"An Obama Panic" from the NY Post by Charles Gasparina comments on the recent financial crisis. Mr. Gasparino opines that the fear of Barack Obama's economic policies may be having a very negative impact on the economy, especially during a time of crisis. While Gasparino notes that the financial meltdown has several causes, it's recovery will be hampered by Obama's economic policies.
Overall, his plan includes some of the most lethal tax increases imaginable, including a jump in the capital-gains rate. He'd expand government spending massively, with everything from new public-works projects to increases in foreign aid to a surge in Afghanistan - plus hand out a token $500 welfare check that he calls a tax cut to everyone else.
This is clearly the wrong way to go in the wake of an economic meltdown - yet Obama, for all his talk of how willing he is to compromise, of how he'd bring people together, is sticking to his tax guns.
I know at least one top Wall Street executive, an Obama supporter from the start of his campaign, who has recently urged Obama to rethink his tax plan - and that was before last week's record losses on the Dow.
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