The Abyss

by Steven M. Cohen  •  Oct 26, 2008 at 2:06 pm

http://www.buyselljump.com/2008/10/abyss

The stock market is delivering its verdict on Obamanomics in an unmistakably clear fashion. Aside from the Wall Street Journal's clever word invention, there is little left over to laugh about.

A brief review of the highlights of what the junior senator proposes and what is in store if the polls hold up:

1. Confiscatory measures resulting in an unprecedented redistribution of wealth from one group of Americans to another, with the U.S. government simply acting as a middleman to write and distribute the checks;

2. A significant tax increase to obscenely higher levels in the teeth of a recession and widespread economic panic;

3. A protectionist trade policy squarely in the tradition of the Depression-era Smoot-Hawley Act as an undisguised sop to a resurgent Big Labor;

4. Gargantuan spending increases of every stripe, expanding an already hopelessly bloated federal government;

5. Creation of a multitude of new federal regulations and programs, a 21st century New Deal on steroids.

History provides many examples of a dispirited populace deluding itself for a time with a cult of personality that holds out the prospect of "change." In that regard, we appear to be on the precipice of electing a candidate whose chief accomplishments are writing books about himself and developing a content-deficient yet compellingly impressive speaking style.

Four years from now, however, it may prove difficult to find many who will acknowledge their vote in favor of this odd experiment in modified socialism.

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