21 Jan 2009

No Confidence

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British conservative Gerald Warner is not drinking any of the Obama Inauguration Kool-Aid.

This will end in tears. The Obama hysteria is not merely embarrassing to witness, it is itself contributory to the scale of the disaster that is coming. What we are experiencing, in the deepening days of a global depression, is the desperate suspension of disbelief by people of intelligence – la trahison des clercs – in a pathetic effort to hypnotise themselves into the delusion that it will be all right on the night. It will not be all right.

He has a point. The election of an ultra-leftwing socialist in the midst of a major and unprecedented financial crisis could easily be the recipe for the perfect financial disaster. It worked that way in 1932, after all.

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And Warner is not alone in lacking confidence in Obama. Markets tanked in the worst inauguration response in history to Obama being sworn in.

Bloomberg:

U.S. stocks sank, sending the Dow Jones Industrial Average to its worst Inauguration Day decline, as speculation banks must raise more capital sent financial shares to an almost 14-year low. …

The S&P 500 plunged 5.3 percent to 805.22. The S&P 500 Financials Index fell 17 percent to below its lowest closing level since March 1995 as concern European banks need more capital also weighed on the group. The Dow average slid 332.13 points to 7,949.09. Both the Dow and S&P 500 retreated to two- month lows.

The S&P 500 is off to its worst start to a year, shattering the biggest rally since World War II, as analysts cut earnings estimates by a record 83 percentage points and companies signal worse to come.

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Maggie's Farm

Weds. afternoon links…

Photo: The Englishman’s place, this week. Love the pic. But where’s all the snow?
Everybody has his or her own critique of Obama’s speech. I thought it was OK. Why is this such a big deal? The guy got a promotion. I had collected a bunch of …



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