HERE'S THIS AFTERNOON'S NEWS:
Unnerved by policy makers’ apparent inability to get ahead of Europe’s festering debt crisis, European stock markets turned sharply negative across the board.MORE:
In Britain, stocks closed down 3.43 percent. In Germany, the DAX index dropped 3.4 percent. In France, the CAC 40 closed down 3.9 percent.
“This is the worst it has been in Europe,” said Jens Nordvig, currency economist at Nomura Securities in New York. “The current rescue package was not enough to cope with the size of the problems posed by Italy and Spain. We need a new framework that can cope with those two countries, and without it markets are on their own and are falling.”
Major indexes in Italy, Spain, France and Switzerland all closed Thursday more than 20 percent below their 2011 highs, while Germany was off nearly 15 percent and Britain’s decline was more than 11 percent.
The selling has extended to many other markets. Mexican stocks are off almost 14 percent from their highs earlier this year, and Brazil’s major index has lost more than a quarter of its value.
THAT IS TO SAY IT/S THE BIGGEST RUN ON STOCKS SINCE RIGHT AFTER OBAMA WAS INAUGURATED.
TO END THE CRISIS WE NEED TO STIMULATE REAL DEMAND FOR REAL PRODUCTS ANSD SERVICES BY REAL PEOPLE.
OR WE'RE HEADED FOR A GLOBAL DEPRESSION.
THERE ARE EXACTLY THREE THINGS THAT CAN SAVE US FROM THIS GLOBAL DEPRESSION WITHOUT GOVERNMENT HAVING TO RUN UP BIGGER DEFICITS AND BIGGER DEBTS:
- IF OPEC CUTS THE PRICE OF OIL TO $35
- IF CHINA ALLOWS THE PRICE OF THEIR CURRENCY TO GO UP, AND...
- IF OBAMA RESIGNS OR ANNOUNCES HE WON'T RUN FOR REELECTION
THESE ARE THE ONLY THINGS THAT CAN STIMULATE REAL GLOBAL DEMAND.
THE SOONER ONE OR TWO OF THESE THREE THINGS HAPPENS THE BETTER.
WE ARE RUNNING OUT OF TIME.
THESE THREE ACTIONS MAKE SENSE FOR THE 3 ACTORS:
1 - IF OPEC DOES NOTHING, THEN OIL WILL CRASH AFTER THE COLLAPSE OF EVERYTHING ELSE - SO THEY ARE BETTER OFF VOLUNTARILY AND PROACTIVELY LOWERING IT NOW WHILE THEIR CLIENTS ARE STILL IN BUSINESS.
2 - IF CHINA DOESN'T LET THEIR CURRENCY FLOAT, THEN AL THEIR CLIENTS AND ALL THEIR FOREIGN INVESTORS WILL GO OUT OF BUSINESS. SO THEY ARE BETTER OFF ACTING VOLUNTARILY AND PROACTIVELY, TOO.
3 - OBAMA HAS NO CHANCE AT RE-ELECTION. IF HE STAYS IN OFFICE FOR HIS FULL TERM AND/OR RUNS FOR RE-ELECTION THEN HE WILL DESTROY HIS PARTY AND HIS NATION.
BUT IS OBAMA A BIG ENOUGH MAN TO RESIGN?
I DO NOT THINK SO.
OBAMA HAS PROVEN HIMSELF TO BE A PETULANT EGOMANIAC WHO HAS A DEEP-SEATED HATRED FOR THE USA AND THE WEST AND RESERVES LOVE FOR POSTMODERN LEFTISM.
THIS DEEP PART OF HIM WILL RELISH DESTROYING THE USA AND THE WEST - AS LONG AS HE CAN BLAME SOMEONE ELSE, AND SAY THAT ON SOME LEVEL THE WEST DESERVED IT OR THAT THE RICH BROUGHT IT ON ITSELF.
MAYBE SOMEONE CAN CONVINCE HIM IT'S TIME TO GO? SOMEONE ION THE MACHINE? SOROS? THE DALEY BROTHERS? ANDY STERN?
BTW: I SUGGESTED OBAMA RESIGN TO HELP THE ECONOMY HERE ON 7/13/2001 AND ON BASTILLE DAY 2011, AND ON 7/24 AND AGAIN ON 7/27.
BUT I FIRST URGED HIM TO RESIGN AND FIRST PREDICTED A DOUBLE DIP HERE - ON JANUARY 15, 2011:
OTHERS ARE STILL MERELY ASKING THE QUESTION:
in fact, I can't think of one good thing Obama has done - or of one area in which we've improved sine Obama has become president.
- unemployment is up;
- oil is up;
- foreclosures are up;
- the dollar is down;
- inflation is up;
- the deficit is up;
- the national debt is up;
- there have been more jihadist attacks within the USA than ever;
- air travel has grown more tedious;
- partisan attacks by the left against the right have become more vicious and ludicrous;
- Iran has gotten closer to getting a bomb;
- Lebanon's government has collapsed;
- Turkey has drifted completely into the Iranian camp;
- we've become more dependent on foreign oil;
- we've appeased Russia on arms and NATO expansion and Missile Defense;
- Mexico has become a failed state on our border - a border which is as porous as ever;
- and our healthcare is more regulated than ever and healthcare insurance is skyrocketing;
NOT A DANG THING.
If the USA federal government was corporation and us its shareholders, then we should have a revolt and force the Board of Directors to fire him.
Or - if he had a shred of dignity and decency - he would admit he is in WAY OVER HIS HEAD and that his leftist policies have made things worse - and resign to spend more time with his family.
I don't think new WH CoS Bill Daley - a member of the Chicago Machine - is gonna make things any better.
And with oil expected to reach $100/barrel and our foreign policy a shambles, I think things can get even worse - and sooner than anyone is predicting; YES: WE COULD GO BACK INTO RECESSION.
The only answer is for the White House to accept and adopt the policies about to be introduced by the GOP House.
Because Obama is no Clinton, the odds of this are small.
(BTW: ROGER DOESN'T WANT OBAMA TO RESIGN, BUT REAR THE WHOLE THING.)Posted at 4:42 pm by Glenn Reynolds
ROGER SIMON: Dow Down 500 — Should Obama Resign? “Obama is ensuring his own failure. Should he resign? If you were a Democrat, you might want that, even with daffy Joe Biden waiting in the wings. Better yet, you would want Obama, in the grand tradition of LBJ, to decline a second term. No such luck. The man is evidently an (increasingly) bitter clinger.”
OBAMA CANNOT CONTROL OPEC OR THE CHINESE.
BUT OBAMA CAN RESIGN.
IF HE LOVES THIS COUNTRY, THEN HE WILL.
I AM NOT HOLDING MY BREATH.