed out until the last bull capitulates. News flash. The last bull has capitulated. Me.

    …. For the first time in my adult life, I am convinced that we have a President who sees capitalism and markets as the enemy. There is no other explanation for the hyperbolic rhetoric Obama has used to create a sense of economic crisis far in excess of reality….

    Obama seems to be wishing so hard for a depression, he might actually get it. Obama is well along in the process of creating a self-fulfilling prophecy in which he so talks down the economy, and so shakes markets, that people are paralyzed with fear allowing Obama to push his political agenda of creating a command economy.

    So Obama’s friday afternoon press statement was not the first time and it will not be the last time.  Crisis and panic are, in the words of Rahm Emanuel, just opportunities.

    And in other news, the absolute, drop-dead, we default if the debt ceiling is not raised by August 2, uh, um, may not be August 2:

    For months, markets have been girding themselves against the possibility that the U.S. will reach the limits of its borrowing ability on August 2 and default on its debts. But researchers at Barclays Capital think the real deadline may not be until a week later.

    No one could have seen that coming.

    Update:  Jeff Dobbs has some more examples of Democratic doomsaying from 2008.


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    LukeHandCool | July 23, 2011 at 1:57 pm

    Thank goodness for put options.

    Of course he does “panic” well, it’s third gear in his four-gear transmission. Take Credit, Pass Blame, Blow Smoke, Play Golf.

    Obama is deliberately attempting to influence the markets in order to depress the par values on Treasuries and other bond instruments. Hey, SEC, stop looking at the porn on your computers, pay attention to George Soros, Obama’s main campaign contributor. Soros will make billions from the move after the debt ceiling issue is settled as par values return. Obama may not be the incompetent boob he appears to be, he is a crook seeking to fleece the entire country. Look at what he did with the Gulf of Mexico drilling permit ban, who did it benefit???? George Soros. Hello, wake up SEC, wake up…

    teapartydoc | July 23, 2011 at 8:00 pm

    I think dscott is right in that our president is taking orders, but I also believe that he would be doing this even if he weren’t.

    billdyszel | July 23, 2011 at 9:27 pm

    It sounds like a fair number of ’08 BHO voters don’t plan to vote for him next time. I wonder how many who voted against him will change to voting for him? He hasn’t gone out of his way to reach past his base, in fact he seems committed to alienating those outside he usual circle. Time will tell.

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