By Bob Dowling 01.21.2011 18:44
The Obama RestorationHow the Obama administration finally hit one out of the park beneath the shine of the Bernanke Put
Wow. What happened? First stocks started moving up right after the November election –and on Bernanke's pledge. U.S. stocks are now at July 2008 levels, not at peaks but at levels before the subprime crisis devastated American investment accounts and houses. Arising from his defeat, the President himself did an instant wardrobe change. One day he was depicted wearing the garb of a tax and spend liberal who created a US$ 1.5 trillion deficit. The next day he emerged in a pro-business suit asking America's executives what he could do to help them grow their companies faster. Their answer was what business leaders always say: less taxes and regulation.
The President hasn't cut business taxes yet, but maybe he did the bosses one better by extending their personal tax cuts across the board for two more years. On January 18, he helped again, publishing a commentary in the Wall Street Journal, the paper most critical of his Administration, calling for the elimination of all "unreasonable" government regulations. Ok, words are cheap. But former supporters said Obama was selling out.
He'd already infuriated them by naming William Daley, a business advocate, lobbyist and leading member of the Chicago Daley political dynasty as his chief of staff. Daley had fought Obama over bank regulation and health care reforms and as an executive of J.P. Morgan Chase walked into the White House as strongly pro-business. Knowing that the chief of staff directs the President's agenda, deciding who the President sees, those he does not see and what papers go across his desk Wall Street let out a whoop. The S&P 500 index has been up seven weeks in a row.
How much of this President Hu absorbed during his visit isn't clear. Like all Americans, he knows the President is up for reelection and seems to be trying hard to win business support. "Why Obama May Be Wall Street's New Best Friend," declared the financial broadcaster CNBC.
Yes, the U.S. is in a housing depression and unemployment is stuck at 9.4 percent. Americans might be a little cynical about the President's motives. But they seem to care less. Obama's approval rating in a new poll is up to 53 percent, from 45 percent in December.
President Hu had a very good visit and President Obama is now praised for doing more right than wrong even though less than half of Americans participate in the rising stock market and wealthy investors derive the largest benefit. U.S. corporate profits, except for housing, have been rising across the board. Obama is getting credit in the financial press for fueling the rally, even though Bernanke started it. Will President Hu go home thinking printing money works in America? Good chance.
PREVIOUS PAGE
【免费咨询报名电话：010-6801 7975】
咨询报名MSN:xueliedu@hotmail.com
试一试网上报名
咨询报名QQ：
| 1505847972 | 1256358232 | 1363884583 | 1902839745 | 800072298 | 754854002 |
| 中专升大专 | 中专升本科 | 高升专 | 高升本 | 专升本 | 自考 |
报名咨询在线MSN：
