Sunday, October 3, 2010
Obama Nation: Rats Fleeing A Sinking Ship
They say rats flee sinking ships. Larry Summers" will be abandoning his post as Obama's economic adviser. There's rumors that Former Xerox CorpChief Executive Anne Mulcahy may replace him. But who in their right mind would want to jump on a sinking ship. Obama's policies have failed miserable. In early 2009, the President claimed that if Congress didn't pass his stimulus package, this economic crisis would become a catastrophe. Yes, he used the word "catastrophe." He even claimed that unemployment would hit 8%. So here we are, October 2010 and the unemployment rate is 9.6%. When the latest data is released, unemployment will rise again. Don't take my word for it. Read it here.
Obama's team is disappearing fast.
Chief of Staff, Rahm Emanuel, is also out the door.
Chief Strategist, David Axelrod, will be leaving in 2011.
Meanwhile, many Democrats are running away from Obama and the party brand like it's the plague. Obama's polls are not encouraging. Most Americans disapprove of his performance and if the economy takes a bigger dive before election, we could have a lame duck president by Christmas. Remember, the economy is much worse than it ever was doing the Clinton administration. The economy was improving by the time the Democrats received their ass beating in 1994. Obama is not as fortunate.
The danger is that Obama will become a lameduck and create even more damage than before. It's really sad. Most of these clowns gave Obama terrible advice and now that the consequences are being felt, they're jumping ship. I guess Larry is leaving the economic adviser post before the economic floor collapses.
Will October have a market crash? Historically, when you have a head and shoulders pattern and an over-valued market in September, October don't look good. In any event, I'll be focused on unemployment and the real economy.