For Investor's Business Daily (a publication that makes Pinochet look like a commie bedwetter) the reason for the decline in stocks is clear. It has nothing to do with the multiple years of "self governing" banks given free reign by the most irresponsible administration of modern times. It has nothing to do with the credit crunch, with sinking house prices, with retail inflation, with pinkslips being handed round like confetti. It has nothing to do with the negative savings ratio of spoiled brat I-want-it-all-and-I-want-it-now citizens who'd rather put a plasma TV on an overburdened credit card than be in the least bit responsible and do quaint things like "save money".
None of that. According to IBD, the reason for the stock slump is simple. It's Barack Obama. This photo is of today's print version of IBD.
I now understand why the USA is in so much trouble. Its business leaders read total crap and believe it. (Thank you to reader RR for the headsup).PS: This is the article that accompanied the chart. Enjoy it, because it will be the only time I ever link IBD via this blog.