President Obama says he’s it’s a real good time for us peons to buy stocks , and not sweat the small stuff like his increased capital gains and income taxes, or what his policies are doing to the market.
"The stock market is story of like a tracking poll in politics. It bobs up and down day-to-day,“ Obama said. ”And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.“
This is what happens when you have someone in the White House who's spent all his life feeding from the public trough and has no clue how investments work, or how the investor class -70% of Americans - impact on the econmy as a whole.
Tracking polls don't impact people's day to day lives. The market tanking because of theft masquerading as policy does.
And speaking of long term strategy an dgetting it wrong, what about being clueless and unknowledgeable about simple economic terms? What about For example, by not knowing what the definition of the P/E ratio is?
“What you’re now seeing is a profit and earnings ratios get to the point that buying stocks is a good thing if you have a long-term perspective on it,” he said to reporters after meeting in the Oval Office with visiting British Prime
Minister Gordon Brown.
Shouldn’t the President of the United staes be aware that “P/E Ratio” means “price-to-earnings ratio,” not “profit and earnings ratio?”
I suppose President Obama missed out on Econ 101 at Harvard. or maybe he missed out on that particular subject being covered...sort of like missing out on all the racist and anti-Semitic bits in Jeremiah Wright's sermons over at Trinity.
Can you imagine what the dinosaur media reaction would be if , say, President George W. Bush had mouthed this inanity during a time of economic crisis?
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