Several billionaires showed loss of confidence to the Obama administration.
Warren Buffet, the 80-year-old primary shareholder, chairman and CEO of Berkshire Hathaway since 1951 and consistently ranked among the world’s wealthiest people, dumped a large amount of US consumer stocks.
Left-wing capitalist George Soros, 82-year-old chairman of Soros Fund Management, and John Paulson, the 57-year old founder and president of Paulson and Co., a New York-based hedge fund, who both recently dumped millions of shares of U. S. banks and other consumer oriented stocks, as reported.
These moves were attributed to Obama’s alleged resistance to any type of cuts in spending which could lead to possible control of the deficit, despite his several pledges in 2009 to cut the U.S. deficit by half, and instead insisted on more increases, as posted on Examiner.com.
In August 2011, the government’s failure to control its spending problems led to the country’s losing its AAA bond rating for the first time in US history.
A number of Conservative political watchers insinuated that Obama is aiming for a “Cloward-Piven style collapse” of the US economy, to facilitate the completion of his alleged plan for the transformation of the country into a European-styled Socialist economy, as reported by Examiner on March 1st, Friday.
Obama allegedly even blamed the Republicans for opposing expenditures in borrowed funds, while unmindful of the fact that the US continually print money out of thin air, as reported.
During a conference, he was quoted as saying “I am not a dictator. I’m the president. Ultimately, if Mitch McConnell and John Boehner say we need to go to catch a plane, I can’t have Secret Service block the doorway”, which evoked surprise and shocked some of his supporters, CNN reported.
Speculations surfaced that if a market-driven interest rate increases will occur with enough surge, US Treasury bonds could lose their value resulting to the collapse of US Housing and stock market.
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