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Never Mind

Answer: Obama and friends stomp on the gas AND turn ninety degrees.  Buckle up.

Following Scott Brown’s astonishing victory in Massachusetts, I imagined that the political message had been delivered. I imagined that people put in office by voters would be sensitive to the wishes of voters.

I projected reduced violence to our institutions, stating: “For now, I’m forecasting relief. Industries such as health care and finance can at least imagine a life without daily beatings by the government.”

Oops. Today, with ObamaCare on the ropes, the President instead trashed the entire financial industry in a televised address, ripping an instant 2% out of the value of our markets.  

U.S. taxpayers must be particularly impressed, since our government is now the primary stockholder in such little known companies as AIG.  These attacks reduced the value of your holdings, too.

I would think the President’s proposals would have no chance whatever of becoming law. Especially since major Democratic players made alternate statements on the same day.

There is chaos in the White House.

Clearly, the Progressives can see their power slipping away.  They can see that time is running out.

In response, they have become more aggressive and more violent.

Recruiter’s View: Today, an administration that has been completely ineffective in creating jobs has deliberately damaged the financial markets.

This is a direct attack on our economy and on jobs creation.

Employers will run for cover.  Banks will make every effort to look small and to avoid seeming prosperous.

At a time when China has officially told its banks to stop lending, the U.S. banks are now under attack by our own government.

This is the kind of thing that can kill a recovering economy.  I expect stocks will fall, commodities may fall, the economy will slow, credit will diminish, and international companies will accelerate their exit from the U.S.

For now, jobs numbers will suffer.  Employers will prefer short term contract assignments over actual hiring.  They will avoid adding any kind of payroll obligations, if they can possibly get along with existing staff.

Washington is about to become a very noisy place.

Posted in Business Climate, Economy, Employment Scene, Financial Markets, Political Commentary.


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