Obama and Wall Street: A Love-Hate Relationship

President Barack Obama is a self-confessed Wall Street hater, but it also seems he has a strange infatuation with the heart of capitalism - a system some think he is trying to destroy.

Not only was Obama taking a page from Jim Cramer yesterday and trying to talk up the stock market, but his Press Secretary has commented repeatedly about business cable channel CNBC, including addressing Rick Santelli's rant.

• Why is the President talking P/Es?


• Why is the President's mouthpiece talking about CNBC?


• Why comment on Rick Santelli?

What is exactly going on at the White House? Do they really have a clue? These are the questions people are asking.

Obama has repeatedly blamed the Bush administration for the mess we are in, and that may very well be true, but it is an absolute fact that the Dow is:

• Down 45% since major polls predicted an Obama win in June '08
  
• Down 25% since he won the election in November '08
  
• Down 21% since the beginning of the year
  
• Down 17% since his inauguration

Most of the problems with the credit market and economy were well-known by Wall Street and by Main Street before all of these dates. So while Obama can blame the Bush administration for the past, Wall Street is blaming him for the future. Quite simply put, Wall Street does not think the policies Obama has put in place so far have a chance in hell to turn things around anytime soon.

While Obama's task on the economy is colossal, he has also made some colossal mistakes:

• Obama jammed the $800 billion stimulus bill with no bipartisan support and no real public debate
  
• Obama let Nancy Pelosi and other Democratic leaders have their way with the stimulus plan with no questions asked.
  
• Obama's proposed budget includes tax increases for upper income Americans and the elimination of some write-offs for mortgage interest and contributions.
  
• Obama's proposed budget reeks of redistribution of wealth.
  
• Obama's mortgage plan will bail out those that made poor choices on the dime of the common American that pays their mortgage on time.
  
• We are spending money we don't have. Borrowing like crazy
  
• Obama's highly anticipated financial bailout plan was weak and light on details.
  
• Obama has offered little or no creativity to turn things around.

While Obama hates Wall Street, Wall Street is more mixed on Obama. Call it a love-hate relationship.

Wall Street loves him because we need him to succeed. We pray for him to succeed. He is a brilliant man that has the potential to use his great speaking skills to get America moving again. We hate him because he is destroying capitalism - the very system that built America into the powerhouse we are today. You can not throw that all away. Yes capitalism has run amok, but capitalism still works. Put in the regulations, fine, we need them. But don't change the entire system.

Obama is changing the rules of the game, governing and talking to the people like we are in a Depression. Mr. President we are not in a Depression - Yet!

Pro-growth ideas are needed to turn this around, not just government spending. Do you want to stop layoffs and get companies hiring again? Give them a tax break for hiring. Tell companies instead of paying corporate income taxes they can use the money to hire new workers. Now something like that would get companies hiring again and the economy moving.

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