There is a doomsday clock that hangs at the University of Chicago that is meant to show how close we are to the end of the world. It doesn’t move much. In fact, it was moved two minutes closer to midnight in January of 2007. Since then we have had no movement and we now stand at 5 minutes before midnight, or the expected end of the world.

Why do I bring this up? Until recently I would have put the chance of Obama

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not being re-elected at about the same chance the doomsday clock hits midnight in the next 4 years. After reading the Obama “tax the wealthy” plans, I am moving up the Obama Doomsday Clock by 1 minute.

Let me digress, I have a friendly banter with a Wall Street professional and I have always argued that there is a 99% chance that Obama will be re-elected in 4 years. One, he is the most charasmatic speaker of our generation, if not a few generations. His speech patterns and pauses are mesmorizing and could sell you just about anything. Two, he is inheriting the biggest financial and economical disaster in 70 years. Why is this good? All he has to do in the next four years is just STOP the decline. He doesn’t have to turn anything even around. He just has to stop the bleeding. Get unemployement to stop RISING, and get housing to find a BOTTOM, somewhere, anywhere. That’s it. His re-election is sealed with “I have stopped the greatest disaster in the last 100 years and I can make this country turn around if you give me 4 more years”. Done. He is in.

“Not so fast my friend.” as Lee Corso, ESPN football commentor would say. After reading his budget plans, I was shocked to see how much he is attacking the wealthy. It is is one thing to raise their taxes, but I read in disbelief how mortgage interest will no longer be a tax deduction and how there will no longer be a tax deduction for charitable contributions. As if the charities weren’t hit hard enough by this market and Maddoff, now no tax deduction for contributions? So, we are going to rely on the good hearts of the super wealthy to give large amounts with NO financial gain, just an altruistic pat on the back? Wow, talk about robbing Paul to pay Peter, or better yet, robbing St. Peter to pay Uncle Sam.

Taking the mortgage interest off the table is also just as questionable. We need a housing bottom, we need to encourge wealthy and not-as-wealthy people to pay their mortgages and buy homes, and now you take away the tax deduction for mortgage interest. How is this helping to find a housing bottom? You just made mortgages a whole lot more unattractive to people that have a decent net worth and that can spend some money and get things moving.

I know have to scale my Obama Re-Election Clock back to 92% from its current 99%. Why? Because 5% of the population controls 95% of the wealth in this country and Obama just declared war on them. Like it or not, money equals power in our society. The more money you have, the more power and influence people give you, like it or not. I am not here to start a moral debate over money, power, and influence, but lets just say if you are a big donor to your local and State politicians and you request a phone call with them, they are going to call you back. If you start russling the feathers of enough wealthy people with power and with powerful connections, there tends to be a backlash of somekind down the road.

This opens the door a crack for someone like Mitt Romney to step up in 2012. You can see the slogan as “I ran successful corporations, and American is a big corporation. We need a business and economic leader like myself to turn this country around”. Is it a dead heat right now? No way. Again, all Obama has to do is STOP THE BLEEDING Walled In download download Magicians dvd

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They say in life to never bite the hand that feeds you (or your government in this case) and lets just say Obama has nibbled on a finger. If he attacks the rest of the hand don’t be surprised to see the Republicans start a “he just doesn’t have the experince to get us out of this” conversation in 24 months, and to boast of their big business prowness.

I recently watched Tim Geithner’s speech with an Obama supporter and made the comment, “Wow, it’s official, you have to say that Obama’s first 21 days have been a complete disaster. That may be the most disappointing, empty, vague speech I have ever heard. I can’t believe Obama hyped it up the night before on his national speech.” He disagreed and said he liked a few things Obama has done in his first 3 weeks. We had a few minutes to spare, so I asked him, “Really, other than Guantanamo and torture, which a few people in America will argue hurt national security, what do you like?”

1. “I like a few of his nominations” – Really? Four of his major nominations had tax problems, as in “they didn’t pay them”. The only reason lucky number 4 got through, Tim Geithner, is that the country is in a financial crisis, we needed someone, anyone, at the helm. So unless we are talking about the Ambassador to Guam, I am not sure who we are really talking about.

2. “He is at work; Bush took a vacation until September 11 so he had a rough start at the Ranch.” Really? I didn’t want to get stuck comparing him to Bush and what Bush did, but are we now giving Obama a “check plus” for being at work? Really? The fact he gets up everyday and goes to work gets him a point? It reminds me of the Chris Rock skit where Dad’s say “Hey Man, I don’t beat my kids, that makes me a good Dad” and Chris responses “You’re NOT SUPPOSE TO BEAT YOUR KIDS” (i.e. You don’t get credit for that)” Sorry, Obama doesn’t get credit for “going to work”.

3. “He is admitting his mistakes.” As Glen Ordway would say on sports talk radio on WEEI in Boston, “You are proving myyyyyyyy pointtttttt!” He is 21 days into office and he gets a “check” in the box for “Admits Mistakes”? Isn’t that my argument? I think I am arguing he has had a dismal start and has made tons of mistakes. I don’t think you get credit for “admitting mistakes”. I mean, how low are we setting the bar here when “admits mistakes” and “shows up for work” get you two thumbs up?

4. “Went to the Hill and talked to Republicans” – I agree, but did he have a choice? What was he suppose to do, not talk to Republicans? We will call this a draw.

5. “Talked to the 911 victims about Guantanamo” – Very classy move and I like it, but he was talking about closing Gitmo on the campaign trail. I don’t think talking to families helped shape his policy or decision. Again, a nice act, but if we are giving out “star stickers”, does he get one for that? I will call it a draw out of respect for those families and leave it at that.

I am no Obama basher. I told my friend to take the emotion out of it and lets call the president is John Smith. So now, there is no baggage and no emotion around John Smith the president, he is just John Smith, faceless, colorless, and ageless. Would you say John Smith, president for 21 days, has done a good job or is off to a dismal start?
John Smith’s vetting process has been an embarrassment. John Smith’s nominees have been dismal. John’s Smith financial system plan, which he has been working on for 90 days, since he won election, still has no detailed workings or ideas. The biggest financial speech of this year turned into vague references and clichés, and the Market noticed.

Good to know that so many of our elected officials cheat on their taxes. It only comes to light when they try to get appointed to a presidential position.

Bill Richardson - withdrew nomination due to past tax issues and inquires into his administration

Tom Daschle - withdrew from nomination due to past tax issues

Nancy Killefer - withdrew from nomination due to past tax issues

Next, you will tell me that Congress isn’t honest!