It never ceases to amaze me how the market mavens in their shortsightedness choose to believe vacuous economic data over hard cold facts. Yesterday, the market rose on an increase in consumer sentiment, a number obtained from survey data that is processed through a meat grinder of unrelated variables. The market barely noticed the much more reality based durable goods statistic for the month of December, which dropped 4.6% instead of rising the expected 1.5% that most economists predicted. The preceding data is illustrative of the deliberate and artificial manufacturing of a healthy economy where one does not exist for the purpose of supporting Wall Street and an ever increasingly unpopular president.
The juked statistics and artificial sweetener added to the economy from the Federal Reserve's bond-buying program, has not been enough to coax life back into the rotting corpse of this worse economy in 70 years. President Obama and Federal Reserve Chairman Bernanke are pretending no more, as they pull away the teat of easy money from the grasping market that once prattled on the knee of big government economic theory that resides in computer models which fail to work in the real economy. And now the lame duck president and the retiring Fed chief can use their economic failures as a stepping stone to propel them into the stratosphere of wealth that to often comes to "public servants," whose policies have rained down economic hardship and despair upon tens of millions of their fellow Americans.
Those on the Left like Barack Obama have convinced a significant portion of American citizens that it is the government which supports the economy under the weight of the free market, but just the opposite is true. It is the heavy hand of government that pushes down upon the economy and weakens its supports that consist of free market principles. The president and others on the Left preach the twisted sermon of income equality and fairness, but those things only truly exist in a healthy and thriving free market. There is no greater laboratory of fairness and equality than one in which those who provide goods and services and those who freely choose to avail themselves of those goods and services are able to contract with each other, sans the interference from the bloated belly of big government.
The reality of economic hardship caused by this administration is beginning to break through the thin dam of subterfuge and dishonesty used to construct it. The manufactured economic growth used to propel the stock market has done little to do the same for average Americans. And the president who orchestrated the economic death of a nation will take his JP Morgan Chase multi-million dollar portfolio and his million-dollar-a-speech stipend he will receive after he leaves office and never look back at the devastation and misery he has left in his wake. And somehow, in his mind, this is fair.