Video credit: The Swamp
David Axelrod, Senior Advisor to President Obama, sat down for an interview with the Washington Post Here is the exchange that begins at 2:38:
"But you would agree that a one-day drop [in the market] and a one-day story can drive a White House?" the interviewer asks.
"It can drive a White House. It may not drive ours,'' Axelrod said. "This town can get in a frenzy very quickly about the story of the moment. But the real story is written over time. We're going to keep our heads about us.''
Those one-day drops represent millions of Americans losing their retirements and their savings. Each day the market drops means that every American must work longer before he or she is able to retire, if they ever can at all.If the real story is told over time, then let's not look at the one-day drop of -233 point drop as of 12:55 EST today. Let's look at it since Obama was nominated.
When Obama was nominated the Dow was above 9,000 and as of today it has fallen into the 6,000's for the first time since 1997.
Why doesn't the Obama administration care? Because this chart represents something else entirely.
To Obama the area above the market line represents power. As the market falls, Obama gains more control over the once-free-market and individual liberties are diminished.
If "the story is told over time" as Axelrod said, someone should have warned America of the horror story it would be.
Oh wait. They did.