Here are some interesting comments by Don Harrold about Obama and the financial markets in general. He is bitter but has a point. Peter Schiff was similarly laughed at a few years ago.
Sunday, March 29, 2009
People email me with comments like, “Don, why don’t you do a video about how we are all getting screwed by Obama’s socialist agenda? He’s added trillions to the deficit in only his first 60 days in office. You need to tell people about this.”
Some people email to say, “Don, there’s a video going around that shows how this (insert coming month of your choice) there will be a (insert calamity of your choice). You need to warn people!”
Can you imagine the kind of things people send?
To which I reply: Why would I do those videos?
I tried to do something BEFORE we found ourselves where we stand, now. I begged people in 2006, 2007, and, 2008 to PLEASE:
1) Sell or short the market from “Dow 13,000” to “Dow 14,000”.
2) Buy gold and silver.
3) Get out of debt as soon as you can.
4) Stop watching the liars in the mainstream who all have a stake in whether you are “in the market”.
5) Learn to trade and increase your wealth incrementally in all market environments.
6) Be liquid more often than not.
7) Get out of debt as fast as you can. (Such a good idea, I must say it again!)
None of the things I argued people should do depended on who the President was, what the makeup of Congress was, whether or not the federal reserve were “good guys” (thanks for that one, Jim Cramer!), or, what the next financial disaster would be. My comments were – I thought – common sense.
You know, like, “When a market is at a top for the day, week, month, quarter, year, decade, century, and, uh, forever, you are at the ‘high’ in the ‘buy low, sell high’ equation.”
Or, “Look at the charts. Every time the fed starts to cut rates, the market gets hammered. Every time the fed raises rates, the market goes straight up. If the fed starts to cut rates, the market will be destroyed. Maybe down to ‘Dow 8,500’.”
And, “Whencomes out and says that it’s time to buy oil at $150 a barrel because it’s going to $200, and, every chart in the world shows that oil is overbought and about to hammer people, and, every analyst on TV is shouting ‘you gotta buy oil’ ( , , CNBC’s entire network), you gotta short that thing.”
Bet, you forgot my call to BUY THE DOLLAR and SHORT THE EURO in MARCH 2008.
But, this is not about my great calls. It’s about the response to them.
I was laughed at. I was mocked. I read comments about how I dressed like, looked like, or, was a: redneck, hillbilly, nobody, “Jim Cramer wannabee,” etc.
A few folks took heed. For them, I am happy. Most, laughed as they lost money, time, and, most importantly, freedom.
My own dad and father-in-law scoffed openly to me. I begged both to buy gold and silver in 2005. I begged my dad not to buy real estate in 2006. I begged my father-in-law to sell his stocks at “Dow 14,000”.
And, the chuckling drowned out my pleas.
Speaking of freedom, I hear people now worried about what the Obama administration has “planned” for us all. The odd thing is, the people who worry about Obama are – get this – the same ones who LOVED George Bush, the Patriot Act, and, excused the handouts Republicans gave to the banks and brokers last year as “necessary, under the circumstances.”
Yet, it’s those same Republicans who now freak out at the thought that the Obama administration will actually use – gasp – all those “tools” created by the Bush administration.
Well, some people warned about this happening 8 years ago.
And, those people who warned were mocked, scoffed-at, and, called “conspiracy nuts”.
Are the stories about the Obama administration’s “plans” true? Who knows. I mean, if you listen to Rush Limbaugh, Obama will destroy America. If you listen to every single Obama supporter I’ve spoken with, Obama is the “one,” the “answer,” the “chosen one.”
Polarization has not been this strong since any time I can recall. Clinton polarized with his personal life, Bush polarized with his policies, Obama, though, seems to polarize with his BEING.
And, now that it’s the Obama administration, right-wingers are all beside themselves with fear, worry, and, anger. The “conservative” crowd can’t believe what’s happened to ourin the last 60 days.
As if what happened in the prior 6 months did not happen. As if the largest increase in our A) deficit, B) size of government, and, C) trade imbalances, did not happen since George Bush took office in 200. As if, Bush’s former Treasury Secretary, Henry Paulson did not receive the ability to take as much of our money as he wanted (and now, ) and do with it as he pleased…
…which includes literally handing money to foreign banks, brokers, and, fatcats on Wall Street.
AS IF THEY DID NOT ALREADY PRINT, HAND OUT, and, GIVE AWAY MORE MONEY IN THE SIX MONTHS PRIOR TO OBAMA TAKING OFFICE THAN HAD BEEN DISTRIBUTED SINCE OUR COUNTRY BEGAN.
While, your kids, grandkids, (etc) will be saddled with all that debt.
And, wait, let me get this straight, I’m supposed to be upset about? What in the world? Why?
Why would I be upset about Barack Obama? He is just doing what he said he’d do. At least I knew what we would get with Obama. There’s nothing to be upset about. Barack Obama just does what he told us he’d do: Spend, spend, spend.
As for Geithner: What do you expect from the man who engineered most of what’s happened to our economy? He was at the federal reserve prior to his stint with the Treasury, before that, the IMF. And, even earlier, the Council on Foreign Relations.
So, why would I be surprised that Geithner blames US for “what happened”? He said today, “We came through a period where people borrowed too much and we let our financial system take on much too much risk… And, the consequences of those choices, made over years, were a huge boom. And that boom, the air is now coming out of that and that’s causing enormous damage.”
Left out of Geithner’s position is the fact that the reason for all that “borrowing” was that the federal reserve dropped interest rates to their lowest rates in history (until Bernanke got a hold of things last year). That interest rate drop under Greenspan was championed by none other than, Timothy Geithner, your current Treasury Secretary.
The man who now holds the keys to your money.
Why in the world would I be surprised?
Geithner also said today, ” “the market will not solve this” while disclosing a bailout fund for battered banks has $135 billion left and might need more.
Does it surprise me that Geithner’s answer is to give the government more control? To blame the people for “the problem?” Should I be surprised that “the market” is blamed, when, in fact, “the market” simply acted on the “leadership” of the federal reserve (Tim Geithner, etc), Goldman Sachs, er, The , and, the past 16 years of policies handed down under Clinton and Bush?
I acknowledge that it happens. I accept that it happens. I understand why it happens. This is what happens to a country run by banks, not on a sound-money standard, and, with a fiat-currency (read: printing presses that run non-stop to “liquify” markets).
Yet, the time to be “upset” was in 2006, 2007, and, 2008. The time for worry was before all this “news”. The time for preparation was years ago.
Which, ironically, is when I tried to, well, you know.
That was when the laughter, tales of goldilocks, and, “economic nirvana,” filled the halls of every brokerage firm in America. While Americans filled the aisles of Home Depot and and spent all that “wealth” they’d “created” when they refinanced the house they lived in (yet was – and still is – owned by the banks, who, now own their house, and, have their money, too.)
If you want to watch videos about how “evil” Obama or his administration is, head on over to YouTube. (I’m not convinced that Obama is any more or less “evil” than any other President. He just does what he says he’d do: Spend. That’s kind of rare, I suppose. A President who does what he says he’d do.) If you want to find out how much of your money flows down the drains now, there are plenty of channels on YouTube that outline all that for you.