Wallstreet gives it's stamp of disapproval to Obama's junkilus bill.
Barack Obama may have the power to make his legions of loyal followers rise to their feet in euphoric celebration, but the magic one doesn't seem to have the power to make the financial markets act the same way. Since November 5th, the stock market has declined by more then two thousand points. I created a new market index to track how the stock market reacts to Obama presidency. The "BOMDI" is short for the "Barack Obama Market Decline Index". The BOMDI is down by 38% since Obama was elected. The day after the election of Obama, the Dow Jones Industrial Average sold off by over 489 points. One would think that the stock market would be up today on the news that Obama was going to sign his junkilus bill right? The stock market sold off by almost 300 points at 297. It looks like the market isn't starry eyed over Obama's con job aka stimulus bill. They're are several obvious reasons why the markets don't like this bill. The most obvious reason is that they know "it WON'T work". Consumer spending is what powers the economy not government spending Two thirds of Gross Domestic Product consists of consumer spending. We are the economy period. Another reason why Wall Street doesn't like this bill is due to the possible inflationary pressure this amount of debt will put on the dollar. When I get a chance I'll post a video of the collapse of the Zimbabwe currency due to massive inflation. The more debt that a country racks up, the weaker the debt makes that countries currency. A country with too much debt usually will have to sell their bonds to investors at a discount plus increase it's interest rates above normal in order to attract investors. That is because the bonds are more riskier due to the massive debt level of the country issuing them. The Obamatrons don't know this nor do they understand this nor care. Many economists know this though, and they won't be sleeping soundly for awhile to come. When the dollar falls, commodity prices will act in an inverse fashion and rise. If the dollar starts to lose it's value thanks to this bill, oil prices will surely rise dramatically. That means that gas prices of last year could be a lasting problem not just a short term speculation event like last year. If gas prices spike to their former levels, this could spell a catastrophic disaster for the U.S Economy. The media isn't going to tell the public what I just said, because they have too much invested in Barry Obama succeeding. If what I said does indeed happen, the media won't be able to shield Obama from his TRUE "legacy".