Obama changes M3 and housing
Two interesting charts. Two interesting facts.
That is how the M3 Money Supply has fared under Obama. Pretty brutal huh? I’m sure Obama has a whole slew of network talking heads and Cabinet members lined up to blame it on Bush. But, the second chart to me is even more intereseting:
Never in the history of the M3 has it gone down this much. Not even during The Great Depression. By enacting all kinds of restrictions on the finance sector while simultaneously moving all kinds of federal spending from the private sector to direct federal spending, Obama has sucked the life out of an indicator that economists were so convinced at one point that it could never be negative for any sustainable period of time that they completely eliminated reporting the M3 in 2006. Obama has actually proved them all wrong: It is possible to change 75 years of growth in less than one year.
Think that’s anomoly? Did ya read about the housing market today? Along with changing M3 performance, he just brought change to the worst month in the history of the United States for new housing sales.
That folks, is change you have to believe in.
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