-By Rev Michael Bresciani
The only place where the glazed eyes of the most excited followers still reflect a, “If I could but touch the hem of his garment” look; seems to be at the President’s recent birthday bash. The rest of the world, it seems, does not want to look on the face of President Obama, much less his fiscal policies. The no confidence vote is reflected in huge stock sell outs both here and abroad.
The Dow, NASDAQ, Amex and other markets have slipped some 800 points at home and teetering world markets reflect the same no confidence vote in the recent bi-partisan deal to raise the debt ceiling 2.4 trillion while cutting other spending in a long range effort to acquire a balance. Jobs in America are still slipping away and government is still choking free market investments but the president has gotten his way for the moment. Standard and Poor’s reaction to the weak efforts to stabilize the debt has been to knock America’s credit rating back a notch for the first time in our history.
The power to borrow has been saved and Treasury Secretary Tim Geithner seems satisfied with the fact that it will take almost five years for the effects of any caps or cuts to have any appreciable sway against the 14 trillion in debt that the country is now facing.
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World Markets Teetering – No Confidence in Obamanomics”