Official Buyers Remorse Thread

[dude1394]

I thought that possibly there was a thread needed for those whom felt like they've purchased a lemon.

Here's the place for all of the folks feeling buyers remorse. Those that said "just wait to see what he does in office...ignore what he's done before".

Those that said "Having an elected black President will do more to energize this country than any economic or social policy ever could"

Those that said ignore the man behind the curtain...

Talk and walk

Higher taxes will tend to depress entrepreneurship, as they reduce the payout from a successful company exit. One effect of huge deficits is the rational expectation of higher future taxes. So, one effect of stimulus is likely to be fewer start-ups.

During the campaign, presumably thinking of his Silicon Valley support, Obama proposed the elimination of capital gains taxes on start-ups in order to partially offset some of the impact of his tax proposals on company formation. This idea was always make-believe. As I predicted last July, this proposal has been "delayed" until 2014 in the budget that the President has just released (i.e., it isn't going to happen).

Like the college students who stayed up late to be inspired by his campaign rallies only to find Obama's first significant action to be a stimulus program that will transfer about a trillion dollars from them to the Baby Boomers, Silicon Valley Obama supporters are likely to find that a government-dominated economic era will not a great one in which to start companies that threaten big incumbent corporations that have juice with the government. I hope they appreciate the irony.

Jim Cramer, an over-the-top, entertaining, self-aggrandizing blowhard, but a good capitalist all the same...dared to recant his previously stated belief that a President Obama would be the lesser of two evils when it came to the economy...


THEN:
Oct '08: "And while any president will be an improvement over the current one, there is a growing belief on Wall Street that Barack Obama has the capacity to lead us out of this wilderness while John McCain does not. I’ll go a step further: Obama is a recession. McCain is a depression."

NOW:
Mar '09: "‘Hey, it’s amateur hour at our darkest moment.’ It’s the feeling of capitalism vanishing, businesses capsizing under their own weight - thanks to an administration that doesn’t seem to know or maybe doesn’t care." and "This is the most, greatest wealth destruction I've seen by a president."