The Irony of the Obama Economy

Even as President Obama was speaking at the Democratic National Convention concerning the new controls on banks and Wall Street, something very ironic was transpiring.  Despite the weak economy, only ninety-six thousand jobs created last month as opposed to an expected one-hundred thirty thousand, the Dow Jones was continuing to rise, surpassing 13,300 on Friday.  Much of the market optimism stems from some solid earnings, along with the hope the weak economy will bring about new quantitative measures or new stimulus.  What is happening in corporate America is employees have become more productive, negating the need to hire more workers.  What’s so ironic, is the President, who claims to stand for the average man and woman, is in charge of an economy that is once again favoring the fat cats, the one percenters.  If you own stocks, or are vested in a 401K plan, you have a big smile on your face right now.  In fact, I find it difficult to find fault in the Obama administration even if I disagree with his methodology.   His actions and the effects on the economy are speaking far louder than his boisterous words, even though that is not his intention.  Perhaps the Republican Party should make him an honorary member.  There will probably be some retreat this week as the weak economic numbers and European nonsense are put in to perspective.  But so far, this has been a banner year for those who invest in the market.  All those people, should shout out a collective “thank you, Mr President”.

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