Government Shrugged

So people think the government will help them out of an economic disaster? Come on. Consider this President Bush press conference from December 2007, which was less than a year ago, and look at the last few lines:

Q: …I’m a financial advisor here in Fredericksburg [Virginia], and I wanted to ask you what your thoughts are on the market going forward for ’08, and if any of your policies would make any difference?

And the answer:

THE PRESIDENT: No. (Laughter.) I’m not going to answer your question. If I were an investor, I would be looking at the basic fundamentals of the economy. Early on in my presidency, somebody asked me about the stock market, and I thought I was a financial genius, and it was a mistake. (Laughter.) The fundamentals of this nation are strong. One of the interesting developments has been the role of exports in overall GDP growth. When you open up markets for goods and services, and we’re treated fairly, we can compete just about with anybody, anywhere. And exports have been an integral part, at least of the 3rd quarter growth. But far be it for me — I apologize — for not being in the position to answer your question. But I don’t think you want your President opining on whether the Dow Jones is going to — (laughter) — be going up or down.

So if he has NO clue a year ago, along with the rest of Congress, how can they be expected to have a clue today?

who is john galt?

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5 thoughts on “Government Shrugged

  1. The President of the United States, someone who many rightfully or wrongfully look up to, says to look at the economic fundamentals in Dec 2007. Isn’t what happened since his comment a great example as to why fundamentals don’t mean squat?

  2. John Galt is dead. If he was alive, and we were living in Ayn Rand’s fairy tale, we would be wondering where Bill Gates and Warran Buffett are as well as John Galt. Instead, we see them promoting the policies os Barrack Obama. We should be asking “Who is Heinrich Pesch?”

  3. A lot of my accountant friends have lost plenty during the market meltdown even though vast amounts of fundamental research went into buying stocks-just cant trade on”funnymentals”

  4. Michael Covel:

    I have started to read your book, The Complete Turtle Trader. I will conduct a podcast interview Jonathan Hoenig of CapitalistPig LLC in the near future. Please feel free to comment on my post, Time to go on strike?, if you have read Ayn Rand’s novel, Atlas Shrugged.

    Best Premises,

    Martin Lindeskog – American in Spirit.
    Gothenburg, Sweden.

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